“Why Wall Street Hates Admitting Wrongdoing”
Any admission of guilt exposes the guilty party to liabilities for offenses against other parties.
David Trainer, Founder & CEO
General Market Comments
David Trainer, Founder & CEO
My Presentation For Vanderbilt’s Managerial Studies Visiting Executive Program
Today, I had the pleasure of meeting with a very smart and attentive group of Vanderbilt undergrads as part of the Managerial Studies Visiting Executive Program.
David Trainer, Founder & CEO
Discussing FASB’s Lease Proposal
On August 27th, I met with my fellow members of the FASB’s Investor Advisory Committee (IAC) to discuss the proposed treatment of operating leases on the balance sheet by the Financial Accounting Standards Board (FASB).
David Trainer, Founder & CEO
GURU and the Rise of Quality Holdings Research
The recent popularity of the Global X Top Guru Holdings Index ETF (GURU) is a testament to the fact that investors are realizing the importance of a fund's holdings above all else.
David Trainer, Founder & CEO
How To Protect Yourself From Wall Street Insiders
Recent revelations about the illegalities of information flows at expert networks and hedge funds like SAC Capital signal, I hope, a long overdue decline in amoral activities that Wall Street insiders have exploited for decades to score outsized riches while the average investor is often left holding the bag.
David Trainer, Founder & CEO
Don’t Bet on Luck: Active Management Underperforms
Trying to pick the next manager to get hot is not investing. It’s gambling, and the odds are heavily stacked against you. There is no substitute for good due diligence.
David Trainer, Founder & CEO
FASB/IASB Considers Adopting Revised Rules for Operating Lease Accounting
We applaud the Financial Accounting Standards Board's (FASB) latest proposal to change the way leases are reported. The new rules would make only the shortest-term operating leases exempt from being recorded on the balance sheet.
David Trainer, Founder & CEO
Interview With Former FASB Chairman Robert Herz
As the Chairman of the Financial Accounting Standards Board, or FASB, from 2002 to 2010, Robert Herz has had a much larger influence on financial markets than the average investor appreciates.
David Trainer, Founder & CEO
Why I’m Bullish And We Are Not In a Bubble
I believe the US economy is undergoing a restructuring where we, as a society, are becoming radically more productive. I think that we are entering a new economic paradigm of productivity in both our corporate and labor markets. In this new paradigm, we achieve enough gains in productivity to offset the inflationary forces of QE.
David Trainer, Founder & CEO
S&P Says Ratings Were Never Meant To Be Reliable
S&P admits its ratings were never supposed to be reliable. How's that for proof you need to do your own diligence?
David Trainer, Founder & CEO
Samples of my reports on stocks, ETFs and mutual funds
Free samples of my reports on stocks, ETFs and mutual funds so you can see what we provide
David Trainer, Founder & CEO
Tackling Big Data For Due Diligence in Footnotes
The fact that my analysts read all the 10-Ks means our clients do not get blindsided for not reading the fine print in corporate disclosures.
David Trainer, Founder & CEO
ETF Ratings Methodology Discussion with John Nayaradi at Wall Street Sector Selector
Our research with ETFs is very unique because we’re actually basing our ETF ratings on the stocks that the ETF holds.
David Trainer, Founder & CEO
Less Than 1% of Managers Deliver Alpha: Here Are Details
"New research on the performance of institutional portfolios shows that after risk adjustment, 24% of funds fall significantly short of their chosen market benchmark and have negative alpha, 75% of funds roughly match the market and have zero alpha, and well under 1% achieve superior results after costs—a number not statistically significantly different from zero."
David Trainer, Founder & CEO
The Importance of Expectations – The Question that Bears Repeating: What’s Priced In?
As detailed in "How To Make Money Picking Stocks", quantifying the future cash flow expectations embedded in stock prices is critical to making an informed investment decision.
My mentor, Michael Mauboussin, in his latest piece: " The Importance of Expectations – The Question that Bears Repeating: What’s Priced In?" explains more eloquently than I that the key to successful investing is to systematically distinguish between price and value – two very distinct concepts.
David Trainer, Founder & CEO
My Top Picks on MoneyLife’s Market Call
I explain key details behind our uniquely rigorous research process.
I also cover my top picks and pans in the "Hold It Or Fold It" portion of my interview with host Chuck Jaffe.
David Trainer, Founder & CEO
Home Depot (HD): Neutral Rating — for Ask Matt Readers
HD gets my Neutral rating. In short, Home Depot is a good company that is not a good stock.
David Trainer, Founder & CEO
Diligence Matters To Morgan Stanley’s PMI Group
The advisors in Morgan Stanley Smith Barney's PMI Group are among the most sophisticated and conscientious that I have ever met. My presentation focused on how New Constructs makes diligence profitable and cost-effective.
David Trainer, Founder & CEO
footnoted.org vs New Constructs = Hype vs Substance
When I ran across the recent article "270,033 pages later, a chance to catch our breath…", I could not help but admire footnoted.org's marketing moxy.
The article provides a count of the number of pages of 10-K filings that have poured in during the real earnings season. It also highlight a couple of the largest filings. At first glance, it is easy for one to assume that all of the 270,033 pages were also analyzed.
David Trainer, Founder & CEO
Wall $treet Week Returns: New Constructs’ Unique Research and Very Attractive Rating for AAPL
My interview with Wall $treet Week focuses on the uniquely rigorous research of New Constructs and three of our top stock picks.
David Trainer, Founder & CEO