Dr. Sanjeev Bhojraj

Sanjeev is a co-founder of Kailash Capital. He is also a portfolio manager and co-founder of L2 Asset Management. Dr. Bhojraj is widely published in the top journals in finance and accounting and specializes in behavioral finance. With 19 Years of total experience, Dr. Bhojraj is also a Chaired Professor in Asset Management and the co-Director of the Parker Center for Investment Research at Cornell University’s Business School. Dr. Bhojraj has a Ph.D, ACA, ACMA and B.Com.

March 21, 2023

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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…”

Flush With Cash & the Quick Swing in Sentiment

November 11, 2022|

How the Rotation from Risk On to Risk Off is…Creating Risk - The Oxford University Press tells us that the principal meaning of being “flush with cash” is having a lot of money, usually for a short period of time. The last part of the definition is interesting considering investors’ newfound interest in holding abundant piles of cash. A recent article headlined with “Retail money market funds inflows are the highest in 30 years as investors seek safety.”

Large Cap Growth Index Funds & the Path to Poverty

November 4, 2022|

A Quick Peek at the Russell Large Cap Growth Index - Understandably smitten with low fees and a long bull market, index fund promoters appear to have the data on their side. A collection of financial heretics, the authors of this investment newsletter have highlighted what we believe are the defects endemic to index funds today. In the interest of simplicity, we have used single factors to highlight just how these popular and heavily promoted products are ripe for disaster.

Inflation is Taxation without Legislation or Representation

October 28, 2022|

The Cash Crucible & the Acceleration of Financial Repression - “Cash is a Legitimate Asset Class for the First Time in Decades, Investors are piling into products that shield them from losses in a rising rate environment.” So said a recent article in Bloomberg. Any headline-hailing investors “piling” into anything should trigger instant paranoia.

S&P Energy ETF vs. Apple

October 14, 2022|

The Case for Investing in What you Need vs. What you Want Made Simple - Since 2020, this newsletter has used historical data to explain the case for investing in companies that make what you need while shelling overpriced companies that make what you want. KCR’s research has demonstrated that the market’s valuation structure has, and continues to, favor firms that provide popular discretionary goods and novelty technologies over companies that make essentials to human life.


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