Where Are We in the Biotech Cycle?
Introduction Biotech M&A Cycle Biotech IPO Cycle Does Valuation Matter Within Biotech? Conclusion: At Least Society (If Not Investors) Will Benefit from Biotech Investment Introduction News about Abbvie’s acquisition ...
Update on Comparing SMID Valuation Tails
Executive Summary Introduction: In May 2014 we published the white papers “Bubble Trouble? Comparing the Current Markets to 1999 and 2007” and “Comparing the Small & Mid Cap Valuation ...
Introducing the Kailash Large Cap Rankings Tool
Introduction Features Differences from Other Kailash products Performance Conclusions Exhibits Appendix: User’s Manual for the Kailash Interactive Rankings Tool Introduction We are pleased to introduce the new Kailash Capital Research, LLC ...
Batter Up! More from Our Core
Executive Summary Introduction: We believe it is fitting for us to focus on our commitment to adding value to clients’ processes in a manner that respects your time. While ...
How Likely Is a 25-Bagger within 10 Years? We Are No Fans of, at Best, 4% Odds
We would like to start with a pre-emptive apology for being terribly boring folks who tend to be grounded in probabilities. That predisposition has made the current environment somewhat ...
Passive Vehicles & the Profit Penalty – A Brief Look at Index Investing in the Small & Mid Cap World
Executive Summary Introduction: As a client of our work we know you are an active manager and hence familiar with the barrage of news stories that seem to revel ...
Debt and Stock Repurchases
Executive Summary Introduction: Clients have asked us about media and sell-side reports that claim near-record levels of U.S. corporate borrowing are being used to fund significant net stock repurchases ...
Testing Shiller P/E’s Efficacy for Single Stocks
Conclusions on the Quick Conclusions: Shiller P/E works well for stock selection within Large Cap. Mean reversion for earnings growth seems to happen much more within the Large Cap ...
Volatile Times in Semiconductors – Canary or Canard and Does It Even Matter to Future Semi Returns?
Over the last year, our Large Cap portfolio has had a meaningful overweight in a select group of Semiconductor stocks. As Fig. 1 shows below, these names have been ...
Quality Conundrum, Part III – The Persistence and Performance of Quality
• Introduction: How to Define Quality? • Quality Persistence and Kailash’s Simple Quality Proxy o Return on Equity o Accruals o EBITDA Margins • ...
Indexing Dilemmas: Is “Smart Beta” Really That Smart?
• Introduction: The Drawbacks of Indices Weighted by Market Cap • Equal Weight and Smart Beta Are at Best Only Partial Solutions • Cheap & Small: The Success Paradox ...
Sidestepping the Sphinx – Performance Brief on our December IT Picks
December View Reviewed Subsequent Performance Current Level of Conviction December View Reviewed In our December 2013 piece, The Sphinx Guarding Technology Returns: The Complex Role of Valuation within IT, ...