White Papers

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 ...

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 ...

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 ...

•     Introduction: How to Define Quality? •     Quality Persistence and Kailash’s Simple Quality Proxy o     Return on Equity o     Accruals o     EBITDA Margins •  ...

• 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 ...

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, ...

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 ...

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 ...

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 ...

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: ...

We have read numerous press articles discussing the difficulties faced by several successful hedge funds