Home - Valens Research

The world’s best investors offer a secret on how to outperform the market in the long-run

The world’s most famous investors, from Benjamin Graham and Shelby Davis to Warren Buffet and Seth Klarman know that as-reported financial metrics are unreliable...

Analysts are looking to crack open “fedspeak” to model inflation

Investors and the financial media are trying to decipher how long Federal Reserve Chairman Jerome Powell and the rest of the Federal Open Market Committee will tolerate higher inflation....

Why investing in legacy energy companies may be a market trap

Legacy energy companies have been on a tear this year, and investors are clamoring to get exposed to the space...

Yum China may be a surprising winner of a housing-led downturn in China

As the world painfully experienced in 2008, a crashing housing market can lead to economic hardship, particularly for those at the lower end of the income spectrum...

GCP Applied Technologies is riding the homebuilding surge, but some are calling for a bankruptcy

What was once a sleepy, cyclical industry is now experiencing historic tailwinds...

This list of 50 stocks consistently beat the market for the past 20 years

History has shown that the world’s greatest investors, past and present, understand the simple fact that as-reported financial metrics are unreliable...

Going into earnings season, the S&P 500 isn’t the index to follow

The last few weeks have been choppy for large-cap stocks. Investors have been set up for disappointment this earnings season, leading to short-term volatility....

Cathie Wood’s flagship fund has had an awful year. Here’s why

With a 153% return in 2020, Cathie Wood’s flagship ARK Innovation ETF became an overnight cult favorite...

Barry Diller’s InterActiveCorp looks vulnerable post-pandemic, but there’s more than meets the eye

With the onset of the pandemic a year and a half ago driving a surge in home buying across the developed world, more and more people have spent money on home improvement projects...

Mueller Water Products has historically strong tailwinds, and the credit rating agencies are completely missing it

The Federal government has known for some time that American water infrastructure is crumbling beneath our feet. After years of talking, lawmakers are finally taking action...

Budget wireless service provider DISH may not be as much of a bargain for investors

With 5G communications shaping up to be the next avenue of growth for wireless providers, it is no surprise to industry giants snapping up the wireless spectrum...

Checking in on the “Jesse Livermore” indicator

Many news articles are floating around with sensational headlines about the 30-year mortgage rate “jumping” higher...

Uniform Accounting can uncover the mystery behind Bridgewater’s underperformance

The turmoil in U.S.-listed Chinese stocks over the past year or so, during which time some companies’ share prices have declined by more than 50%, came as no surprise to those who have long warned of the perils of investing in China’s not so open market...

AvalonBay is priced like the pandemic never existed

Some people are declaring the “At-Home Revolution” to have come and gone. Their evidence? Ballooning valuations for companies that should suffer in the face of it...

Credit rating agencies are missing Cornerstone’s massive cash flows

Over the past two decades, the global economy has changed dramatically. No longer do energy conglomerates dominate lists of the world’s most valuable companies, being replaced long ago by producers of the world’s newest addiction: technology...

ServiceNow is automating the corporate world, but investors shouldn’t panic

When many people think of automation, they think of trends like robotic factories, computer aided design, or self-driving cars. While all of these are happening, the automation movement is also happening a lot closer to home...

With earnings season around the corner, the market may be faced with some tough news

Earnings season starts next week. It kicks off with banks and other early reporting companies, so now is a good time to wonder how the season will look...

John Paulson must be glad his unique investment strategy looks better than ever

John Paulson’s claim to fame was his bet against the housing market in the years leading up to the Great Recession. That bet made him and his clients $20 billion dollars...

ON Semiconductor may be worth a second look through the Uniform Accounting lens

The pandemic has ushered in a new wave of mass technological adoption, one which may only just be getting started....

How reliable is Cold War-era uranium as collateral?

Only nine countries in the world possess the power and influence that comes with an arsenal of nuclear weapons...

Uniform Accounting unveils the surge in demand for automation in the semiconductor space, powering Brooks Automation

If the world has learned anything over the course of the pandemic, it is that semiconductor chips are at the heart of almost every modern technology, from Apple iPhones to Ford pickup trucks....

No, the market isn’t about to crash

If you listen to the financial media, it would make you believe the market is about to crater. The reason why? As-reported profit margin forecasts aren’t rising anymore....

This week’s market chaos may have revealed the winner of this Wall Street giants’ feud

When one of the greatest macro and thematic traders ever tells you that your big macroeconomic bet is wrong, you probably want to pay attention...

Evergrande: China’s version of Lehman?

The market plunge from late last week into earlier this week certainly has had many investors scrambling to understand how it will impact their portfolios...

Everyone but the rating agencies can see that business is booming for Thor with the 2020 RV renaissance

Despite what some say, the “At-Home Revolution” isn’t going anywhere...

Leidos may have figured out the secret to winning profitable government contracts

Few people picture government contractors as the sort of companies to mint cash...

While the market is talking about inflation, the Fed is thinking about unemployment

While Federal Reserve Chairman Jerome Powell largely received good marks for his keynote speech at this year’s virtual Jackson Hole meeting, many still have reservations about the Fed’s current strategy in dealing with inflation...

The cybersecurity industry is as important as ever, but that doesn’t mean you need to own its best known ETF

The cybersecurity industry is as important as ever, but that doesn’t mean you need to own its best known ETF...

Elliot Capital Management has the British pharma company GlaxoSmithKline in its crosshairs

For some investors, the patient process of identifying companies with solid fundamentals and long-term growth opportunities, then allowing compound interest to work its magic, is simply not enough to entice...

Horizon Therapeutics’ strategy for developing drugs for rare diseases is more profitable than rating agencies realize

When trying to value a company, we frequently think about the TAM – the total addressable market – as a crucial datapoint...

There are more opportunities from digital payments than you might realize

As the West catches up to places like China in the area of digital payments, cash is becoming less and less common as a form of paying for everyday items....

Here’s what the new Fed inflation playbook means for you

When Federal Reserve Chair Jerome Powell delivered his keynote speech on August 27 at the virtual Jackson Hole Economic Symposium, global central bankers, economists, and markets largely approved...

Solar tailwinds are at an all time high, yet this ETF has lost ground this year. Here’s why…

The Biden administration is cracking down on solar products produced in China under dubious conditions...

Uniform Accounting helps reveal this medical device supplier’s rebound

The pandemic has dealt a major blow to the business of elective procedures, with waves of infection leading to a delayed return to hospitals for elective procedures...

This company missed the chance of a lifetime, and the credit rating agencies completely overlooked it

Companies around the world seized a crucial opportunity to lighten their debt loads…but some missed their chance...

The digital transformation is helping this professional service provider unlock powerful new insights for clients

The global pandemic has unleashed a wave of digital disruption many experts previously expected was years or even decades away....

Are Chinese stocks really cheap? This large-cap China ETF has the answer

China has been a difficult investing market over the last year...

As-reported metrics fail to see the benefits automation presents for this machine vision systems pioneer

When the lights turned back on for the first time across the world’s factories after a significant period of lockdown, it was clear to manufacturing executives that their industry would be no exception to the massive technological disruption instigated by the pandemic...

