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 In our first dividend white paper in January, The Dividend Deception: Understanding the Consequences of ...
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: ...
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 ...
