Research

The most clicked on chart on the US consumer was our short ideas chart, likely fueled by BROS, and these others…. Several of our analyses in the last 18 months have pointed to gross margins as a key variable for security selection.  A crucial part of any company’s margin trajectory is its ability to take

Typically when there is market volatility, it doesn’t end immediately.   In case we get into a more prolonged correction, we analyzed the previous ten times the S&P500 retreated 10 percent or more in the last 25 years to examine the correction playbook for investors. We recently published playbooks for value, growth, and technology investors.

Several of our analyses in the last 18 months have pointed to gross margins as a key variable for security selection.  A crucial part of any company’s margin trajectory is its ability to take pricing without a commensurate loss in unit demand.  Within the consumer space, we identified two quarters ago that the number of

Typically when there is market volatility, it doesn’t end immediately.   In case we get into a more prolonged correction, we analyzed the previous ten times the S&P500 retreated 10 percent or more in the last 25 years to examine the correction playbook for technology investors.  Our main conclusions are.. 202408_Tech_Sell_Off_PlaybookDownload

Typically when there is market volatility, it doesn’t end immediately.   In case we get into a more prolonged correction, we analyzed the previous ten times the S&P500 retreated 10 percent or more in the last 25 years to examine the correction playbook for growth investors.  Our main conclusions are.. 202408_Growth_Sell_Off_PlaybookDownload

Typically when there is market volatility, it doesn’t end immediately.   In case we get into a more prolonged correction, we analyzed the previous ten times the S&P500 retreated 10 percent or more in the last 25 years to examine the correction playbook for value investors.  Our main conclusions are.. 202408_Value_Sell_Off_PlaybookDownload

We have articulated several times over the last year that the bear case for US equities includes tighter Financial Conditions and a slowdown in the US consumer. In last week’s Level Set, we noted that there was enough evidence to conclude the US consumer is slowing, citing a rash of corporate earnings across multiple larger

Over the past several months, we have seen a handful of companies move their States of Incorporation.  Companies seek approval to move from the states in which they are domiciled for a variety of reasons, including differing state rules on board formation and retention, or lower fees and regulations, among other rationales.  Three noteworthy recent

Most of our investor conversations this month have centered around our 2H outlook and the following front burner topics: Is now the time to fight the Fed? Are investors suddenly worried about ROI for AI investment spend? Requests for the constituents of our AI stock basket How to think about politics, the election, and how

Over the past several months, we have seen a handful of companies move their States of Incorporation.  Companies seek approval to move from the states in which they are domiciled for a variety of reasons, including differing state rules on board formation and retention, or lower fees and regulations, among other rationales.  Three noteworthy recent