Research

VIDEO – Technology Stocks To Avoid In A Down Market

An investor asked us recently about the beta of Technology stocks, and in particular to identify those with asymmetry – meaning the stocks that have measurably higher beta in down markets than in up markets. We think investors should know which stocks they own are higher beta in down markets than in up markets to

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Level Set: What Should You Do If the Growth Themes Are Correlated?

Since 2023 we have identified and written about major growth themes that are poised to continue to grow above GDP for the next several years. These include widely known categories of stocks like AI Semiconductors, AI Software, Power / Utilities, and Electrification Industrials. Most portfolio managers have some or substantial exposure to these themes, as

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Technology Stocks To Avoid In A Down Market

An investor asked us recently about the beta of Technology stocks, and in particular to identify those with asymmetry – meaning the stocks that have measurably higher beta in down markets than in up markets. We think investors should know which stocks they own are higher beta in down markets than in up markets to

Read More »

VIDEO – Does Valuation Work? The Answer is Nuanced

We have learned over the past several years that rarely, if ever, has valuation alone been a good reason to buy or sell a stock. We have written that when stocks get to 50x price-to-forward earnings, on average they begin to lag 9 months later (Do You Worry About Stocks At 50x Earnings?) and that

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Three Charts You Won’t Want to Miss – February’s Most Clicked

Here are the three most-clicked charts from our February research. Interested in discussing these insights or hearing our latest views as we wrap up earnings season and look ahead into 2025? Let us know—we’d love to connect. 1. HEALTHCARE HAS THE HIGHEST PERCENTAGE OF BUY RATINGS In our research titled Sell-Side Analyst Ratings Are Mostly

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Does Valuation Work? The Answer is Nuanced

Background: We have learned over the past several years that rarely, if ever, has valuation alone been a good reason to buy or sell a stock. We have written that when stocks get to 50x price-to-forward earnings, on average they begin to lag 9 months later (Do You Worry About Stocks At 50x Earnings?) and

Read More »

VIDEO – How To Build The Optimal Portfolio

Register Now for our upcoming webinar to learn more about Optimal Beta and Portfolio Construction ~ Monday, March 17th at 11am ET. Over the past few months, we have written two research notes on portfolio beta. The first (The Higher The Beta The Lower The Alpha) examined the enormous historical alpha destruction from a higher

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Level Set: 4 Things We Are Thinking About

We Remain Cautious on the First Half of the Year We don’t want to say that earnings season is over, as after all, NVDA, the most important stock in the market, reports this coming week. However, we have enough data points year-to-date to comment on what we have learned, what’s been confirmed, and what’s new.

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How To Build The Optimal Portfolio

Register Now for our upcoming webinar to learn more about Optimal Beta and Portfolio Construction ~ Monday, March 17th at 11am ET. Over the past few months, we have written two research notes on portfolio beta. The first (The Higher The Beta The Lower The Alpha) examined the enormous historical alpha destruction from a higher

Read More »