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: ...
Earnings Management: Identifying Accounting and Earnings Manipulators
The Accruals Anomaly A Fundamental Framework The Terrible 23 Toolbox Teacher Appendix “The results indicate that earnings performance attributable to the accrual component of earnings exhibits lower persistence than ...
The Defense Dilemma – Downside Protection for the Value Oriented
Introduction: Where’s a Bear to Hide A Simple Solution Too Much on the Table – The Core Correction Conclusion: Defensive Model Debut Appendix: Avoiding Intuition Introduction: Where’s a Bear ...
Pecuniary Power: Excess Cash (and Cheap Debt) as a Catalyst? Activism Lite Part III?
Introduction, Quantifying the Issue The Case for Cash Alone The Benefits of Borrowing Conclusion: Sanity Check “All this cash is dammed up at these companies, we are the catalyst ...
Activism Lite: A Case for Meeting Management, Part II
Prior Management Behavior & Outcomes Momentum, Credit Quality & Size, Helping Identify Future Outperformers Putting It All Together: Stock Selection Prior Management Behavior & Outcomes As explained in Part ...
Activism Lite: A Case for Meeting Management, Part I The Role of Reductions in Debt on Equity Returns
Introduction: A Nod to the Academics Deleveraging & Excess Returns How Debt Reduction Works Valuation and Deleveraging, Enhancing Outcomes Stock Issuance & Returns Conclusion Introduction: A Nod to the ...
Understanding the Value of Low Volatility
Low Volatility, Attention & Asset Growth The Facts Regarding Excess Returns Low Volatility’s Four Flagship Factors Did Volatility Break Value Downside Redemption Considerations for Timing Low-Volatility & Ranked Securities ...
Understanding the Value of Low Volatility – Timing Signal Addendum
Interaction of Timing Signal with Low-Volatility Companies Performance of Timing Signal across a Range of Market Conditions Considerations for Timing Entry to Low-Volatility Shares2: For the folks here at ...
The Persistence of Profits – The Quality Conundrum, Part II
ROEs Run Year One Implications for One-Year Stock Selection & Core SMID Model ROE Reversion Matters for Long Horizon Investors Volatility: The Setup for Stock-Picking, Spreads for the Patient ...
The Persistence of Profits – The Quality Conundrum, Part I
Relentless ROEs? Economic Gravity Reigns Supreme ROEs Reconsidered High and Low ROE Companies Experience Meaningful Reversion Introduction: Relentless ROEs? As avid consumers of a wide variety of investment material, ...
The Siren Song of Growth – Why Investors Willfully Set Sail for the Rocks
Beguiled by Mephistopheles’ Smile: the Crux of It All The Myth of Low PEG SAGE Prunes the Left Tail Macro Considerations & the Value of Playing Defense SAGE Stock ...