Taking another look at a sleepy breakfast foods company

Those who read yesterday’s Investor Essentials Daily newsletter already know that breakfast food conglomerate Post Holdings is a victim of bad GAAP accounting standards...

This business serves sleepy people, but stays wide awake for its investors

Behind many of your favorite breakfast brands, massive conglomerates have been consolidating smaller brands into their fold...

Looking back on the short life of the SPAC

Legendary investor Bill Ackman is known across the investing world for his big, concentrated bets. As an activist investor, he will often buy a controlling stake in a company, install his own people on the board, and steer the ship in the direction he wants to go...

The analysts are catching up to Berkshire’s brilliance, and Buffett is betting that the market will too.

As a bidding war to buy a massive railroad company plays out, we at Valens are reminded of Warren Buffett’s outright purchase of his own massive railroad magnate...

This bigtime At-Home Revolution winner may be escaping the market’s attention once again

When the U.S. imposed lockdowns in mid-March 2020 to combat the rapid spread of COVID-19, many believed the recession that followed would be severely damaging...

This energy company can’t afford to ignore green energy any longer

Although this energy producer tells you it is going green, the going is slower than you might think....

2020, the year of…foam clogs?

Early on in the pandemic, lockdowns sent most students and workers packing from the office or the classroom...

2020 is looking to be the shortest recession in history

The National Bureau of Economic Research (“NBER”) has released its report breaking down the conditions of the coronavirus induced recession...

Let’s check up on this green energy ETF that crashed back down to earth

This ETF was the darling of green energy investors last year, but it has seen a large pullback in recent months...

This futures exchange has been quietly making a killing on cryptos

With the cryptocurrency craze still in full swing, it’s easy for a bystander to see just how fervently retail buyers have dedicated themselves to the idea of blockchain technology...

The credit agencies are failing to follow industry success up the homebuilding supply chain

The At-home Revolution hasn’t only been a godsend for homebuilders, but also for contractors and their suppliers...

This healthcare company is here to help fix the results of decades of health misunderstandings

Unfortunately, Type 2 diabetes is a major problem in America, a country where more than a quarter of the population suffers from obesity...

The housing market today has one crucial difference to 2008

After a year of record low housing inventory and climbing prices, the news cycle is occupied with the risk of 2021 being a repeat of the 2008 financial crisis...

From the Matrix to a brand new ETF, the ‘metaverse’ has grown. Will this brand new ETF grow with it?

What was once a fun thought experiment has become an investable universe...

This chip set maker is ready to power the technologies of the future

As the COVID-19 pandemic shut down swaths of the global economy and forced millions into self-isolation, people were forced to quickly adapt to a new, changing world...

With inventories at all-time lows, demand is not a problem for this homebuilder

As the pandemic has pushed mortgage rates to all-time lows and led more and more Americans to move away from crowded cities, inventories of new homes have reached their lowest levels in decades...

As-reported financials are missing this Amazon competitor’s impressive recovery

Amazon and today’s company have been in a constant battle over online digital retail, and so far Amazon has been the dominant winner...

China may not be gaining on corporate America as fast as people think

The news cycle is being dominated by diplomatic moves by China abroad, as the U.S. wonders if China will challenge the global hegemony of the U.S...

This mutual fund doesn’t diversify, because it doesn’t need to

You’ve probably heard that a well-diversified portfolio is the key to long-term investing success. But that’s not necessarily true. It is the key to a safe portfolio, not necessarily a good portfolio...

The DOJ saw something in this massive merger many might have missed, and put its foot down

Today, we are talking about a merger that would have transformed an industry that millions of Americans are reliant on...

Semiconductors are nowhere to be found, but that’s not stopping this critical supplier

Inflation fears have been front and center for the past several months. The price of everything from used cars to lumber has been ballooning higher, as a result of supply shortages across the world...

This railroad operator is silently riding a surge in demand to new heights

With demand surging across the U.S. on the heels of strong economic growth, businesses need to quickly restock dwindling inventories to keep up...

Here is how TikTok can explain the state of the labor market

The nature of job hunting is changing. Unlike the days of one-page resumes and face-to-face interviews, for many folks on the job hunt in 2021, there may be a faster avenue toward getting a job....

Steve Cohen’s Mets are off to a hot start, but his fund isn’t seeing the same success this year

Few investors have shaped the hedge fund world as much as Steven Cohen...

This discount retailer is winning the K-shaped retail recovery

Today’s company has been one of the few long-term brick and mortar winners, but it may be too late for investors to get involved...

Credit and equity investors are at odds over 5G

When it comes to telecommunications companies, everyone’s focus is on the opportunity of 5G infrastructure...

This reliable powerhouse offers a convenient way to track the global economic recovery

Despite the noise in recent years around fears of deglobalization, countries and economies around the world remain as interconnected as ever...

Why Inflation Moves Markets, not LIBOR

The London Interbank Offered Rate has been in the news recently, as pundits discuss its relevance in today’s investment world, and whether it could be replaced...

Why the heavyweight activist hedge fund’s latest move is raising eyebrows

Among the hedge fund universe, Paul Singer’s Elliott Management employs some of the most aggressive tactics out there. Elliott has toyed with governments, uprooted the largest corporations, and struck fear into the hearts of management teams...

Taking a deeper dive into one of RMB Capital’s top holdings

In last week’s portfolio review, we highlighted portfolio manager Jeff Madden and his award-winning SMID Cap Fund (RMBMX) at RMB Capital...

A cashless future bodes well for this payment company’s services

In a world without cash, companies need a quick, easy way to process payments – whether they be digital or in person...

This is the true profitability of a triple-oligopoly

Data has become a vital resource to nearly every modern industry, and the financial services industry is no exception...

This controversial investment class just became more complicated

Home prices are up 14.6% from a year ago. The At-Home Revolution has supercharged America’s housing market, particularly in rural markets...

This fund won its manager several awards – Let’s look under the hood

We at Valens work hard to cut through distorted as-reported accounting to deliver stock recommendations based on real economic conditions...

It’s not just the tech companies that will benefit from the Internet of Things

The Internet of Things (IoT) promises to revolutionize transportation, manufacturing, data collection, and more. Smart investors are looking for places to put their money to work behind this compelling tailwind...

A tight housing supply will continue to drive strong demand for this company

Even as prices have moderated, demand for lumber is still around all-time highs as a shortage of homes for sale persists, and this company should continue to see its business surge higher in 2021...

This oft-forgotten healthcare firm plays a boring yet critical part in today’s healthcare landscape

Logistics are increasingly important in a globalized interconnected world, and the healthcare industry is no different. An ever-growing number of new drugs and treatments can leave a hospital overwhelmed...

Inflation is Again Hitting Headlines, But Will it Torpedo Portfolios?

Over the past forty years, the Federal Reserve has been able to keep the U.S. inflation level at a low consistent rate. This has been a boon for the stock market, keeping valuations high...

This Tiger Cub’s legacy was shaped by a legendary psychoanalyst

Those who have seen the Showtime drama Billions but don’t have a deep working knowledge of the financial world may be surprised to learn the show actually does a good job of approximating the 1980s hedge fund universe...

