The Truth About M&A: How To Measure True Value


In this special webinar, CEO David Trainer will walk you through how to determine whether or not a corporate acquisition is in your — the investor’s — best interests.

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David Trainer Explains the Difference Between “Investing” and “Speculating” (Podcast)


Investing vs. Speculating — and why Wall Street doesn’t want you to know the difference.

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You Won’t Believe What Our DCF Model Reveals About Netflix


In this video, David Trainer shows you the capability and flexibility of our valuation models by looking at the growth expectations embedded in Netflix’s (NFLX) current stock price.

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David Trainer Explains Why You Need to Know a Company’s Invested Capital


Watch David Trainer explain the importance of understanding how much capital has truly gone into a business, and the adjustments we make to calculate this metric.

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David Trainer on Why NOPAT is the Best Measure of Profit

Graph With Stacks Of Coins

Net operating profit after-tax, or NOPAT, is the profit metric we use at the base of our company models. CEO David Trainer explains why we rely on NOPAT.

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David Trainer on Why Return on Invested Capital Is Important in Stock Picking


Watch as CEO David Trainer explains why return on invested capital is one of the most important metrics for picking good companies.

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David Trainer on New Constructs’ Best Stocks of 2015 in USA Today


Detail on the New Constructs research featured in USA Today’s best stock picks of 2015.

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What Are Operating Leases and How Do They Affect Earnings?

Operating Lease Agreement

Find out how over 75% of companies are hiding billions of dollars of off-balance sheet debt from their investors.

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A Real World Story About Value Investing

Western Digital Corp (WDC) Stock Quote

For investors who watched the market collapse into year-end 2008 and were looking for buying opportunities, finding the best value was imperative. Stock prices had sunk to levels previously unseen, and if you could locate companies that were not only cheap, but also had high quality earnings, the payoff could be enormous.

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What is “Growth Appreciation Period” and How is it Impacting Your Portfolio?

Growth Appreciation Period "GAP"

How is Corporate Competition Affecting Your Portfolio? Investing is hard enough, but adding corporate competition to the mix only inserts another dimension of difficulty. How do you know whether the company you’re investing in is going to continue to perform? And how do you know the company you’re investing in is going to maintain its…

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How to Use Price-to-Economic Book Value to Measure Market Expectations

Price-per-Share Data

With Investing 101, we’re going to show you how to use price-to-economic book value to measure market expectations. You’ll learn about the value of PEBV.

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How to Make Value Investing Easy

Value Investing

Value investing is a way to discover new stock ideas by looking at the underlying economics of stocks. Find out how to make value investing easy.

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Why Free Cash Flow is the Most Useful Metric for Investors

Business Cash Flow

Free Cash Flow is one of the most useful metrics for investors to evaluate the flow of cash coming IN to a business net of the cash going OUT. Learn more.

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How To Value Stock Step 4: Discounted Cash Flow (DCF)


This is the fourth article in a four part series that walks readers through how to rate and value a stock.

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Invested Capital

Invested Capital

Invested Capital: The Quick Definition Put simply, Invested Capital is the value of the money invested in a business over its lifetime. In order to manufacture products or deliver services, businesses need to spend money on various items including inventory, equipment, buildings, and employees. Since businesses generally begin with no revenue, people must invest in…

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Return on Invested Capital (ROIC)

Return on Invested Capital (ROIC)

Forecasting performance using ROIC has stood the test of time. To be confident you are investing in a good company, ROIC will help you to separate the winners from the losers.

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Everything You Need to Know to Get Started in Stock Investing


How to start investing in stocks.

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Net Operating Profit After Tax (NOPAT)

NOPAT - Net Operating Profit After Tax

It’s time to dump EPS as a profit metric in favor of something better.

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Investment Research Manifesto

Screen Shot 2014-10-22 at 1.16.07 PM

What do Successful Investors Know?

There is a Core Concept that supports everything I am about to teach you. It requires thinking differently. You will no longer see the financial news as a source of ideas but as entertainment. “Active Investing” is not what I am going to help you do. We will discuss how Warren Buffet makes money. How the most powerful investors make decisions before they invest billions. You may not have that much money but you will learn to apply the same concepts. Here is the secret to long term success…

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How to Value a Stock, Step 3: Economic Earnings


This article is the third in a four part series that walks readers through how to rate and value a stock. Our third step to gauge the value of a company is to determine its economic earnings.

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