The Collapse of Common Sense II – Exploiting the EBITDA/Net Debt Error Among the Durable & Fragile
In our last paper, The Collapse of Common Sense, Kailash noted that the world seemed to have...
The Collapse of Common Sense – The Great Beta Breakdown
Introduction: Sometimes we own equities that go up & down more than the market average Rhetorical Question: Which group is riskier? Conclusions: The prevalence of the preposterous Exhibits Introduction: ...
Navigating the Passive Bubble during a Bubble – An Eas(ier)-Street to Alpha?
Re-Introduction: Respect & Reverence for Mr. Bogle An Eas(ier)-Street to Alpha, Particularly for Large-Cap Managers The Fruits of Perfect Foresight Operating in the Unknown The Nature of the Profits ...
The Pernicious Problem with Passive – Do Large Cap Managers Have the Fattest Pitch Since 2000?
Introduction: Respect and Reverence for Mr. Bogle The Biggest Bubble: Large Cap Large Cap Conclusions The Big but Partially Burst Bubble: Small & Mid Cap Small & Mid Cap Conclusion Introduction: Respect & Reverence for Mr. Bogle The media ...
Making More from M&A – Finding Fundamental Fodder Among Economic Folly
Introduction: Traction in the tails, using fundamental facts to avoid promises and pain Exploiting the procyclical nature of M&A In the Anti-Algebra Index-Era, M&A makes the case that fundamental facts are worth figuring Exhibits Appendix: Small and Mid Cap ...
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: ...