This toolmaker is quietly making a killing by supporting America’s housing boom

Wall Street—and Main Street for that matter—loves a good story...

At-home healthcare is here to stay, and this company is leading the charge

As America continues aging, healthcare is becoming a bigger, and more important, industry...

COVID-19 vaccines have been in the spotlight for AstraZeneca, but its recent acquisition should be the real story getting investors’ attention

Today’s company, Alexion Pharmaceuticals (ALXN), is an innovative pharmaceutical that specializes in rare-disease treatment, which offers a potentially great avenue for diversification of AstraZeneca’s existing portfolio...

With Bill Ackman’s massive SPAC deal closing, the fund manager continues to ride a hot streak

By continuing to live on the edge, Bill Ackman has followed a strategy that has made him billions of dollars, despite almost sinking his career numerous times...

Data is the real digital currency, and today’s company has some of the best data on the planet

Data and data analytics have become essential tools for all modern companies...

Pharmaceuticals are difficult stocks to invest in, but today’s company’s credit profile tells a simple story

Here at Valens, we are cautious about recommending pharma and biotech equity investments because of the advanced industry knowledge required to succeed...

The war on tobacco is decades old, and the industry is still fighting strong

It’s difficult to find interesting companies in dying industries...

A major growth catalyst just hit the U.S. economy

After more than a year of “wait and save” being the dominant corporate strategy in America, management teams are finally getting comfortable with the idea of spending again...

Holistic investors have changed their strategy this year thanks to the displaced credit market

The first public company in history was quickly followed by the first activist investor in history...

ViacomCBS shows competing in ‘red oceans’ is sometimes the right call

When introducing new products to a market, companies have to first strategize where they are expanding...

As the homebuilding and refurnishing surge continues in the U.S., demand for this company’s products has skyrocketed

Since the beginning of the pandemic, the U.S. housing market has exploded. New homes can’t be built fast enough, and the housing inventory is the shortest it’s been in decades...

This gaming company is transforming the way content creators get paid, but it may be too late to jump aboard

This company has rocketed since its IPO, given its support by well-regarded investors such as Cathie Wood of Ark Innovation (ARKK) fame...

Ensuring the recovery won’t be stopped dead in its tracks

Corporate America is struggling to keep up with the rate of the world’s recovery...

Why this charitable foundation is back in the spotlight

With the recent separation of Bill and Melinda Gates, many people are wondering what will happen with the foundation they have created together and its collective assets...

Poor accounting data and smart digging spelled a 250% gain on this company for our readers

After spotting material distortions in GAAP accounting, we were able to recommend a trade based on real Uniform returns for the business. This recommendation turned into a 250% gain for our readers...

The build-out in chip capacity means this company will see demand continue to surge

With many major semiconductor chip companies beginning to ramp up production and build out capacity amidst recent shortages, this company is primed to succeed...

This underappreciated consulting company may be delivering more value than well-regarded firms like McKinsey

When thinking about consulting companies, of course most people are likely to think about well-established firms such as any of the Big Four...

Wall Street is disappointed after a record earnings season

Coming out of the pandemic, companies across the U.S. have been roaring back to a reopening economy, and investors are buying into the new world order...

This simple investment framework has proven to outperform the market by 1.5x in the long-term

We often write articles about the top investors in their respective fields–from value and growth investors all the way to quant funds and high-frequency traders...

This semiconductor supplier is primed for success as the market rushes to meet demand

While the major semiconductor chip shortage has created butterfly effects across numerous other industries, this one company views the situation as a major opportunity...

Rising oil prices don’t give this company a clean bill of health

As oil prices begin to rocket back, there is an opportunity for this company to recover, after years of little demand...

This social media giant just passed a major milestone

Today’s company has done well in the market over the last few days, thanks to it passing a major milestone for the social media industry...

Infrastructure spending is as much in the realm of CEOs as Presidents

After an investigation, it looks like America has failed to make the infrastructure grade...

Investors no longer need to put all their eggs in Cathie Wood’s ARK basket, as other stellar funds have hit the market

Innovation, from technological advances to brand new corporate structures, is the driving force transforming the U.S. in the next wave of industrial automation....

Clean energy companies are listening to Elon Musk on cryptocurrency mining

With the collapse in value of many cryptocurrencies due to Elon Musk’s tweets, there has been a significant opportunity for clean energy companies to save the day...

The semiconductor shortage is causing a slew of problems for seemingly everyone but this company

Smart investors always have an ear to the ground to be aware of current events, to protect a portfolio from risk, or lean into a potentially evolving trend....

A well-established giant is looking to pull off an aggressive strategy transformation

With new leadership presenting robust business strategies, investors may suspect nothing could go wrong for this company, especially as the name is already trading so cheaply...

Is value investing a lost art? Not if you study the ‘three-legged stool’ approach

Value investing has not been in vogue for some time, and this fund has benefited by deprioritizing value in its investment process...

Leveraging what we teach in the classroom in the investing world

Every year, we teach a course on how to look at the best companies in the world, and we teach another on how to value stocks from the perspective of the best investors...

Although consumer staples companies are expected to stay strong, not all will prevail

With people spending more time and money at home, consumer staples companies have seen sustained demand, and they are projected to continue on this trend...

An underappreciated “roadie” provides the technical support to the IoT revolution

The spotlight of the Internet of Things (IoT) is on the tech giants like Amazon and Google that are creating consumer-facing products and software...

Earnings and stock prices appear as if they are decoupling

After the stock rally in the second half of 2020, markets have begun to cool throughout 2021…even though the first quarter of 2021 has been one of the best earnings seasons for management teams on record...

As ESG investing gains popularity, it’s time for investors to seriously consider the top ESG funds

As our society becomes more cognizant of the impact we have upon the planet, the interest in and demand for ESG (environmental, social, and governance) themed funds and companies has skyrocketed...

Although this company may thrive exiting the pandemic, investors may need to stay away anyway

This company has been able to survive the pandemic despite operating in a competitive industry with many macroeconomic tailwinds. But can it now thrive in a post-pandemic world?...

Rating agencies may have been too quick to upgrade this power company

Up until last year, there were no investment grade companies in the independent power industry. Just recently, one company in this industry saw its credit rating upgraded into the investment grade world...

There was nearly no flu season in 2020, but today’s company may be hoping for a virus comeback in 2021

In the height of the pandemic, the market was only fixed on news that could be directly correlated to the lockdown orders or treatment. This meant only one offering from this company was talked about, and the rest forgotten...

The power of margin trading can boost or pressure the economy

At Valens, we often talk about the impact of credit and the credit cycle when discussing the direction in which the economy is going to go...

This fund’s insights are as coveted as the Ark of the Covenant

With deep knowledge in the world of mathematics and quantitative investing, this gentleman’s fund has had the strongest sustained returns of any investing great in the recent past...

COVID testing has become the bread and butter for this company, and reopening plans only help its strategy

Today’s company has made a massive business out of coronavirus testing...

The world can’t produce enough lumber to keep up with demand, and today’s company is perfectly happy about that

With the increased demand for new home builds and renovations, lumber prices have skyrocketed...

