Category Archives: General Market Comments

Insights on the forces that shape our capital markets and the future of our country.

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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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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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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Webinar: “Modern Research Tools for Modern Markets” – Hosted by Interactive Brokers

David Trainer, CEO of New Constructs, presented “Modern Research Tools for Modern Markets” on the Interactive Brokers Education and webinar platform on May 8, 2018. Watch the replay.

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See Us on Real Vision TV Talking Retail’s Revival

David Trainer sat down with Alyona Minkovski of Real Vision TV to talk about our recent Long Idea “Rising from the Ashes to Lead a New Retail Paradigm.”

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Can the Market Grow Into its Valuation?

The good news is that the market’s valuation remains well below its pre-2008 levels. Barring any major negative news (e.g. an oil crisis), we expect to see a relatively flat market for the rest of 2018 as company fundamentals catch up to the gains of last year.

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Pre-IPO Coverage: AXA Equitable Holdings (EQH)

Despite its size, EQH has attracted less attention than similarly sized IPO’s. This report aims to help investors sort through the complex financial filings to understand the fundamentals and valuation of this IPO.

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See Us on CNBC Talking Netflix

New Constructs CEO, David Trainer, joined CNBC’s Closing Bell to discuss Netflix’s business model and current valuation.

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ISS Buying EVA Dimensions Signals More Focus on Fundamental Research

Sophisticated investors want metrics that go deeper than reported earnings so they can get a truer picture of cash flows and hold companies accountable for capital allocation.

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Harvard Business School Features our Robo-Analyst Technology

In a new case study, “New Constructs: Disrupting Fundamental Analysis with Robo-Analysts”, Charles C.Y. Wang and Kyle Thomas highlight the power of our Robo-Analyst technology.

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Top University Professors Feature New Constructs

Top professors from Harvard Business School and University of Toronto cite David Trainer’s “Modern Tools for Valuation” in Expected Stock Returns Worldwide: A Log-Linear Present-Value Approach”

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“Tax Cuts and Confidence Drive Surge of Payouts” – Barron’s

On Saturday, Barron’s featured three stocks on our Safest Dividend Yields Model Portfolio.

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Webinar: “Machine Learning for Smarter Investing” – Hosted by Interactive Brokers

David Trainer, CEO of New Constructs, presented “Machine Learning for Smarter Investing” on the Interactive Brokers Education and webinar platform on February 23, 2018. Watch the webinar here.

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Tax Reform Losers: Companies with Deferred Tax Assets

Most public companies should benefit from the new tax law but some of the biggest losers will be companies with large deferred tax assets (DTAs).

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“Elon Musk’s New Pay Deal Sets the Wrong Targets” – Barron’s

On Saturday, Barron’s featured our research on a recent Danger Zone and the company’s questionable executive compensation plan.

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“Barron’s 100 Most Sustainable Companies: CLX” – Barron’s

On Saturday, Barron’s featured our research on a recent long idea and the company’s strong corporate governance.

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Tax Reform Winners: Companies with Deferred Tax Liabilities

Most public companies should benefit from the new tax law and some of the biggest winners will be companies with large deferred tax liabilities (DTLs).

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Only One Sector Has Experienced A True Earnings Recovery

Accounting earnings may have rebounded from 2015 lows, but economic earnings—which reverse accounting distortions and account for the weighted average cost of capital (WACC)—remain in a persistent downturn.

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How the Fiduciary Rule Can Make You Money

With full implementation scheduled for July 2019, figuring out how to deal with the fiduciary rule is the top priority for many firms and advisors. Here’s how you turn this regulatory bombshell to your advantage.

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Top Wells Fargo Analyst Leverages Our Best-in-Class Analytics

In “Banks Undervalued: Different Lens, Same Conclusion”, Wells Fargo Securities’ analyst Mike Mayo leverages our research to broaden his coverage and strengthen his thesis.

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