Research

Attached is our 2025 year-ahead outlook. We will be hosting a zoom at 11am EST today to discuss this research and take Q&A (click here to register). There will be a replay link sent out later today if you can’t join live. If you would like to schedule a 30-minute one-on-one zoom with Adam Parker

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

As 2024 draws to a close, we take a moment to reflect on the key themes and insights that shaped the markets this year. At Trivariate, our mission has always been to deliver differentiated insights that stand out, empowering our clients to navigate the complexities of the U.S. equity market with clarity and precision. To

Happy and Healthy New Year As we write our 50th and last Level Set for 2024, we want to pause and wish all of you a Happy and Healthy Holiday Season and a Prosperous New Year. The late, great Bryon Wien, former US Equity Strategist at Morgan Stanley and later at Blackstone, annually published his

While the historical performance of spin-offs are mixed, there is no doubt that management teams are increasingly being advised by law firms and investment bankers about the potential to unlock or create value through spins. Some high profile recent successes, like GE Vernova spun from GE earlier this year can certainly help convince boards and

While the historical performance of spin-offs are mixed, there is no doubt that management teams are increasingly being advised by law firms and investment bankers about the potential to unlock or create value through spins. Some high profile recent successes, like GE Vernova spun from GE earlier this year can certainly help convince boards and

Over the last few weeks, we have analyzed the risk of several investor portfolios and ETFs. One metric we constantly use to assess risk is beta. At Trivariate we use the median of four beta horizons as an attempt to marry near-term conditions with the longer-term market sensitivity of each stock. Nonetheless, betas can change

Two weeks ago, we wrote a note about Costco (Ticker: COST), as it eclipsed 50x price-to-forward earnings (Link). We studied all companies that first eclipsed 50x as a proxy for becoming optically expensive and analyzed subsequent multiples and returns. The odds increasingly become stacked against their success. Today, we studied the opposite – stocks whose

For Healthcare investors, the last few years have been particularly difficult to navigate. Less than 20% of Healthcare stocks have beaten the market over the last two years, the lowest percentage of winners in at least two decades. In fact, on a rolling two-year basis, the equally-weighted Healthcare sector has now experienced its worst performance