Smart investors and auto part makers are getting in early on the electric vehicle megatrend

Electric vehicles are a major disruption to the transportation industry. Not only will EVs change the types of energy we use, they will change the types of parts we need in our cars...

Understand credit risk is key to predicting the next recession

If you gave a credit investor a crystal ball in March of 2020 to look forward to a year, they wouldn’t believe the results...

No plan survives first contact with the enemy, unless you are the Baupost Group

Last May, we took a look at a hedge fund manager who took the grandfather of value investing’s teachings, and expanded them to generate impressive returns...

There is money in infrastructure if investors know where to look

With a huge increase of homes built and sold in 2020, one of the secondary effects has been the need for more infrastructure to support these homes...

Not even the power of online streaming services can take this company down

Despite facing many secular headwinds as a legacy TV broadcasting company, with new technology such as online streaming services, this company has remained resilient...

This company is being priced as an ATM business, but there’s likely more than meets the eye

As the demand for cash has declined over the years, many investors suspect businesses involved in the ATM space are doomed for disaster...

Our ‘management sentiment’ indicator gives pause to the market’s outlook

With the Q1 earnings season well underway, investors can see a widening gap between the earnings being reported and the movement of the stock prices...

The “Tiger Cub” behind Archegos Capital’s epic collapse may not have learned the right lessons from his former teacher

Julian Robertson’s unique investment philosophy gave birth to a new generation of hedge fund managers, often called the “tiger cubs.”...

Gold miners weren’t the true winners of the gold rush. This company is using the winners’ playbook for the Internet of Things

With the technological advancements and innovations consistently taking place in the IoT space, the connectivity and strength of products has never been more important...

This jewelry company has a sparkling future, even if the ratings agencies can’t see it

Many products like consumer goods have seamlessly transitioned online, due to a known brand name or other factors. People prefer to see jewelry in person prior to buying it, so the jewelry industry may be less affected by the shift towards online shopping and e-commerce...

Why Peter Drucker’s recommendation to “outsource the rest” has led this company to a massive payday

As human resource roles are not as easy as most people think, many companies have entered the space to consult companies with their HR department...

This unorthodox measure of a market top may lead investors astray

Over the past few weeks, investors have been concerned about potential headwinds to the recent bull market...

Here’s how Richard Driehaus built his fund to last generations

Though this investment great recently passed, his legacy will live on in the mutual fund industry...

The floodgates are opening for dentistry to resume in earnest, but the market may already be clued in

Although many dental practices and individual businesses in this area have struggled during the pandemic, this company has remained resilient throughout 2020...

This company is fighting tooth and nail out of the retail apocalypse

Though most department stores and retailers have struggled to adapt their business around online shopping during the pandemic, some have prospered throughout this process...

Cable TV is dead, but this broadcaster has one last trick up its sleeve

While no two investors have the same opinions on investing philosophies or themes, one common belief is that the TV broadcasting business is a dying industry...

What Goldman Sachs pulling back on its premier FX trade means for the economy

In one corner of the investment world, FX traders look to make billions by buying and selling sovereign currency on the back of changing global circumstances...

ESG investing is gaining popularity, and it’s never been a better time to pay attention

With the way the world is heading, the demand and interest in ESG themed funds and companies has skyrocketed...

One semiconductor firm has stayed out of the headlines during the current shortage, and that’s for the best

While many companies have faced significant headwinds in the technology sector given the material shortages in semiconductors, this firm has thrived...

Today’s steel manufacturer is an industry outlier, and that may be good coming out of a recession

Though it is typically unorthodox to think of steel manufacturing companies as safe during a recession, this company may serve as an exception...

Mass customization seems like a logistical nightmare, but today’s PC maker shows how profitable the business model can be

While it may seem like a logistical nightmare, the concept of mass customization is one of the greatest manufacturing innovations of the last 30 years...

With alarm bells ringing over inflation, is now the time to get out?

Over the past few months, pundits and investors have worried about how inflation might impact their portfolios. With historic spending efforts and the conditions of the pandemic, many wonder if inflation will pick back up...

While there are many tailwinds for this battery ETF, certain hidden downsides may scare off investors

As grid power storage and electric vehicles are becoming more prevalent in our society, individuals are trying to figure out ways to get exposed to battery investments...

This traditionally poor performing industry may be riding the At-Home Revolution’s tailwinds

With stiff competition entering the space over the years, this grocery company has faced significant headwinds and declining returns...

Zoom caused people to put less time into their looks, and beauty companies are scrambling to adjust

With a market value of about $100 billion, the entire beauty and cosmetic industry has undergone severe macroeconomic related pressures as a result of the pandemic...

This unlikely company is benefiting from semiconductor shortages, but the market may already know

With the surge in demand for used cars, this replacement car parts business has never been positioned better. The firm is benefiting from significant industry tailwinds, and it still looks cheap on an as-reported basis...

Here’s what President Biden’s Tax plan means for your portfolio

Many people predicted a massive market correction if Biden won the 2020 election...

The recent semiconductor squeeze may catapult this firm into the spotlight

With recent shortages of semiconductor chips, a plethora of companies from Samsung to Toyota have spoken out regarding supply chain issues...

While different industries have seen fortunes rise and fall in the pandemic, one remains unchanged

While the At-Home Revolution ended up disrupting multiple industries, some exist outside of the ‘At-Home’ dynamic entirely. Today’s company exists in an industry with a steady return, whether or not people spend more time at home...

By sticking to the basics, this technology distribution firm made the most of the pandemic

Often, the flashiest industries and companies hog the investing news cycle, excluding companies in more mundane industries. Investors believe this company to be boring, propelling them to undervalue the business...

How cryptocurrencies and banking combine to make the next fintech revolution

Investors and speculators are loving the recent boom in the cryptocurrency space. With the upcoming public offering for Coinbase, investors are looking for other angles to be exposed to the crypto space...

This ETF lets investors buy “meme” stocks, here’s why that may be a better opportunity than you think

Today, we look at how one portfolio has ridden the wave of retail investor excitement in the stock market...

America’s favorite sandwich is ready for more

The peanut butter & jelly sandwich has been a staple of American cuisine for over one hundred years. It is so ingrained as a quick snack anyone can make, it’s easy to forget. However, smart investors should be thinking about the implications of the quarantine for PB&J demand....

The questionable ‘rent-to-own’ business model has served this company well during the pandemic

Today’s company engages in morally dubious rental practices but is emerging a winner as the K-shaped recovery continues to divide the country...

This firm is another “roadie” riding industry tailwinds to breakout success

The entire communications equipment industry has benefited greatly from the macroeconomic tailwinds occurring. The rollout of 5G and connectivity of the Internet of Things (IoT) have renewed investor interest in the space...

Here’s what George Santayana and Sir Templeton would agree about

George Santayana, the famous Spanish philosopher said “Those who cannot remember the past are condemned to repeat it.” While this applies well to politics and history, it also is important to remember in finance...

This hedge fund legend has emerged with a new identity after overcoming previous scandals

It’s never a good sign when a company needs to change its name because of a scandal. But sometimes the company that emerges keeps what made it great, and can now leave behind the legacy of its prior poor decisions...

