John Durkin

John is former Head of Operations for Equity Research at Baird Kailash and Knight Capital Group. He has been running the day-to-day operations at L2 Asset Management since 2014 and is currently head of Operations. He is also an integral part of the Equity Research team. John received his BA from Stonehill College and has passed his CFA level I. He has an overall experience of 13 years in the industry.

February 9, 2023

Home/John Durkin

Out with the Old In with the New: What Chat GPT Means for You

February 3, 2023|

Definitions and Generally Accepted Interpretations: 1. Something new is replacing something that is old or out of date , 2. Life improves by replacing old things with new things. 3. To discard older, legacy technologies or ideas, with new and improved technologies or ideas Out With Old In With New: Good for You The history books are quite clear on the matter: over the long arc of human history, life has improved. Generally speaking “out with old, in with new” has helped human beings live longer, healthier and safer lives. As recently as 1900, average life expectancy in the US was barely 48 years. By 2020 the number had jumped to 79 years. Progress.

Market Froth Abates: Lessons from a Historical Speculation

February 3, 2023|

KCR is not surprised at the amount of Wall Street shills claiming they can predict the Federal Reserve Chairman’s next moves. Equally unsurprising is the market’s overwhelming interest in how market conditions might shift based on a leveling off or outright reduction in interest rates. The thinking goes like this: the stock market bubble that drove low-quality stocks to unsustainable levels could come roaring back to life if only the Fed would pivot. Our piece ARKK vs. QQQ in the Dot.Com Bust a few weeks ago tried to put this idea to rest. In that work, we highlighted the uncanny analog between the low-quality collapse of the bubble and the collapse today.

KCR Equity’s Best Charts from 2022: All Charts Updated!

January 31, 2023|

We recently posted a year end piece summarizing KCR’s work from 2022. There were so many blistering charts that we broke the recap into two parts. The first, Short Term Stock Speculators Beat a Hasty Retreat, and A Basic Industries Boom & the Return of the Real Economy as the follow-up. When we posted our 2022 year-in-review we highlighted the charts as they were when originally published. We thought it interesting simply because they made the empirically inevitable seem obvious with the benefit of hindsight. We failed to appreciate that our wonderful readers would ask “well where are those charts now?”


January 26, 2023|

As anyone with a wallet and an email inbox can attest, we live in an age of unprecedented crowding in the philanthropy and charitable giving space. Americans donated $485 Billion in 2021, and with charitable organizations jockeying for the biggest slice of that pie, many folks seek out the organizations that are delivering the most benefit. This is why we want to take a moment to highlight the charity Disabled American Veterans (DAV).

ARKK vs. QQQ in the Dot.Com Bust

January 20, 2023|

2020 was a brutal year for KCR. US bonds rose to offensive levels, offering investors a 0.50% yield, while equities soared to valuations above the peak. Our evidence-based investment process is driven by historical data, algebra, and common sense. By the end of 2020, there was nothing less common than common sense. Basic maths were tossed out the window and replaced by empirically impossible narratives spouted by promotional fund managers and CEOs. The two years that followed this peak in financial insanity made KCR look intelligent.

Cash Flow to Stockholders is Defined As: Misleading?

December 30, 2022|

How the Crypto-FTX-Fraud Could be Masking Epic Capital MisallocationAccounting Tools states that cash flow to stockholders is the amount of money a firm pays its equity owners. They explain that “Investors routinely compare the cash flow to stockholders to the total amount of cash flow generated by a business…”

The Role of Critical Minerals in Clean Energy Transitions

December 2, 2022|

Have Policy-Makers Given Investors a Secular Growth Story for Cyclical Stocks? Our research is empirically based and tends towards places that are uncomfortable and out-of-favor. In 2020, as investors gorged on crypto, loss-making tech and growth stocks of dubious merit..


Go to Top