Research

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

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