How the forgotten home expenses lead to successes for this market player

Despite approaching a year since the At-Home Revolution has impacted the globe, investors are still missing out on some of the home tailwinds powering companies through 2021. This company provides an essential home need that will continue to be in demand through the year...

Ratings agencies are lettings sports and politics get in the way of good judgment

Despite secular declines in TV viewership for years, this company’s market positioning has set it up for success...

As the backbone for connectivity in the internet of things, this firm’s services have never been more valuable

This firm’s well-positioned business model has benefited from the large macroeconomic tailwinds occurring in the industry it operates in...

This simple rule used for years by asset managers is starting to break down

For years, investors had a simple rule of thumb to determine if the market was cheap. From asset managers to newscasters, it was an easy soundbite to repeat, and had enough basis in reality to anchor expectations...

How Warren Buffett is tackling the markets in 2021

Today, we look at how one of the greatest investors to ever live has performed since the onset of the pandemic...

Sometimes, the best investments are the “roadies” instead of the “stars”

Investors love to put their money behind long-term macro trends that promise to transform our world. Just a few of these include 5G or the Internet of Things (IoT). And yet, many investors neglect the companies supplying these trends...

It’s the backbone of the ongoing vaccine rollout, yet rating agencies understate the value this firm has to offer

Despite this firm’s valuable products and services, especially during the pandemic, rating agencies have an overly pessimistic outlook on this name...

Despite what appears to be stiff competition, this firm secretly dominates the water heater market

In this market, investors are under the impression competitors are forced to fight tooth and nail for customers. Today’s firm has been able to dominate the space...

The unspoken truth of investing in real estate

The real estate market has been blown open by the pandemic, with little sign of slowing down in 2021. Climbing real estate prices in a recession are unique, and it impacts spending in other related industries...

Cathie Wood’s funds have gained a cult following for good reason

U.S. corporations are getting more profitable by the year. Ignoring the last two recessions, corporate America is in a secular uptrend...

Uniform Accounting shows the reason why Amazon went after Whole Foods in 2017

One of the most talked about acquisitions of recent history has been Amazon (AMZN) purchasing Whole Foods back in 2017. Investors were speculating why Jeff Bezos had gone so far outside Amazon’s purview...

With backup power getting more important by the day, investors and rating agencies think this battery maker is riskier than it is

100 years ago, electric power was a luxury for many city or suburban dwellers to power lights. Today, constant access to power is a necessity as employees work from home, students learn from home, and more...

Whether or not cash will remain king, this company will continue thriving

One common phrase in the finance world is “Cash is King.” While historically true, many pundits argue that digital payments and currencies might change the game...

Why the Fed’s focus on inflation matters to equity markets

Inflation is a key part of equity market valuations. Without an ear to the ground on inflation, it’s easy to lose money at any stage in the market...

Millennium Management’s ‘fund of funds’ approach made Israel Englander the highest earning fund manager last year

While the fund of funds structure can be incredibly profitable, it also means investors end up paying double the fees...

Investors can’t tell if this used car Goliath still has room to run, or is already overpriced

Of the industries surging during the pandemic, few have seen acceleration like the used car market. The “At-Home Revolution” has created a new class of car owners...

The entertainment industry isn’t doomed, but the rating agencies might make you think it is

Many of the “experience” related industries have been slammed throughout the pandemic due to low levels of demand and unfavorable market conditions...

Sometimes, government regulations can work in a company’s favor

Heavy regulation is often associated with inefficiency, limited profits, and less attractive industries. Sometimes, government regulation has the opposite effect...

This simple recession indicator is flashing bullish for the stock market

Over the past month, rates have swung wildly in both directions. Thanks to investor sentiment about inflation balanced with fears of hard times, rates are struggling to find an equilibrium point...

Bill Miller still knows how to pick great stocks

Many investors follow traditional strategies when creating their portfolios. Some “value” investors focus on undervalued companies, while others focus on companies with massive growth trajectories...

Investors are forgetting the building blocks of the upcoming automation transformation

In today’s world, automation is progressing at an all-time high. As the world continues to change, one sure bet is the company supplying this automation wave...

Investors are too quick to write off this established media company

As technology continues to change, it’s easy to drop the last generation and focus on the next trend. However, technology doesn’t disappear overnight. Adoption is often a messy process, and investors can often ditch a successful firm too early...

You can’t have the At-Home Revolution without the cloud, and this company is taking the cloud to the next level

Companies across the world have been forced to go digital so employees can work from home. For many companies, this step is well outside of their core competence. This company is making itself more valuable from supporting this now essential service....

With this Hedge Fund demonized in the press for its GameStop short, we are taking a closer look

While this hedge fund was the wrong side of history regarding the GameStop fiasco, it has many quality long-term positions...

This chemicals firm proves the value of completely dominating your niche

Investors are blind to the true profitability of this chemical company. It services a tiny but essential niche, which has helped it generate strong earnings in the past...

The pandemic forced the start of a new auto cycle in America, but rating agencies haven’t caught on yet

The pandemic forced a reset to the auto cycle in America, and it’ll be unlike any we’ve seen before...

As customer service expectations are rapidly advancing, this firm’s services have never been more important

With new technology and offerings every year, people’s needs have only become more discerning. This tech firm has positioned itself well to be at the forefront of providing vital services...

This popular credit marker consistently gives investors the wrong signals

To understand the equity markets, investors must have a solid grasp of what is occurring in the credit markets. Many investors turn to credit default swaps (CDS) as a solid indicator of credit health in the market...

This hedge fund took in the largest return for its clients in 2020 at $10.5 billion

In April 2020, we looked at one of the most successful hedge fund managers who helped create the hedge fund industry...

Disney isn’t the only company with strong IP… Today’s firm stands toe-to-toe against the largest conglomerates in the content world

Today’s firm has been able to hold up against some of the biggest content creators thanks to its strong brand...

The mistake Alexander Fleming and rating agencies both made

Some of the greatest innovations in the past have occurred by accident. It may be a good thing this type of success is much harder to repeat in today’s environment, though...

Turns out power plants aren’t very profitable, but this utility company has figured out a better business model

Utility firms tend to be boring but steady names for investors to park their money in. However, today’s company breaks the industry mold...

The difference between a great company and a great stock

There’s a lot of talk that we’re entering a tech bubble similar to the one in 1998-2000. With the benefit of years to study the markets, we have a different view...

This fund returned 83% in the last year, and its successful track record could tip us off to the biggest names in tech for 2021

Investing in the tech industry can be lucrative, but only for the savviest investors. Industry knowledge and a rigorous investment philosophy are critical to avoid getting burned...

The demand for this firm’s services are as certain as death and taxes

Despite yielding returns near the corporate average, investors are willing to pay a premium for today’s firm due to its secure cash flows...

Rating agencies are missing how the At-Home Revolution is supporting this company through the pandemic

The “At-Home Revolution” is still impacting countless industries, and we have been covering it since April 2020...

Investment gurus have stressed the importance of this resource over both oil and gold

Over the past 10 years, some of the biggest investing gurus have moved away from gold and oil into another natural resource used by billions of people daily...

