Bad ROIC Drives Bad Valuation

GAAP-Based ROIC has a significantly weaker link to valuation than our ROIC calculation, which uses our Robo-Analyst technology to make adjustments from rigorous analysis of footnotes and the MD&A.

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Winner & Losers from Amazon’s Proposed Purchase of Whole Foods

While this deal certainly could be good for AMZN, we believe the market may be ignoring some of Whole Foods Market’s off-balance sheet liabilities that make this acquisition more expensive than it appears.

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The Fed Can’t Wish Inflation Into Existence

Even with inflation running below target, the Fed chose to raise interest rates again. The Fed’s influence is overstated, but it’s still troubling that major policymakers are acting on such an outdated view of the economy.

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Selling Shovels In A Gold Rush: Buy This Sector To Profit From The Internet Of Things

As the Internet grows more engrained in everyday life, a new “gold rush” presents an excellent opportunity. In this special report, we provide four stocks that we think will be tech winners and one stock to avoid.

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Blind Spot Alert: Fiduciary Duty of Care

We think few advisors will fund much success if they do not embrace fiduciary levels of service. However, we think few in the business are prepared to fulfill the Duty of Care.

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DOL Can’t Hold Back The Fiduciary Tide

After months of delay, the Department of Labor’s fiduciary rule will finally go into effect on June 9. Labor Secretary Alexander Acosta confirmed the rule’s implementation on Monday in a Wall Street Journal op-ed.

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Crossing the Chasm 2.0: Rise of the Robo-Analyst

In the same way online trading disrupted the distribution of investment advice, big-data analytics and machine learning will disrupt how financial advice and the research behind it is created.

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The Earnings Recovery Is A Sham

Our analysis of the latest 10-K filings for the 2,600 largest and most actively-traded companies shows that the much-hyped end to the earnings recession is an accounting illusion.

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10-K Filing Season Recap

During filing season, our robo-analyst technology read through 2,139 10-K (or international equivalent) filings and collected 49,862 data points. Our analyst team used this data to make 49,862 adjustments with a dollar value of $16.1 trillion.

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Diligence Will Matter More Than Ever In 2017

Uncertainty defined 2016. In the midst of all the uncertainty, investors grew more and more aware of the need for real diligence. Market conditions, changing investor behavior, and new technologies all come together to make diligent research matter more than ever.

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Filing Season Finds: Week Of March 13–17

Last week, our analysts parsed 350 filings and collected 43,532 data points. Senior Analyst Lindsay Bohannon identified two significant hidden items that artificially depressed CODI’s reported GAAP net income in 2016.

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Filing Season Finds: Friday, March 17

From yesterday’s research, analysts parsed 64 10-K filings and collected 8,054 data points. In total, they made 1,318 forensic accounting adjustments with a dollar value of $55 billion. Analyst Allen L. Jackson found an unusual item yesterday in Alcoa’s (AA) 10-K.

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Filing Season Finds: Thursday, March 16

From yesterday’s research, analysts parsed 48 10-K filings and collected 6,034 data points. In total, they made 964 forensic accounting adjustments with a dollar value of $135 billion. Analyst Lindsay Bohannon found an unusual item yesterday in OraSure Technologies’ (OSUR) 10-K.

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Filing Season Finds: Wednesday, March 15

From yesterday’s research, analysts parsed 51 10-K filings and collected 6,534 data points. In total, they made 1,064 forensic accounting adjustments with a dollar value of $37 billion. Analyst Lindsay Bohannon found an unusual item yesterday in Pzena Investment Management’s (PZN) 10-K.

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Fed Watching Can Be A Costly Distraction

Investors agonizing over the Fed should focus their efforts elsewhere. Instead of guessing where interest rates will go, read some of the thousands of annual 10-K reports that have come out in the past month.

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Filing Season Finds: Tuesday, March 14

From yesterday’s research, analysts parsed 94 10-K filings and collected 11,843 data points. In total, they made 1,961 forensic accounting adjustments with a dollar value of $79 billion. Analyst Cody Fincher found an unusual item yesterday in Acacia Research Corporation’s (ACTG) 10-K.

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Filing Season Finds: Friday, March 10

From yesterday’s research, analysts parsed 42 10-K filings and collected 5,533 data points. In total they made 965 forensic accounting adjustments with a dollar value of $108 billion. Analyst Alec Estrada found an unusual item yesterday in Ascent Capital Group’s (ASCMA) 10-K.

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Filing Season Finds: Valeant Pharmaceuticals (VRX)

Analyst Cody Fincher made a total of 44 adjustments to Valeant’s financial statements with a total value of $50 billion. Here are our four largest takeaways from Valeant’s 10-K.

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Filing Season Finds: Thursday, March 9

From yesterday’s research, analysts parsed 63 10-K filings and collected 8,240 data points. In total they made 1,379 forensic accounting adjustments with a dollar value of $200 billion. Analyst Cody Fincher found an unusual item yesterday in Astrazeneca PLC’s (AZN) 20-F.

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Filing Season Finds: Wednesday, March 8

From yesterday’s research, analysts parsed 104 10-K filings and collected 12,874 data points. In total, they made 2,194 forensic accounting adjustments with a dollar value of $117 billion. Analyst Cody Fincher found an unusual item yesterday in Cytokinetics’ (CYTK) 10-K.

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