Buying Better Balance Sheets – Could there be a low-risk method to improve your margin of safety
Introduction: Balance Sheet Optimization vs. Conservative Balance Sheets U.S. Large Cap: The History of the Cash Rich & Crashes Exhibits Appendix: Small & Mid Cap Introduction: Balance Sheet Optimization ...
Crashes: When Losers Can Become Leaders – A Simple Review of Sector Behavior Post Three Prior Corrections
Introduction The Unforgiving Grind of Geometric Returns Indexes & Sector Performance: What Just Happened & What Can History Tell Us? Closing: How Recent Price Action Has Impacted U.S. Equity ...
Fat Spreads = Unusual Opportunity for Active Managers The Case for Small & Mid Cap Money Managers
• Introduction: Never Has So Much Value Been Ascribed to Such Losses • The Simplicity of Price-to-Sales Tells the Same Story • Unforgiving Fundamentals • Conclusions • Exhibit Introduction: Never Has So Much Value Been Ascribed to Such Losses ...
S&P500 vs. R2500 – Will the Herding Continue?
Introduction: The Herd Runs Rampant Performance, Size and Value: When They Coincide It May Signal the End of the Ride Should History Rhyme, Allocators May be Wise to Rotate to Smaller Size Conclusion: Simple but Not Easy, The Pain ...
What Were You Thinking? – You don’t need any footnotes: Tesla, GM & Ford
Introduction: This is Really Happening Revenues, Profits, Units & Capital Intensity: No Footnotes Needed Conclusion: M&A or Just GIVE EM AWAY! Introduction: This is Really Happening In Kailash’s recent ...
2019 Review and Update: Why Market Neutral Now
2019 proved to be another difficult year for Market Neutral products. Allocators once again started to ask the tragically familiar question “why bother with Market Neutral at all?” We ...
Value vs. Momentum – An Anomaly Among the Inexpensive
Introduction: Value vs. Momentum Small & Mid Cap: A Historical Outlier Suggests Outsized Opportunities The Myth of Melting Ice Cubes? Conclusion: A Basket Worth Buying? Exhibit Introduction: Value vs. Momentum In Kailash’s recent pieces discussing the dispersion in value ...
Firms Without Revenues – Scratch Tickets of the Investment World, A Regressive Tax on Index Funds
Introduction: Index Funds are Eating Speculative Soup An Easy Win for Active Managers? But is Biotech so Different This Time?: Maybe Not! Conclusion: The Frightful Cost of Buying Scratch ...
Index Rebalancing and the Passive Patsies – The Hidden Costs and Biases of Rebalancing
Introduction: Private Equity, IPOs, Price to Sales & the Passive Patsies Revisited The Abundance of the Absurd in the World of Index Rebalancing The Consequences of Expensive Additions Conclusion Exhibits Appendix: Fundamentals of Expensive Additions Introduction: Private Equity, IPOs, ...
When the Top Decile is the Bottom of the Barrel
Introduction: Price to Sales & “A Talk with Scott McNealy” The Pittance of Profits among the Top Decile of Price to Sales The Catastrophic Consequences of Buying the Top ...
Short Sellers’ Low Quality Signal (LQS) – A Loss Avoidance Aid for Short Sellers of Low Quality Firms
Introduction to LQS: A Safety Mechanism to Help Protect Short Sellers of Low Quality Firms Low Quality Signal (LQS) Characteristics and Persistence LQS Impact of Performance on: Trading Shorts, ...
IPOs, Index Inclusions and the Passive Patsies – The Cost of Ebullient IPOs to Passive Players
Introduction: Is the New IPO Boom Really Improved? The Atypical Nature of Current IPO Index Inclusions Price to Sales = Problems Simple Measures for Good Measure More Rubble to Come Conclusions Introduction: Is the New IPO Boom Really Improved? ...
