Research

The recent significant intra-market rotation and the beginning of earnings season generated most of the investor questions we fielded this past week. We thought it would make sense to start this week’s Level Set with some high-level thoughts on fundamentals. It is well known that nearly every year there is excess optimism imbedded in earnings

Recently at a stock idea event, an investor pitched a growth stock, saying that despite its high multiple, the stock should work because the top- and bottom-line growth were likely going to be fast enough to offset multiple contraction.  This catalyzed us to investigate the major attributes of growth stocks that beat or lag the

Recently at a stock idea event, an investor pitched a growth stock, saying that despite its high multiple, the stock should work because the top- and bottom-line growth were likely going to be fast enough to offset multiple contraction.  This catalyzed us to investigate the major attributes of growth stocks that beat or lag the

We have been discussing our 2H Outlook Note extensively over the last two weeks and wanted to address three topics on which investors were focused as well as recent price action in today’s Level Set. Topic 1 – The Fed: We noted in our outlook report that we thought it was a waste of a

When we hosted our second half 2024 outlook last Tuesday (replay here, passcode: q66CnS.h), we intentionally left out the details about earnings and multiples. We wanted to discuss where to save time, where to spend time, and our best ideas for outperformance. We did receive some follow-up questions about the consensus projections for earnings and

Since March of 2023 we have been tracking many AI-related references on transcripts – mentions of AI have collapsed but mentions of GPUS have stayed more constant.   This has caused us to create a “GPU” basket, tweaking our “AI” basket where exposure could be more dubious.   The margins of growth stocks that are mentioning AI

We published our 2H 2024 US Equity earlier this week and hosted a webcast to discuss our work. Please click here to read our note and here (Passcode: q66CnS.h) to watch the webcast replay.

Today we are publishing our 2H 2024 US Equity Outlook and hosting a webcast at 11am EDT to discuss our work. Click here to register for the webcast. 202407_2H_OutlookDownload

The volatility of the price-to-forward earnings is higher than the volatility of the earnings. Multiples can expand or contract a lot in one year. Earnings expectations can change too, but typically move far less. There is no such thing as a flat price-to-forward earnings line. The price-to-forward earnings multiple for the market moves when the

Below are our Top 5 most viewed recent videos. If you have any questions on these or other topics related to the current environment for investors, please let us know. #1. Trivariate’s Advice for Outperforming June 30, 2024 Click here to read Trivariate’s advice for outperforming. #2. Don’t Waste Time On These 3 Things May