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July 11, 20130Comments

Rating Breakdown: Best & Worst ETFs & Mutual Funds by Sector (July 2013)

This report focuses on my top picks and pans for all sector funds for July 2013. I will follow this summary with a detailed report on each sector.
by David Trainer, Founder & CEO
July 10, 20130Comments

Proof Is In Performance Through 2Q13

There are many ways to define the quality and merit of equity research. One mea­sure stands tallest: per­for­mance of stock rec­om­men­da­tions. And by that mea­sure, New Con­structs’ research is of very high quality.
by David Trainer, Founder & CEO
New Constructs
July 10, 20130Comments

July’s Most DANGEROUS Stocks Available to the Public

New Constructs released July’s Most Dangerous Stocks report to the public today.
by David Trainer, Founder & CEO
New Constructs
July 10, 20130Comments

July’s Most Attractive Stocks Available to the Public Today

The Most Attractive Stocks portfolio (+1.9%) outperformed the S&P 500 (+0.4%) last month.
by David Trainer, Founder & CEO
July 10, 20130Comments

Sector Rankings For ETFs & Mutual Funds: July 2013

At the outset of the 3Q2013, only the Consumer Staples sector earns an Attractive rating. My sector ratings are based on the aggregation of my fund ratings for every ETF and mutual fund in each sector.
by David Trainer, Founder & CEO
July 9, 20132Comments

Discontinued Operations Removed from Invested Capital – Invested Capital Adjustment

Most investors would never know that discontinued operations distort GAAP numbers by over-stating assets on balance sheets and distorting the picture of a company’s ability to generate a return on that capital.
by David Trainer, Founder & CEO
July 8, 20133Comments

Off-Balance Sheet Debt – Invested Capital Adjustment

Investors who ignore off-balance sheet debt are not holding companies accountable for all of the capital invested in their business. By adding back off-balance sheet debt to invested capital, one can get a true picture of the value that management is creating for shareholders. Diligence pays.
by David Trainer, Founder & CEO
New Constructs
July 3, 20130Comments

July’s Most DANGEROUS Stocks Available to Subscribers Today

Paying customers can access July's 40 Most Dangerous Stocks as of midnight last night.
by David Trainer, Founder & CEO
New Constructs
July 3, 20130Comments

July’s Most Attractive Stocks Available to Subscribers Today

Paying customers can access July’s 40 Most Attractive Stocks as of midnight last night.
by David Trainer, Founder & CEO
July 3, 20134Comments

Off-Balance Sheet Reserves – Invested Capital Adjustment

Reported assets don’t tell the whole story of the capital invested in a business. Accounting rules provide numerous loopholes that companies can exploit to hide issues and obscure the true amount of capital invested in a business over its life.
by David Trainer, Founder & CEO
July 1, 20131Comments

Danger Zone 7/1/13: Callaway Golf (ELY)

ELY is priced for significant profit growth despite declining revenues, increased pressure from competitors, and limited growth potential in the golf equipment industry.
by David Trainer, Founder & CEO
New Constructs
July 1, 20130Comments

Footnotes Adjustments for Earnings & Valuation Diligence

This article details the uniquely rigorous diligence behind each of our ratings on 3000 stocks, 7000 mutual funds and 400 ETFs. It contains reports on all the adjustments we make to convert GAAP data to economic earnings and derive true shareholder value in a discounted cash flow model.
by David Trainer, Founder & CEO
June 28, 20131Comments

Employee Stock Option Costs and Goodwill Amortization – NOPAT Adjustment

NOPAT Adjustments for ESOs and Goodwill Amortization. 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 25, 20131Comments

McDonald’s Is Still on the Value Menu

The stock market is giving MCD no credit for the company’s proven track record of value creation and strong growth potential. Instead, the market predicts MCD’s profits will permanently drop. I think it is pretty clear the market’s expectations are too low for MCD. Investors should take advantage.
by David Trainer, Founder & CEO
June 25, 20134Comments

Non-Operating Tax Adjustment – NOPAT Adjustment

Without removing the tax impact of non-operating items, one still gets distorted picture of a company’s operating profitability.
by David Trainer, Founder & CEO
June 24, 20132Comments

Growth Appreciation Period (GAP)

The Growth Appreciation Period is the number of years that a business is expected to earn an ROIC greater than WACC on new investments.
by David Trainer, Founder & CEO
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
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