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 & SAGE Conclusions: Higher Returns & Lower Volatility 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 May Offer Tremendous Opportunity Exhibits: Low and High Momentum Firms ...
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 Characteristics of Recoveries: Drawdowns in value tend to be precursors ...
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 Portfolio Stocks Conclusions Appendix – Energy Sector Is Not the ...
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 published the white paper Batter Up! More from Our Core: ...
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 in Aggregate Conclusion Introduction Some politicians and pontificators have been ...
Should You Shop Among the Biggest Losers? – Momentum Beats Mean Reversion Over the Next Year
Introduction: Momentum vs. Mean Reversion Future Performance of the Biggest Recent Losers Can the Kailash Rankings Help Differentiate Between Future Winners and Losers? Conclusion Appendix: November’s Biggest Losers with December Rank Data Introduction: Momentum vs. Mean Reversion Recently, a ...
Are We Being Served a Fat Pitch in S&P500 IT?
Executive Summary Introduction: The recent reversal in Value vs. Growth stock performance since our August 2015 paper was reminiscent of the strong IT stock price movements seen during the time ...
Where Are We in the Biotech Cycle?
Introduction Biotech M&A Cycle Biotech IPO Cycle Does Valuation Matter Within Biotech? Conclusion: At Least Society (If Not Investors) Will Benefit from Biotech Investment Introduction News about Abbvie’s acquisition ...
