Research

We designed the name Trivariate to evoke three variables – macro, quant, and fundamental – all applied to equities. We believe understanding and applying ideas from the macro world; ingesting, measuring, and systematically processing and forecasting from the quantitative world; and diving into fundamentals are all necessary to successfully invest in equities. But over the…

To read Trivariate’s research note on Free Cash Flow Conversion click here.

We see the macro backdrop as directionally negative.  The economy is more likely to erode than improve, financial conditions are tight, and heightened regulation on banks seems imminent.  This will negatively impact growth. As such, cash flow generation will become increasingly important.  In today’s report, we analyze free cash flow and changes and levels of…

Our typical Level Set is a five-minute read on key debates, new data, evolving thoughts, and answers to important client questions. This week we are publishing a 45 minute comprehensive overview that covers: The overall market outlook, including corporate earnings, margins, and valuation Capital use – buybacks, M&A an dividends Risks – macro trends and…

To read Trivariate’s research note on Q1 2023 click here.

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…

To read Trivariate’s research note on the US consumer click here.

To quote the New Yorker Magazine, the “Talk of the Town” this week was the surprising resiliency and strength of the US equity market in the face of what seems like obviously deteriorating risk-reward. The consensus view from our recent conversations is that the S&P500 is likely range bound and at the upper end of…

Q4 of 2022 was the first time in over 30 years where the S&P500 was up more than 5% in a quarter and the consumer discretionary sector was down more than 10% during that same quarter.  That has powerfully reversed year-to-date, and while huge moves in AMZN and TSLA are partially responsible,  many of the…

Today’s video highlights some incongruities we have observed over the last month…