Insightful White Papers, Specialty Products and Dynamic Ranking Tools
White Papers
Market Insights with Investable conclusions: Market Anomalies, Evergreen Research, and Factors Research. Click on a white paper and if you want more, contact us about it.
Income Investing: Staples & IT
How Dividend Investing May Halt the Speculative Quest for Quick Gains Introduction: This paper...
High-Quality Midcap Value
The Case for Common Sense Introduction: This paper makes the case that today is as compelling a...
The Collision of Arithmetic & Over-Optimism
Why Today’s Large Cap Growth is More Precarious than the Nifty Fifty Introduction: This paper...
From Brilliant to Brain-Dead
The Risk of Timing Manic Markets The Hazards of being In the Grip of a Growth Mania The...
IPO Stocks are the New Staples
History & Current Data Suggest that is as Silly as it Sounds Introduction: Price Action Does...
How to Build a Growth Stock, 1999 & Today
A brief review of Akamai and Carvana Introduction: A Quick & Imperfect Review of Akamai...
This Time is Different: The Death of Valuation
The intellectual calamity of “Big Data” Introduction: An Old Story The Rich (expensive growth) Get...
A Preference for Getting PAID
Durable Dividends & the Market’s Dichotomy Introduction: The Dividend Disparity Crash Cushions...
60/40 Asset Allocation: Buying a Ticket on the Titanic
Expensive Equities & Risky Bonds Asset Allocation: Expensive Equities & Risky Bonds An...
Value Investing & Manias Part II
Navigating a World with Financially Defective Narratives Introduction: Financially Defective...
Value Investing & Manias
A Brief Defense of History & Arithmetic Introduction: Buying Low & Selling High How Cheap...
Durable Dividends
Searching for Safety & Income During Uncertain Times Introduction: The Decline in Dividends A...
The Biggest Losers at the Peak
Economic Delusions During a Pandemic Introduction: Profitless at the Peak Large Cap Small &...
Buying Better Balance Sheets
Could there be a low risk method to improve your margin of safety? Introduction: Balance Sheet...
Crashes: When Losers Can Become Leaders Update
Sub-Sector Analysis Introduction: An Inadequate Note of Thanks Valuation Update: A Dubious Dance...
Crashes: When Losers Can Become Leaders
A Simple Review of Sector Behavior Post Three Prior Corrections Introduction The Unforgiving Grind...
Fat Spreads = Unusual Opportunity for Active Managers
The Case for Small & Mid Cap Money Managers Introduction: Never Has So Much Value Been...
S&P500 vs. R2500
Will the Herding Continue? Introduction: The Herd Runs Rampant Performance, Size and Value: When...
“WHAT WERE YOU THINKING?”
“You don’t need any footnotes[1]”: Tesla, GM & Ford Introduction: This is Really Happening...
Value vs. Momentum
An Anomaly Among the Inexpensive Introduction: Value vs. Momentum Small & Mid Cap: A...
Firms Without Revenues
Scratch Tickets of the Investment World, A Regressive Tax on Index Funds Introduction: Index Funds...
Index Rebalancing and the Passive Patsies
The Hidden Costs and Biases of Rebalancing Introduction: Private Equity, IPOs, Price to Sales...
When the Top Decile is Really the Bottom of the Barrel
Examining the characteristics of the market’s most expensive decile of firms Introduction: Price...
Short Sellers’ Low Quality Signal (LQS)
A Loss Avoidance Aid for Short Sellers of Low Quality Firms Introduction to LQS: A Safety...
IPOs, Index Inclusions and the Passive Patsies
The Cost of Ebullient IPOs to Passive Players Introduction: Is the New IPO Boom Really Improved?...
Growth vs. Value Part II
Using Kailash Constructs to Amplify the Eventual Mean Reversion Introduction: Part 1 Recap The...
Growth vs. Value
A Predisposition towards the Importance of Price has been Painful Introduction: The Historical...
Amazon: Notes from Agnostics
The Lost Impact of Large Numbers Introduction: Keeping it Simple A Bankable Year: How Much “Free”...
The Defense Dilemma Revisited
Proof From the Past and Picks For the Present Introduction: Better a Seller Than a Buyer Be The...
