WHITE PAPERS
A monthly, deep dive, and rigorous piece identifying:
Extraordinary Value Spreads, Mispriced Quality, and Behavioral Errors
This Time is Different – The Death of Valuation
Introduction: An Old Story The Rich (expensive growth) Get Richer…and Poorer Conclusions & Exhibit Introduction: An Old Story A recent article from Bloomberg counted a leading quant from one ...
How to Build a Growth Stock 1999 & Today
Introduction: A Quick & Imperfect Review of Akamai Kailash’s view on Carvana: How to Make Money by Losing Money Conclusions & Exhibit Introduction: A Quick & Imperfect Review of ...
A Preference for Getting PAID: Durable Dividends & the Market’s Dichotomy
Introduction: The Dividend Disparity Crash Cushions Fundamentals Conclusions & Exhibit Introduction: The Dividend Disparity These are heady days for the beneficiaries of central bank infusions, government stimulus, and the ...
60/40 Asset Allocation: Buying a Ticket on the Titanic
Asset Allocation: Expensive Equities & Risky Bonds An Imperfect Solution in a Land of Low to Negative Yields Conclusion: The Benefits of Balance Asset Allocation: Expensive Equities & Risky ...
Value Investing and Manias Part II – Navigating a World with Financially Defective Narratives
Introduction: Financially Defective Narratives The Value Giant: Not Dead, Just Sleeping Why Spreads Will Reverse: The Resurrection of Value Investing Introduction: Financially Defective Narratives In our last piece, Value ...
Value Investing & Manias – A Brief Defense of History
Introduction: Buying Low & Selling High How Cheap is Value vs. Growth Today? December 2016 – Today: The Anti-Gravity Anomaly Conclusion Introduction: Buying Low & Selling High Buying low ...
Durable Dividends – Searching for Safety & Income During Uncertain Times
Introduction: The Decline in Dividends A Simple Solution to a Complex Problem A Financial Fort Knox Conclusion Exhibits Introduction: The Decline in Dividends As economies stumble in a manner ...
The Biggest Losers at the Peak – Economic Delusions During a Pandemic
Introduction: Profitless at the Peak Large Cap Small & Mid Cap Conclusion Exhibits Introduction: Profitless at the Peak The bull market of the last 10 years has moved relentlessly ...
Crashes: When Losers Can Become Leaders Update – Sub-Sector Analysis
Introduction: An Inadequate Note of Thanks Valuation Update: A Dubious Dance with the Unknown Crashes and Recoveries Sorted by Performance into Crash, Best to Worst Introduction: An Inadequate Note ...
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 ...
