Skip to content
New Constructs
  • Get Access
    • Professional Investors
    • Institutional Investors
    • Quantitative Investors
    • Research Reports & Model Portfolios
    • Individual Investors
    • Newsletter
  • Solutions
    • Indices
    • Stock Ratings
    • Credit Ratings
    • Sector Ratings
    • ETF & Mutual Fund Ratings
    • Earnings Distortion Scores
    • Model Portfolios
    • Long & Short Idea Research
    • Macro Fundamental Research
    • Portfolio Tracking & Alert Emails
    • Screening Tools
    • API
    • Excel Add-In
    • Company Models
    • Marked-Up SEC Filings
    • Research Blog
    • Fundamental Data Products
      • Core Earnings & Earnings Distortion
      • Reported Fundamentals
      • Proprietary Adjusted Fundamentals
      • Value Screens/Metrics
      • Enhanced Value Screens/Metrics
  • Blog
  • Community
    • Online Community Forum
      • Join our Online Community
    • Live Video Podcast (Free)
    • Let’s Talk Long Ideas (Members Only)
    • YouTube Channel
    • Education
      • Free Training Sessions
      • Value Investing 2.0
      • Metrics Definitions
      • Rating Methodologies
      • Accounting Loopholes
      • FASB Tracker
      • Company Models
  • Company
    • About Us
    • Customer Testimonials
    • Partnerships
    • Papers & Case Studies
      • Proven-Superior Models
      • Proven-Superior Stock Ratings
      • Novel Alpha in our Proprietary Data
    • Robo-Analyst Technology
    • News & Media Coverage
    • Stock Picking Accolades
    • Careers
  • Members
David Trainer, Founder & CEO

David Trainer, Founder & CEO

David Trainer, Found & CEO of New Constructs

June 24, 20130Comments

Free Cash Flow (FCF) and Free Cash Flow Yield

Free cash flow ("FCF") equals NOPAT minus change in Invested Capital.
by David Trainer, Founder & CEO
June 24, 20137Comments

Implied Interest For Operating Leases – NOPAT Adjustment

NOPAT Adjustment for Implied Interest For Operating Leases. Converting GAAP data into economic earnings should be part of every investor’s diligence process. Performing detailed analysis of footnotes and the MD&A is part of fulfilling fiduciary responsibilities.
by David Trainer, Founder & CEO
June 24, 20130Comments

Danger Zone 6/24/13: REITs

Even with this recent price drop, the current valuations of REITs look disconnected from their fundamentals.
by David Trainer, Founder & CEO
June 21, 20134Comments

Income and Loss from Discontinued Operations – NOPAT Adjustment

We remove all income and losses from discontinued operations in calculating operating profit because this income/loss will not recur in the future, and we are looking for the true profitability of the continuing and core operations of a company.
by David Trainer, Founder & CEO
June 20, 20130Comments

How To Avoid the Worst Style Mutual Funds

Picking from the multitude of style mutual funds is a daunting task. In any given style there may be as many as 979 different mutual funds, and there are at least 6100 mutual funds across all styles.
by David Trainer, Founder & CEO
June 17, 20134Comments

Change in Total Reserves – NOPAT Adjustment

Reported earnings don’t tell the whole story of a company’s profits. They are based on accounting rules designed for debt investors, not equity investors, and are manipulated by companies to manage earnings. Only economic earnings provide a complete and unadulterated measure of profitability.
by David Trainer, Founder & CEO
June 17, 20131Comments

Danger Zone 6/17/13: Citigroup (C)

As the market bulls continue to look to rising interest rates as a sign of future strength for Citi, they ignore the fundamentals of the market and of Citi’s weak profit history.
by David Trainer, Founder & CEO
June 17, 20130Comments

Non-Operating Income Hidden in Operating Earnings – NOPAT Adjustment

Non-operating items in operating income are unusual gains that don’t appear on the income statement because they are bundled in other line items. Without careful footnotes research, investors would never know that these non-recurring income items distort GAAP numbers by artificially raising operating earnings.
by David Trainer, Founder & CEO
June 14, 20131Comments

