ICYMI: New Long Idea, Is the SEC Fulfilling Its Duties?, Model Portfolio Updates, New IPO Research & A Roll-Up Scheme Running Out of Cash

Here’s what happened at New Constructs this past week.

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Open Letter to the SEC: Markets Need a Unified Fiduciary Standard

The SEC has the ability (or even responsibility) to resolve the ambiguity around the term fiduciary by offering a clear and concise definition.

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Focus List Stocks: Short – Update 5/24/18

We’ve removed the following two stocks from our Focus List – Short Model Portfolio.

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Position Close Update: Etsy Inc. (ETSY)

The valuation alone is not enough to justify keeping this position open given the large improvement in the firm’s fundamentals led by a new management team.

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Focus List Stocks: Long – Update 5/23/18

We’ve added one and removed one stock from our Focus List – Long Model Portfolio.

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Podcast: Why Installed Building Products is in the Danger Zone

CEO David Trainer sat down with Chuck Jaffe of Money Life to talk about our Danger Zone pick this past week: Installed Building Products (IBP).

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This Pick and Shovel Stock is Still a Value

Accounting results understate the impressive profit growth of this market leader.

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Pre-IPO Coverage: GreenSky Inc. (GSKY)

This report aims to help investors sort through GreenSky’s financial filings to understand the fundamentals and valuation of this IPO.

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Safest Dividend Yields Model Portfolio: May 2018

Platinum Members and higher can access May’s Safest Dividend Yields Model Portfolio as of Wednesday, May 23.

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Pre-IPO Coverage: EVO Payments, Inc. (EVOP)

This report aims to help investors sort through EVO Payments’ financial filings to understand the fundamentals and valuation of this IPO.

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Featured Stocks in May’s Exec Comp & ROIC Model Portfolio

Three new stocks make May’s Exec Comp Aligned with ROIC Model Portfolio. Get a free look at one of the stocks in this month’s Model Portfolio.

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Updated Performance Methodology of the Focus List Model Portfolios

Our time-weighted methodology failed to properly capture the impact of tickers removed from the Focus List. To correct this oversight, we’re updating the performance methodology of our Focus List Model Portfolios.

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This Roll-Up Can’t Roll Forever

This firm is a classic “roll-up” that has been buying up smaller competitors for years to manufacture EPS growth. Its recent and largest acquisition to date is also the most harmful to shareholders.

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ICYMI: New Long Idea, Focus List Updates, Model Portfolio Update & Modern Research Tools Webinar Replay

Here’s what happened at New Constructs this past week.

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Average Invested Capital: Explanation and Examples

In our calculation of ROIC, we use a time-weighted average invested capital, to most accurately capture the capital available to a business that can be used to generate NOPAT over the course of a year.

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Position Close Update: National Research Corp (NRC)

While the firm’s fundamentals remain strong, its valuation no longer offers attractive risk/reward.

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Podcast: Why IQVIA Holdings is in the Danger Zone

CEO David Trainer sat down with Chuck Jaffe of Money Life to talk about our Danger Zone pick this past week: IQVIA Holdings (IQV).

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This Footwear Stock is Back on Sale

It can be scary to buy a stock that’s just dropped 30%, but if the long-term trend in fundamentals remains intact, an unwarranted drop in valuation can lead to a great buying opportunity.

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Exec Comp Aligned with ROIC Model Portfolio: May 2018

Platinum Members and higher can access May’s Executive Compensation Aligned With ROIC Model Portfolio as of Wednesday, May 16.

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Position Close Update: Dentsply Sirona (XRAY)

While XRAY’s fundamentals remain weak, the growth expectations implied by its valuation have become less unrealistic after the large price decline.

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