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, ...
Comparing the Small & Mid Cap Valuation Tails – Low Dispersion, Reduced Opportunities & Fundamental Fixes
Introduction Cheapest vs. Most Expensive Deciles Fundamental Consternation & Consideration Using Our Core Model to Expand the Opportunity Set Summary Tables Conclusions Exhibits Introduction In our first paper published ...
Bubble Trouble? – Comparing the Current Markets to 1999 and 2007
Introduction Quantification of Overall SMID and Large Cap Market Metrics Summary Charts Conclusion: The Sun Micro Sanity Check Appendix Introduction Many clients have asked us for our perspective on ...
Comparing the Large Cap Valuation Tails – Low Dispersion, Reduced Opportunities & Fundamental Fixes
Introduction Cheapest vs. Most Expensive Deciles Fundamental Consternation & Consideration Using our Core Products to Expand the Opportunity Set Summary Tables Conclusions Exhibits Note to readers: This paper is ...
Correlation, Contagion & the Quant Crash – Fundamentally Driven Process vs. Pattern Recognition
Introduction Building a Synthetic Quant Fund, By Khandani & Lo The August 2007 “Quant Crash” Kailash Product Performance in Quant’s Darker Days: Lower Volatility & Leverage Post-Crash Performance Conclusion: ...
Turbulent Times – The (Tentatively) Temporary Inversion of Value Creation
We have read numerous press articles discussing the difficulties faced by several successful hedge funds
The Dividend Deception Part III – The Role of Dividend Growth in Equity Returns
Introduction Dissecting Dividend Payers Ranking Models Pick Winners Conclusions Exhibit A Exhibit B Appendix Introduction In our first dividend white paper in January, The Dividend Deception: Understanding the Consequences ...
The Dividend Deception Part II – A Call for Active Management
In our last paper, The Dividend Deception: Understanding the Consequences of Cash Returns, we analyzed the highest dividend paying stocks in great detail.....
The Dividend Deception – Understanding the Consequences of Cash Returns
A client recently requested an update on how Low Volatility shares had fared since our November 2012 publication and asked if we thought high dividend paying firms offered investors a better place for risk averse investors to hide....
The Sphinx Guarding Technology Returns – The Complex Role of Valuation within IT
Introduction: Customer Complaint Department Cross Sectional Analysis: Valuation &
Proper Peers – A Process-Driven Approach to Selecting Comps
A Kailash Confession The (Possibly Black) Art of Peer Selection Regressions & Results An Enterprising Concept Single Stock Examples Appendix I: Regression Variables Grounded in Valuation Theory Appendix II: ...