In a fast moving environment, it can be difficult to measure the impact of economic cabin fever

The term cabin fever originated during the settling of the frontier to describe those working deep in Northern Canada. Cabin fever is the mental or even physical ailments that arise when someone is cooped up in one place with little to do...

Holistic investors have changed their strategy this year thanks to the displaced credit market

This investor opened my eyes to the credit world… and why all equity investors need to understand the credit market...

This med-tech company helps provide care to one of the most underserved markets in healthcare

Drug trials often fail to test women as frequently or rigorously as men. This can lead to serious consequences for drug distribution...

The rating agencies slammed the HMO market in 2008, and are making the same mistake with today’s company

With the market meltdown in 2008, smart credit investors were able to make profitable trades that went against the rating agencies’ intuition. Some bonds were yielding equity-like returns due to massive dislocations...

Using accurate data and the right peer group proves how this firm has totally outclassed its industry

Industry classification systems can be a simple way to identify a company’s peers. Investors need to tread lightly, though. While industry groups should provide useful peer groups, that’s not always the reality...

This investor’s big call on the pandemic led to a second record-breaking year

By continuing to live on the edge, this fund manager has followed a strategy that has made him billions of dollars, despite almost sinking his career numerous times...

This chemical producer shows how as-reported metrics can lead investors head first into value traps

Consistent price competition is a major obstacle to any commodity industry. Without sustained innovation, firms can expect to see their temporary competitive advantages deteriorate over time...

Last year’s run on animal shelters will leave lasting tailwinds for today’s company, but Moody’s remains skeptical

Products like pet supplies and gardening have thrived during the pandemic. With more free time than ever, people are looking for both companionship and extra hobbies...

This data storage firm could have saved itself from being an ‘ice cube’ by looking at the correct accounting data

Data storage has become increasingly complex in recent years. Today, a simple smartphone has more power and storage than some of the most complex computers in the world decades ago...

How we can gain insight about asset growth based on earnings calls

Sentiment is so important to understand. It comes in many shapes and sizes, and today, we will look at it from management’s point of view...

This activist investor took on Microsoft and won

Activist investing has gotten a poor reputation in recent years. Much of this reputation comes from some activist investors looking for short-term profits, harming long-term shareholders...

This payment processor is thriving during the pandemic and benefits from a surge in e-commerce demand

E-commerce has seen its biggest rise ever during the pandemic. With many in-person stores closed, consumers are turning to online shopping to meet their needs. Companies with exposure to different aspects of the industry are thriving during this period...

Rating agencies are making a losing bet going against this casino operator

Las Vegas is known as the gambling capital of the world. It has the highest concentration of casinos and the oldest location for legal gambling in the U.S. However, casinos exist in other parts of the country as well...

This trading firm appears to be trading at a discount, but the market may already be clued in

The commodity trading industry is a specialized part of the economy. The grain trading industry is an even more specialized niche. Today’s firm is one of the major players in this space...

Institutional investors fail one of the basic value investing principles – this macro indicator shows why

Some individual investors look at institutions to get a pulse on the market. Large institutions often are the driving force between price swings, so knowing if they are buying or selling is helpful to stay current...

The market has prematurely tossed away this well-established pharma company

Investing in biotech companies is tricky due to the complex nature of the drugs and exclusivity rights. Companies bringing new products to market will often get a set period of time before generic alternatives can replicate the drug and enter the markets...

Credit-focused investors can be slow during a market rebound, and this homebuilder is poised for a second look

Some industries have thrived during the pandemic. One of these has been the homebuilding industry, due to more people moving to the suburbs. People are looking to leave cramped apartment buildings and want the space provided by suburban homes...

After cleaning up GAAP’s blemishes from this skin care and fragrance firm, we can see why it’s been crushing the market

Today’s firm is a great example of how smaller investors are locked out of alpha thanks to GAAP metrics throwing off analysis...

Two economic indicators recently touched 20-year lows, which may be a surprisingly strong growth signal

Understanding business capacity is necessary to know where we are in the business cycle. It’s more than a measure of efficiency–it also provides valuable insights on growth prospects...

This cash management firm has has been minting steady cash flows

Cash management has long been a vital process for businesses. After making money, businesses must keep track of all the cash they receive from customers to avoid fraud or theft...

This company serves as a vital supplier to tech giants, but creditors see only danger ahead

Asset-light business models are all the rage to investors these days. They tend to generate higher ROAs and can scale faster. However, capital-intensive businesses are often safer with steadier cash flows...

Today’s firm appeared to be boxed out of the CRM space, but has executed on a niche risk avoidance strategy

Customer relationship management (CRM) is essential for most companies. As such, there are many firms in the space helping companies manage their relationships with clients. However, the Healthcare sector has its own unique problems most CRM...

Insider buying is falling…here’s why that may not be as big of an issue as some investors think

It is important to understand how management members think about their own companies. They are the ones driving company performance, so any insight into their thinking is helpful...

Taking a Look to See What the Greatest Value Investor Owns During the Pandemic

One of the greatest investors of all time attributes most of his investing success to learning under a failed playwright...

Uniform Accounting shows what’s cooking for Newell Brands during the pandemic

We’ve mentioned time and time again how At-Home Revolution companies are winning during the pandemic. Products for your home are selling like hotcakes...

Rating agencies are calling for a 50% risk of default for this microcap wheelmaker, which appears too overblown

Some industries have thrived during the pandemic. One of these has been the consumer goods sector, as people have been unable to spend their discretionary income on experiences like travel...

This semiconductor company makes a mint supplying the 5G and self-driving car megatrends

Connectivity has been important during the pandemic. Two areas that are increasing connectivity are 5G and autonomous vehicles...

The M&A market is making a strong comeback… just not everywhere

There are two main ways companies can grow – organically and through mergers and acquisitions (M&A)...

The pandemic has wreaked havoc on most quant funds, but this asset manager continues to find winners

Quantitative investing models can only go so far. They are limited to the data they have access to, which they use to predict future trends. When unexpected events occur, like the pandemic, it can throw these models for a loop...

While these auto companies may look similar on the surface, the difference is clear under the hood

Companies in the same sector can end up having completely different returns due to competitive advantages and differing strategies....

Rating agencies are missing the risk of this tottering strip-mall operator, leaving bond investors in the cold

Retail is usually one of the hardest hit sectors during a recession. People have less money to spend on discretionary items, negatively impacting retail store sales...

Uniform Accounting reveals how much the U.S. government is willing to pay for cyber defense

The threat of cyber attacks has spiked in recent years. While it’s overall a threat and a concern, it does create demand for increased cybersecurity infrastructure. Today’s firm is part of that movement...

These indicators show why we are confident in the health of credit markets

In addition to looking at aggregate Uniform Accounting data, we like to look at other indicators to have a holistic view of the market. Many equity investors fail to consider how the credit market and its signals can help us understand the stock market...

This professor is the Indiana Jones of finance, and Uniform Accounting shows how his fund is the holy grail of investment strategies

Much like Indiana Jones, this hedge fund titan has spent his fair share of time in the classroom, but what has really made him famous is his success in applying his knowledge in the field...

COVID-19 made it tough to analyze the medical industry, further blurring this pharma giant’s real performance

The medical industry has been an interesting one to invest in this year. Hospitals have been overwhelmed, but many elective procedures have been postponed this year. It’s difficult to paint the industry with a broad brush as a result...