How to Find the Best Style Mutual Funds

There are at least 980 different large cap blend mutual funds and at least 6100 mutual funds across all styles. Do investors need that many choices? How different can these thousands of mutual funds be?
by David Trainer, Founder & CEO
New Constructs
June 12, 20130Comments

June’s Most DANGEROUS Stocks Available to the Public

New Constructs released June’s Most Dangerous Stocks report to the public today.
by David Trainer, Founder & CEO
New Constructs
June 12, 20130Comments

June’s Most Attractive Stocks Available to the Public Today

New Constructs released May’s Most Attractive Stocks report to the public today.
by David Trainer, Founder & CEO
June 12, 20132Comments

Adjusting NOPAT for Non-Operating Expenses Hidden in Operating Earnings

Non-operating expenses are unusual charges that don’t appear on the income statement because they are bundled in other line items. Without careful footnotes research, investors would never know that these non-recurring expenses distort GAAP numbers by lowering operating earnings.
by David Trainer, Founder & CEO
New Constructs
June 11, 20130Comments

Danger Zone 6/10/13: “Passive” Investors

Passive investors are in the Danger Zone for not recognizing that they are actually active investors.
by David Trainer, Founder & CEO
June 11, 20130Comments

More Upside From Western Digital (WDC)

WDC is more profitable than ever and remains significantly undervalued. The no-growth value of this business is over $100/share.
by David Trainer, Founder & CEO
June 10, 20130Comments

How To Avoid the Worst Sector Mutual Funds

Picking from the multitude of sector mutual funds is a daunting task. In any given sector there may be as many as 229 different mutual funds, and there are at least 631 mutual funds across all sectors.
by David Trainer, Founder & CEO
June 10, 20134Comments

Asset Write-Downs Hidden In Operating Earnings – NOPAT Adjustment

Asset write-downs are unusual charges that don’t appear on the income statement because they are bundled in other line items. Without careful footnotes research, investors would never know that these non-recurring items distort operating earnings by overstating core-operating costs.
by David Trainer, Founder & CEO
New Constructs
June 6, 20130Comments

Footnotes Adjustments for Earnings & Valuation Diligence

This report summarizes our series of reports on how to convert GAAP data to economic earnings and derive true shareholder value in a discounted cash flow model as well as more accurate measures of economic
by David Trainer, Founder & CEO
New Constructs
June 5, 20130Comments

June’s Most DANGEROUS Stocks Available to Subscribers Today

Paying customers can access June’s 40 Most Dangerous Stocks as of midnight last night. We provide 20 large/mid cap names to sell or short and 20 small cap names in this monthly newsletter.
by David Trainer, Founder & CEO
New Constructs
June 5, 20130Comments

June’s Most Attractive Stocks Available to Subscribers Today

Paying customers can access June’s 40 Most Attractive Stocks as of midnight last night.
by David Trainer, Founder & CEO
June 4, 20132Comments

Wal-Mart: Still Offering Great Value

Wal-Mart’s stock has done well since we first opened a position in June 2011, but it is still significantly undervalued.
by David Trainer, Founder & CEO
« Older Articles Newer Articles »