Better a Seller than a Buyer Be?
The Buffett Valuation Metric & the Notion of “Cheap at the Peak” Introduction: Market Cap to...
Private vs. Public Markets
Identifying Potential Sources of Risk and Reward Introduction: The Pension Fund Propellant The...
A Market Cap Concentration Caution Flag Part II
Truth & Transparency Trump Narrative Convention Introduction: The Nifty Five Revisited The Law...
A Market Cap Concentration Caution Flag?
What has it meant historically and where we are today Introduction: “Behemoths Have Dominated the...
Foraging Among the Forgotten
Seeking Opportunity in Stocks the Index Ignores Introduction: The Intermittent Accuracy of...
The “Amazon Apocalypse”: Rummaging through the Retail Wreckage, Part II
Retail Fundamentals: A Deep Dive Introduction: Revisiting the Wreckage Historical Context:...
The “Amazon Apocalypse”: Rummaging through the Retail Wreckage, Part I
A Factual Review of Retail’s Basic Characteristics Introduction: Anecdotes about the “Amazon...
Breaking Bread with Beta
Harnessing Perceived Volatility to Improve Risk Adjusted Outcomes Introduction: Creating...
The Collapse of Common Sense II
Exploiting the EBITDA/Net Debt Error Among the Durable & Fragile Introduction: Revisiting the...
The Collapse of Common Sense
The Great Beta Breakdown Introduction: Sometimes we own equities that go up & down more than...
Navigating the Passive Bubble during a Bubble
An Eas(ier)-Street to Alpha? Re-Introduction: Respect & Reverence for Mr. Bogle An...
The Pernicious Problem with Passive
Do Large Cap Managers Have the Fattest Pitch Since 2000? Introduction: Respect and Reverence for...
Making More from M&A
Finding Fundamental Fodder Among Economic Folly Introduction: Traction in the tails, using...
Rushing About: The Thirst for Yield
Looking to History for Safer Ways to Find Shareholder Yield Introduction: Sometimes Equities Are...
The Revenue Wreck
Are We Paying Rational Prices for an Ex-Growth America? Introduction: R1000 Sales Growth Is...
Introducing the Kailash Large Cap Rankings Tool
New Product Uses Russell 1000 Benchmark We are pleased to introduce the new Kailash Capital...
Debt and Stock Repurchases
Is Debt Being Used to Fund Stock Buybacks? Clients have asked us about media and sell-side reports...
Quality Conundrum, Part III
Quality Conundrum, Part III Introduction: How to Define Quality? Quality Persistence and Kailash’s...
Indexing Dilemmas
Is “Smart Beta” Really That Smart? Introduction: The Drawbacks of Indices Weighted by Market Cap...
Correlation, Contagion & the Quant Crash
Fundamentally Driven Process vs. Pattern Recognition In our recent paper Turbulent Times: The...
The Dividend Deception Part II
A Call for Active Management Introduction: The Middle 50% Offer Better Opportunities Dissecting...
The Dividend Deception
Understanding the Consequences of Cash Returns Introduction: Low Volatility Redux Dissecting...
Identifying Accounting and Earnings Manipulators
Fundamental Information’s Role in Locating Earnings Manipulation The Accruals Anomaly A...
Activism Lite: A Case for Meeting Management, Part II
The Role of Reductions in Debt on Equity Returns[1] Prior Management Behavior & Outcomes...
Activism Lite: A Case for Meeting Management, Part I
The Role of Reductions in Debt on Equity Returns[1] Introduction: A Nod to the Academics...
Understanding the Value of Low Volatility
Low Volatility, Attention & Asset Growth The Facts Regarding Excess Returns Low Volatility’s...
The Persistence of Profits, Part II
The Quality Conundrum, Part II ROEs Run Year One Implications for One-Year Stock Selection &...
The Persistence of Profits, Part I
The Quality Conundrum, Part I Relentless ROEs? Economic Gravity Reigns Supreme ROEs Reconsidered...
The Siren Song of Growth
Why Investors Willfully Set Sail for the Rocks1 Beguiled by Mephistopheles’ Smile: the Crux of It...