New trends in the battery market left rating agencies in the dark about this battery maker’s credit risk, Uniform Accounting lights the way

During periods of crisis, people tend to stock up on essential goods. We saw this during the pandemic when toilet paper was worth its weight in gold. During natural disasters, people make a similar run on...

This snack giant is eating up the competition during the At-Home Revolution thanks to its irresistible brand portfolio

Breakfast has long been considered the most important meal of the day by dieticians. As the pandemic has forced people to stay at home, people now have more time to consume a full breakfast in the morning. Today’s firm is one of the pillars...

Consumer credit remains a question mark this holiday season… here’s why low holiday sales might not be a bad sign

With the holiday shopping season here, it’s important to look at consumer credit health. Given how volatile this year has been, some investors are worried about how consumer credit could affect holiday shopping...

This quant hedge fund used data science to make money during the Great Recession, and only Uniform Accounting can show how

Quantitative hedge funds have seen a boom in recent years as technology continues to advance. Artificial intelligence and machine learning have begun to take over the roles of many traditional hedge fund analysts...

Ratings agencies are blind for missing the real story in the insulation industry, leaving this company totally misunderstood

Some industries have thrived during the pandemic. One of these has been the home improvement sector, as consumers are spending more time in their homes...

Many consumer staples like soup are overlooked by investors, giving diligent investors an edge

Soup has long been the go-to food for people feeling under the weather. As the pandemic continues to accelerate...

This insightful tool can help predict credit crunches before they happen… here’s what it’s saying today

Credit markets often hold the key to understanding the broader economy...

Kenneth Griffin turned this dorm room fund into the 11th largest hedge fund in the world, and Uniform Accounting shows us how

Factor investing involves using quantifiable attributes to explain and drive differences in stock returns. It has taken off over the past decade as computer algorithms become more advanced and can handle more data....

Investors overreacted to last week’s vaccine news, and this essential RV vendor took far too big a hit

During the pandemic, RVs and other vehicles sales skyrocketed, as families take control of their vacations. Today’s firm supplies the parts for these machines to keep the market running...

Rating agencies miss the mark again by pegging this door maker as a risky homebuilder

The fortunes of the real estate industry have significantly improved since the Great Recession. Firms related to home renovations have fared especially well...

Cars can’t age forever, and this auto repair company may not be able to replicate its success following the Great Recession

Auto parts saw a surge in demand following the Great Recession. People were holding off from buying cars, instead looking to fix their existing vehicles...

The market may have overreacted to news about a coronavirus vaccine…

The news about a possible coronavirus vaccine pushed the stock market higher last week. It caused a rotation out of some of the pandemic’s winners...

Julian Robertson’s failures led this thematic Tiger Cub to 80% returns this year, and Uniform Accounting reveals how

Thematic investing involves creating a portfolio of companies around particular market trends. If the theme outperforms, the best names within the theme will do well. By marking the universe of potential stocks to buy smaller, investors can rigorously...

Loyalty programs are the diamond in the rough for the airline industry, and Uniform Accounting shows how this firm takes advantage

For airlines, the loyalty program can be as valuable as the core business itself. Today’s company controls this vital marketing tool...

The next retailer on the chopping block may have a stronger position than the credit market realizes

The brick-and-mortar retail industry has been one of the most prominent impacted by the pandemic. However, not every company in this industry has been totally crushed...

Uniform Accounting indicates this mission-critical part of the semiconductor industry is more profitable than the market realizes

Semiconductor production is a complex task, where small mistakes threaten to ruin the whole process. That’s why it’s vital to ensure production runs smoothly and the chips do not get contaminated...

As the results are being finalized, let’s look at how the election can affect your portfolio

The election has dominated the news over the past week. Investors may still be wondering what the outcome means for the stock market and economy...

This fund has found success investing in emerging markets, and Uniform Accounting shows why

International markets have become great places for fund managers to look for alpha. Many emerging markets are less developed than the U.S. and have more growth potential...

Uniform Accounting gives us valuable insights on investing in the lumber trade

Sometimes the most mundane industries can create tremendous value. Today, we will look at a company in the timber and wood products industry....

Paper product firms are thriving during the pandemic, but credit rating agencies have missed the memo

Some industries have thrived during the pandemic. One of the less surprising ones has been the paper and packaging industry...

As more consumers than ever are looking for ATVs, UAFRS reveals the power of the all-terrain business

The At-Home Revolution has affected a swathe of different industries. Surprisingly, vehicles like ATVs and motorcycles have seen an uptick in sales. Today’s company is seeing increased demand for its products as hobbyists are buying more vehicles....

How a Democratic victory tomorrow could affect your portfolio

Tomorrow’s election has the ability to alter the stock market and the economy for at least the next four years...

This fund is daring enough to invest well outside of its benchmark, and is being rewarded for it

The easiest path for any fund manager is to buy stocks within their benchmark. This is the best way to ensure the fund performance doesn’t surprise investors who expect performance to broadly match...

Nuts and bolts are here to stay – Uniform Accounting reveals a surprising trend for this fastener giant

Innovation has led to the demise of many industries. From horse drawn carriages to typewriters, technology waits for nobody...

This online travel agency shows how the market has been on vacation with its analysis of the firm’s credit

Online travel companies have been hit particularly hard by the pandemic. Global travel is expected to take years to return to previous highs, and companies without solid liquidity may not survive the downturn...

This $8.5 billion acquisition was deemed a failure, Uniform Accounting shows the value hidden within this discount retailer

Acquisitions have the ability to transform a company. Sometimes they can improve a company’s performance...

It may almost be Halloween, but that doesn’t mean you need to be afraid of a “zombie company” apocalypse

Investors are worried about rising corporate reliance on debt. As aggregate debt levels rise, some are concerned it could lead to more “zombie” firms in the US...

Preventing losses is a key part of successful investing, and Uniform Accounting shows how this mutual fund does exactly that

The idea of margin of safety was popularized by value-investing legend, Benjamin Graham. Its application was further promoted by the famous investor, Warren Buffett, who stressed the importance of preventing losses...

Uniform Accounting shows this retailer’s subscription business isn’t only a money-making strategy for software firms

A recurring revenue model can be one of the most effective business strategies thanks to the consistent stream of income...

This company coaches standardized test takers, while proving how rating agencies’ tests aren’t standardized

Standardized testing has become the cornerstone of many colleges’ application processes. Companies that help students navigate these tests have seen surging demand as the admissions process becomes more competitive each year...

This company is addicted to making money, and it’s only obvious using Uniform Accounting

Addictive substances have a steady demand. Today’s company focuses on nicotine and tobacco products and that means a reliable consumer base...

This one metric told you to buy in March and sell in August, let’s take a look at what it’s saying now

Investor sentiment can be vital to making sense of how the stock is going to move. At the end of the day, institutions push the market in either direction. Without knowledge of their strategies and their risk tolerance, it is hard to comprehend...

Looking at his hedge fund holdings can help us get insights into how this hedge fund titan will run the New York Mets

This investor uses informational advantages to follow in the footsteps of other investing greats...