Search

  • Live-traded Indices
  • Free Trainings
  • David Trainer’s E-Letters
  • —
  • Long Ideas
  • Danger Zone (Sell/short ideas)
  • IPO Research
  • Footnotes Season Finds
  • —
  • Stock Picking Awards & Media Features
  • Testimonials
  • General Market Comments
  • —
  • Model Portfolios
  • – Focus List Stocks: Long
  • – Focus List Stocks: Short
  • – Most Attractive Stocks
  • – Most Dangerous Stocks
  • – Best & Worst ETFs & Mutual Funds by Sector
  • – Best & Worst ETFs & Mutual Funds by Style
  • – Exec Comp Aligned With ROIC
  • – Safest Dividend Yields
  • – Dividend Growth Stocks
  • – Model Portfolio Performance
  • —
  • — Training & Education —
  • Join Our Online Community
  • How To Use Our Site
  • Investing 101
  • Backtest Data Details & Case Studies
  • Accounting Rule Changes
  • ROIC Drives Equity Valuation
  • – Enterprise Value Optimization
  • DOL Fiduciary Regulation
  • M&A Analysis
  • Fundamental Macro Trends & Sector Fundamentals
  • Machine Learning & AI for Smarter Investing
  • —
  • Company Report Index
  • – Tesla (TSLA) – 26 reports
  • – Netflix (NFLX) – 24 reports
  • – General Motors (GM) – 15 reports
  • – Snap (SNAP) – 14 reports
  • – Carvana (CVNA) – 11 reports
  • – Disney (DIS) – 10 reports
  • – Intel Corporation (INTC) – 10 reports
  • – Wayfair (W) – 11 reports
  • – Uber (UBER) – 10 reports
  • – Beyond Meat (BYND) – 10 reports
  • – Peloton (PTON) – 10 reports
  • – Spotify (SPOT) – 9 reports
  • – Walmart (WMT) – 9 reports
  • – DoorDash (DASH) – 9 reports
  • – Skechers USA (SKX) – 9 reports
  • – JPMorgan (JPM) – 9 reports
  • – Rivian Automotive (RIVN) – 8 reports
  • – Target (TGT) – 7 reports
  • – Coinbase (COIN) – 7 reports
  • – Oracle (ORCL) – 7 reports
  • – McDonald’s Corporation (MCD) – 7 reports
  • – HCA Healthcare (HCA) – 7 reports
  • – Discover Financial (DFS) – 7 reports
  • – AutoZone (AZO) – 7 reports
  • – Shake Shack (SHAK) – 7 reports
  • – D.R. Horton (DHI) – 7 reports
  • – Meritage Homes (MTH) – 7 reports
  • – Allison Transmission Holdings (ALSN) – 7 reports
  • – Valeant (VRX) – 6 reports
  • – Cracker Barrel (CBRL) – 6 reports
  • – Best Buy (BBY) – 6 reports
  • – Amazon (AMZN) – 6 reports
  • – Verizon Communications (VZ) – 6 reports
  • – GameStop (GME) – 6 reports
  • – Cisco Systems (CSCO) – 6 reports
  • – Alphabet (GOOGL) – 6 reports
  • – Colgate-Palmolive (CL) – 6 reports
  • – Southwest Airlines (LUV) – 6 reports
  • – Ford (F) – 6 reports
  • – NVR Inc. (NVR) – 6 reports
  • – Affirm Holdings (AFRM) – 6 reports
  • – Amgen (AMGN) – 6 reports
  • – John B. Sanfilippo & Son (JBSS) – 5 reports
  • – SYSCO Corporation (SYY) – 5 reports
  • – Zendesk (ZEN) – 5 reports
  • – Johnson & Johnson (JNJ) – 5 reports
  • – Lam Research Corp (LRCX) – 5 reports
  • – Lear Corp (LEA) – 5 reports
  • – Universal Health Services (UHS) – 5 reports
  • – HF Sinclair (DINO) – 5 reports
  • – Omnicom Group (OMC) – 5 reports
  • – Allstate (ALL) – 5 reports
  • – Dropbox (DBX) – 5 reports
  • – Robinhood Markets (HOOD) – 5 reports
  • – Sweetgreen (SG) – 5 reports
  • – Kimberly-Clark (KMB) – 5 reports
  • – Microsoft (MSFT) – 4 reports
  • – Caterpillar (CAT) – 4 reports
  • – TrueCar (TRUE) – 4 reports
  • – Simon Property Group (SPG) – 4 reports
  • – Thor Industries (THO) – 4 reports
  • – Box, Inc. (BOX) – 4 reports
  • – Pinterest (PINS) – 4 reports
  • – Shopify (SHOP) – 4 reports
  • – MasTec Inc. (MTZ) – 4 reports
  • – AMC Entertainment (AMC) – 4 reports
  • – Eventbrite (EB) – 4 reports
  • – Equinix (EQIX) – 3 reports
  • – Cummins (CMI) – 3 reports

About Us Testimonials In the News Support Careers General Legal Documentation
Copyright 2025 New Constructs, LLC All Rights Reserved
Registration on or use of this site constitutes acknowledgement of our Disclosures and Disclaimers and acceptance of our Terms of Use and Privacy Policy.