Navigating the Passive Bubble during a Bubble – An Eas(ier)-Street to Alpha?
Re-Introduction: Respect & Reverence for Mr. Bogle An Eas(ier)-Street to Alpha, Particularly for Large-Cap Managers The Fruits of Perfect Foresight Operating in the Unknown The Nature of the Profits ...
The Pernicious Problem with Passive – Do Large Cap Managers Have the Fattest Pitch Since 2000?
Introduction: Respect and Reverence for Mr. Bogle The Biggest Bubble: Large Cap Large Cap Conclusions The Big but Partially Burst Bubble: Small & Mid Cap Small & Mid Cap ...
Making More from M&A – Finding Fundamental Fodder Among Economic Folly
Introduction: Traction in the tails, using fundamental facts to avoid promises and pain Exploiting the procyclical nature of M&A In the Anti-Algebra Index-Era, M&A makes the case that fundamental ...
Rushing About: The Thirst for Yield – Looking to History for Safer Ways to Find Shareholder Yield
Introduction: Sometimes Equities Are Bond Proxies, Other Times They Are Not Where Are We Today? Qualitative Conclusion on Empirical Outcomes Optimizing Picks Within a Pack of Winners Exhibits Appendix: ...
Bailing on Biotech: The Case for Convenience – The Removal of Biotech in Kailash Short Portfolios
Introduction: Short Portfolios Cluttered with Bimodal Biotechs Why Biotech Firms are Naturally Predisposed to Appear in Kailash Short Portfolios Exclusion & Implications: Removing Biotechs Is a Win for SMID ...
Pain is the Parent of all Progress: Update Where Are We Two Months Later?
Paper Performance Update: July and August Saw an Extraordinary Reversal in Performance Is Low Momentum Still the Opportunity it was Two Long Months Ago? Conclusion: Low Momentum Firms Still ...
Pain Is the Parent of all Progress – The Case for Contrarians: Why the Low Momentum Anomaly Represents Active Management’s Greatest Opportunity in Nearly a Decade
Introduction: Is a Preponderance of Underperformers a Problem? Momentum ....
Value & Momentum Drawdowns – The Slow Bleed vs. The High Speed
Introduction: The vicissitudes and vagaries of value and momentum strategies; evaluating when strategies underperform Drawdowns: Value drawdowns are slow with violent snap-backs; momentum declines are rapid with slow recoveries ...
The Revenue Wreck – Are We Paying Rational Prices for an Ex-Growth America?
Introduction: R1000 Sales Growth Is Approaching Great Recession Lows Valuations Have Not Fallen to Reflect Slowing Sales Growth Kailash Portfolio by Growth Quintile: Best Opportunity in Fastest Growing Kailash ...
Batter Up! More from Our Core: Revisiting Fundamental Favorites for Large Cap
Introduction Our Fundamental Favorites and the Three Pillars Fundamental Scarcity Fundamental Favorites’ Characteristics Drivers of Greater Excess Returns Conclusions: A Small but Privileged Pond Introduction A year ago, we ...
A Rare Opportunity in Top Shareholder Yields
Introduction Top Shareholder Yield Stocks Have Significantly Underperformed TSY Stocks Outperformed Significantly When Their Index Weights Fell to Levels Similar to Current Levels Top Shareholder ...
Politicians and Corporate Stock Repurchases – Getting the Facts Straight in This Politicized Issue
Introduction Large Stock Repurchases Are Not Being Funded by Debt Repurchasers Are Not Starving Their Companies of Investment Smaller Companies Have Some Different Dynamics, but These Differences Are Inconsequential ...
