Background: We started 2025 with a view that the US equity market would be down and volatile in the first half of the year, with policies like tariffs not in the price. That was a great call until early April, but we have been caught off guard by the subsequent rally, borne from the best
At the start of each quarter, we provide a detailed summary of the just completed quarter with the goal of helping investors make better investment decisions, in addition to providing insights that will facilitate investor communications, client conversations, and quarterly letters. Furthermore, our quarterly report seeks to identify emerging risk management concerns and give investment
At the start of each quarter, we provide a detailed summary of the just completed quarter with the goal of helping investors make better investment decisions, in addition to providing insights that will facilitate investor communications, client conversations, and quarterly letters. Furthermore, our quarterly report seeks to identify emerging risk management concerns and give investment
We hosted our marquee client event this past week, with 25 buysiders pitching stocks on a 100+ degree day in a suburb outside of New York City. What did we learn? On big picture issues: Firstly, we learned that it is contrarian to be bullish. We surveyed the room on whether the attendees thought the
Here are the three most-clicked charts from our June research. Interested in discussing these insights or hearing our latest views as we enter the back half of 2025? Let us know – we’d love to connect. 1. 40% Of The Market Cap Has Greater Than 60% Gross Margins Among the top 3000 US equities, 25.9%
In our year-ahead outlook, we predicted that tariffs and other policies were not in the price. When the early April tariffs were initially implemented, we lowered our earnings estimates, taking the view that a year of growth was removed, and at that time, we pushed our estimates out a year, turning our initial 2026 earnings
Background: We highlight and update four of the most crucial areas of our research for growth investors. This includes our work on quality, beta, and forecasted growth, how even when you are successful it can be challenging, the current major growth themes and how to think about risk management of them, and some extreme valuations
Background: We highlight and update four of the most crucial areas of our research for growth investors. This includes our work on quality, beta, and forecasted growth, how even when you are successful it can be challenging, the current major growth themes and how to think about risk management of them, and some extreme valuations
In last week’s Level Set, we discussed ways for investors to get defensive (see here). We received pushback from some of our clients who asked why we thought it made sense to offer defensive ideas given recent strong price momentum and relatively stable economic data. Earlier this past week, we held a cross-asset idea dinner
Six Ways to Play Defense While our recent interactions with institutional investors signal that many think the S&P500 will continue to grind higher, we are also consistently asked which ”defensive” stocks look attractive. It seems clear that the “old school,” traditional defensive playbook of Pharmaceuticals, Consumer Staples, and Telecoms is a “broken play.” Hence, we
