Research

One of the biggest challenges for investors over the last three years has been determining how much mega-cap Technology and Communications Services they should own. Investors are constantly asking about breadth, commenting about the concentration of returns, and wondering about technological moats, competitive capital spending, and valuation, among other considerations. Before we dive in, we

Investors often come back from “hols” in September with a renewed and intense focus. They are eager to gauge how the third quarter is tracking, update models that potentially grew stale over the summer, and attend major conferences in Technology, Healthcare, and Industrials, among others, in the first two weeks of September. During several conversations

We have been analyzing Stock-Based Compensation (SBC) for over 20 years (see the attached New York Times article written by Pulitzer Prize winner Gretchen Morgenson where she interviews us on the stock-based compensation of Semiconductor companies nearly 20 years ago (NY Times).  Episodically we get asked about whether this issue should matter, and we address

The drawdown at the beginning of this month prompted us to publish a series of sell-off playbooks tailored to Growth, Value, and Technology investors. As we’ve written many times, making short-term market predictions is generally unproductive for equity investors. However, considering the recent market volatility, a weakening consumer, and elevated Q4 2024 earnings estimates, we

We think we are pretty good at knowing what already happened, and we are aspirational that we can be decent in some circumstances at predicting what might happen in the future. But all of this could be grandiose. After all, it is often very challenging to explain what actually happened in shorter time frames. What

We have written many times that it is a waste of time for an equity investor to try to make short-term market calls. After all, most of the signals that investors use to make one-month market calls turn out to be little “boo boos” in logic, as they are volatility, not directional, gauges for the

We analyzed stocks with high and low growth beta by substance (high, mid, low, junk) and show the performance of each of the eight buckets since 1999.  High growth beta growth stocks in the bottom half of quality are down over 24 years!  By far the best performing bucket is low growth beta growth stocks

We have been scouring the question-and-answer portions of earnings call transcripts to assess key areas of interest from analysts.  We address four such issues in today’s Trivariate Transcript Analyzer:  Tariffs, COVID, Yen, and Pricing. 202408_Analyst_QuestionsDownload

We researched the key issues facing growth investors, and these are the five most important insights that all growth investors should know: Point 1:  Owning high-quality growth stocks and avoiding low-quality growth stocks is crucial for growth investing. Point 2: To pick stocks among high-quality growth, use improving margins, revenue acceleration, and upward revisions. Buying

For many years, there have been some well-known, style-based mantras for both fundamental and quantitative investors. On the growth side, momentum works. It is common for growth portfolio managers to pull up a price chart while hearing a fundamental pitch and assess whether price action comports with the story. Shorting growth stocks at highs has