June 27, 20170Comments

Value Investing Is Not Dead, But It Is Harder

We think today’s market is the best in many years for value investors, the real value investors, that is. The real value investors analyze footnotes and balance sheets in addition to income statements.

by Sam McBride

May 5, 20170Comments

ICYMI: New Long Idea, Updated Model Portfolios for Stocks and ETFs & Mutual Funds

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

by Kyle Guske II, Senior Investment Analyst, MBA

May 4, 20172Comments

The Earnings Recovery Is A Sham

Our analysis of the latest 10-K filings for the 2,600 largest and most actively-traded companies shows that the much-hyped end to the earnings recession is an accounting illusion.

by Sam McBride

March 15, 20170Comments

Filing Season Finds: Wednesday, March 15

From yesterday’s research, analysts parsed 51 10-K filings and collected 6,534 data points. In total, they made 1,064 forensic accounting adjustments with a dollar value of $37 billion. Analyst Lindsay Bohannon found an unusual item yesterday in Pzena Investment Management’s (PZN) 10-K.

by Sam McBride

March 14, 20170Comments

Filing Season Finds: Tuesday, March 14

From yesterday’s research, analysts parsed 94 10-K filings and collected 11,843 data points. In total, they made 1,961 forensic accounting adjustments with a dollar value of $79 billion. Analyst Cody Fincher found an unusual item yesterday in Acacia Research Corporation’s (ACTG) 10-K.

by Sam McBride

March 10, 20170Comments

Filing Season Finds: Friday, March 10

From yesterday’s research, analysts parsed 42 10-K filings and collected 5,533 data points. In total they made 965 forensic accounting adjustments with a dollar value of $108 billion. Analyst Alec Estrada found an unusual item yesterday in Ascent Capital Group’s (ASCMA) 10-K.

by Sam McBride

March 8, 20170Comments

Filing Season Finds: Wednesday, March 8

From yesterday’s research, analysts parsed 104 10-K filings and collected 12,874 data points. In total, they made 2,194 forensic accounting adjustments with a dollar value of $117 billion. Analyst Cody Fincher found an unusual item yesterday in Cytokinetics’ (CYTK) 10-K.

by Sam McBride

March 3, 20170Comments

Filing Season Finds: Friday, March 3

Yesterday, our analysts parsed 128 filings and collected 18,702 data points. In total, they made 3,174 adjustments with a dollar value of $1.1 trillion. In particular, analyst Peter Apockotos found an unusual item yesterday in MGM Resorts (MGM) 10-K.

by Sam McBride

March 2, 20170Comments

Filing Season Finds: Thursday, March 2

Yesterday, our analysts parsed 134 filings and collected 20,247 data points. In total, they made 3,401 adjustments with a dollar value of $1.3 trillion. In particular, analyst Hunter Gray found an unusual item yesterday in Nabors Industries' (NBR) 10-K.

by Sam McBride

February 28, 20170Comments

Filing Season Finds: Week Of February 21-25

Last week, our analysts parsed 378 filings and collected 56,507 data points. In total, they made 9,646 adjustments with a dollar value of $5.3 trillion. Analyst Lindsay Bohannon found a few items in Cigna’s 10-K last week that should put the stock back on investors’ radar.

by Sam McBride

February 23, 20170Comments

Filing Season Finds: Thursday, February 23

Yesterday, our analysts parsed 92 filings and collected 13,987 data points. In total, they made 2,451 adjustments with a dollar value of $1.6 trillion. Analyst Hunter Gray found an unusual item in Advanced Micro Devices’ (AMD) 10-K.

by Sam McBride

February 21, 20170Comments

The Real Earnings Season Starts Now

Corporate earnings season may be winding down, but the real earnings season—annual 10-K filing season—starts today.

by Sam McBride

January 11, 20170Comments

The Real Earnings Season Doesn’t Start Until February

Monday marked the unofficial start of “earnings season.” Then, once all the craziness has died down, the real earnings season—10-K filing season—will begin.

by Sam McBride

October 18, 20161Comments

Netflix: Look Past the Headline “Beat”

In the wake of 3Q16, Netflix (NFLX) is up nearly 20%. Is this price reaction justified? Have investors gotten too caught up in the “membership beat” or recently lowered expectations?

by Kyle Guske II, Senior Investment Analyst, MBA

September 23, 20164Comments

What’s The Problem With Non-GAAP Earnings?

Non-GAAP earnings are back in the crosshairs. 15 years after the Enron scandal first prompted the SEC to create rules for non-GAAP metrics, the proliferation of these pro forma results have led to renewed scrutiny.

by Sam McBride

July 25, 20160Comments

LUV Earnings: Market Overreaction Creates Buying Opportunity

After announcing 2Q16 earnings, LUV fell nearly 12%, as investors seemed to care more about Southwest’s ability to hit analyst expectations, which have inherent flaws, and less about the company’s record profits.

by Kyle Guske II, Senior Investment Analyst, MBA

April 28, 20160Comments

The SEC Is Starting To Worry About Non-GAAP Earnings

We’ve been sounding the alarm on non-GAAP earnings for several years now. Companies exploited the wide leeway granted by the SEC to present their business in a more favorable light.

by Sam McBride

November 30, 20152Comments

Why PE Ratios Are Not A Good Measure Of Value

We’ve pointed out the flaws in the price to earnings (PE) ratio many times before. Chief among these flaws is the fact that the accounting earnings used in the ratio are unreliable for many reasons:

by Sam McBride

November 12, 20150Comments

The Dangers of Non-GAAP Earnings Webinar

To learn the dangers of non-GAAP earnings and how to overcome them, join CEO David Trainer, a Wall Street veteran, in this week’s free webinar “The Dangers of Non-GAAP Earnings.” David will discuss what goes into non-GAAP earnings, why they create a problem in investing and analysis, and where you should focus when analyzing companies who report non-GAAP results.

by Kyle Guske II, Senior Investment Analyst, MBA

July 23, 20140Comments

Angie’s List Is In Trouble

Angie's List (ANGI) reported a larger than expected loss on Wednesday, and its revenues grew slower than expected.

by David Trainer, Founder & CEO

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