UAFRS shows how this consulting firm has unlocked value through offering unique insights, just like one of our business partners

This global research firm recently purchased a successful insights and technology company to boost its business...

This consulting firm’s underfunded pension has the rating agencies panicked, for all the wrong reasons

Many companies are phasing pensions out of their benefit plans due to the high costs...

Despite only being at the helm for 9 months, a railroad visionary changed this company’s operations and improved profitability

Today’s company benefits from the presence of an industry-leading visionary changing its operational strategy...

Bloomberg says insider selling may be a worrying sign, our mosaic tells a different story

Executives know their companies better than anyone. That is why insider selling and buying can be such important indicators...

Passive investing is about getting factor exposure, and UAFRS shows buying this “growth” fund provides exactly that

Many investors today do not have the time or resources to search for individual growth stocks to buy. This is why they invest in ETFs either exposed to a formulaic group of growth stocks across the entire market or a broad theme...

This company is stuck in a sector with razor-thin returns, yet Uniform Accounting shows it’s had success differentiating from its peers

The basic materials sector usually does not have firms with sustainable levels of elevated profitability...

The risk of this stable telecommunications network is overstated due to its inaccurate high-yield classification

The crossover between investment grade and high-yield bonds provides interesting opportunities for well-versed credit investors. Many companies on the cusp of being classified as investment grade cannot be traded by investment grade portfolios due to their high-yield nature...

This contacts maker could see a surge in demand, and investors only realize why that matters when looking through the right, UAFRS lens

With the proliferation of masks, glasses wearers around the world have wondered if it is time to switch to contacts...

The Fed’s actions in March revolved around how important a working credit market is to the economy… let’s see if it’s still functioning well

In the midst of the market meltdown in March, thanks to the Fed’s SWAT team, keeping credit markets safe was prioritized...

Passive investing is about getting factor exposure, however, if you buy this “Value” fund, UAFRS shows you’ll get anything but value stocks

Many investors today do not have the time or resources to search for individual value stocks to buy. This is why they invest in ETFs either exposed to the entire market or a broad theme...

This company is benefiting as much as any other from employees having to work from home, and UAFRS reveals whether the market realizes it

The “At-Home Revolution” has introduced new problems for businesses this company is looking to solve. Today’s firm is aiding employees working from home by solving one specific issue...

Moody’s is punishing this company for an event from over a decade ago, and Uniform Accounting shows why that’s wrong

In the late 2000s, investors and economists faced a reality check on the strength and resiliency of the housing market. After a few rocky years and significant work to repair the credit for homeowners and home...

Uniform Accounting shows how much the market misunderstands this pharmacy consolidator’s strategy, and why that’s presenting an opportunity

Today’s company is one of the world’s biggest pharmacy firms, created from the merger of two industry giants in 2014. However, looking at as-reported numbers, it appears the acquisition has destroyed...

Our sound economic mosaic of data is giving us reason to not panic in the recent market pullback

The economy is a hard beast to tame, and no one indicator is able to fully encapsulate what it is doing. That is why we at Valens like to look at the economy from as many points of view as possible...

This asset manager made a name for himself by understanding Economic Moats, don’t trust what as-reported metrics say about his success

While investors often focus on the financials, the real secret to understanding a company’s performance is to identify the metrics that can signal a company’s financial performance ahead of time...

The reversal of globalization is going to hurt many companies’ profitability, UAFRS shows this company as a big winner

Today’s company is a software-as-a-service firm poised to benefit from disruptions in globalization. However, looking at as-reported numbers, it appears the firm has negative returns...

This auto retailer’s credit is being priced like it’s in the middle of the Great Recession, not this very unique recessionary environment

The Great Recession was devastating for the automotive industry. Demand collapsed and with it, millions of jobs were lost as large corporations were forced to declare bankruptcy...

This technology company is unlocking the newest commodity powering the world, and Uniform Accounting shows the value it’s created doing so

Data has become an essential part of the economy over the last few decades. Today’s company focuses on helping businesses analyze data in intuitive and easy ways...

Uniform Accounting is showing us what has really been powering this market for the last 10 years and 6 months…hint, it’s not share buybacks

The previous bull market lasted from the Great Recession to the beginning of the coronavirus pandemic in America. The 10-year run saw the S&P 500 gain over 300%....

Investing legend Jack Bogle pioneered passive investing, this fund lets investors live by their timetable, as opposed to market timing

Many investors today do not have the time or resources to pick individual stocks to try and beat the market...

Uniform Accounting shows how this resort business has unlocked the power of season tickets for strong profitability

This ski resort company has embraced the season ticket model fad to boost profitability...

Despite the cord-cutting phenomenon, this broadcasting company is a much safer credit risk than what credit agencies think

Broadcast TV and cable companies have struggled to hold onto customers in recent years as consumers have cut the cord. This has led to declining cash flows and growing concerns about their ability to pay off heavy debt loads...

This dominant work-from-home leader has used its follower status to unlock massive returns that are only apparent using Uniform Accounting

During the pandemic, people have had to adapt to new working and learning environments...

All is not quiet on the inflation front, and that could have significant implications for valuations

Inflation can affect the economy and markets greatly. Although currently below long-term averages, it is beginning to pick up, and this could have significant implications for market valuations...

Today’s fund is a pioneer in arbitrage investing, Uniform Accounting shows the fund hasn’t missed a step

Hedge funds employ a variety of investing strategies to take advantage of market inefficiencies. One of the most popular is arbitrage investing, where investors look for relative mispricings between similar assets...

Contrary to as-reported accounting, this company’s products are saving clients time and setting this company up to make loads of money

This information technology company is making life easier for employees all over the world...

Today’s company is an essential business for both Boeing (BA) and Airbus (EADSY), and that has credit markets wrongly spooked

Demand for industrial metals is heavily dependent on the demand for their end-markets. If demand increases for products like cars, planes, or homes, the metals used to produce them will also see huge benefits...

This vice stock is being priced to be more than recession proof by investors, which makes it a risky bet

Today’s company is an alcohol firm poised to benefit from coronavirus tailwinds. However, looking at as-reported numbers, it appears the firm has relatively average returns...

This macro hedge fund thrives during times of crisis, our Market Phase Cycle is telling us now might not be the time to bet on them

Macro hedge funds seek to take advantage of broad political or economic trends. They make bets based on the outcomes of events such as potential rate cuts, other central bank actions, and elections...

This Consumer Staples giant thrived in the pandemic, now it needs to keep it up, or it’ll disappoint the market

This Consumer Staples company has historically seen remarkably consistent earnings. This means investors have typically used it as a benchmark for safe investment, but with little expectation for change. That is, until this year...

This automaker is not a fan of the At-Home Revolution, and yet its credit is so bulletproof it’s still a sound investment in the pandemic

The current economic crisis is fundamentally different from the 2008 financial collapse...

Uniform Accounting shows this company is taking advantage of more people practicing their swing in the pandemic

During the pandemic, consumers have found lots of time to take up new activities....

A continuation of short-term unemployment trends could mean bullish signs in the economy

Unemployment provides insight into how the whole economy is running. The rate skyrocketed months ago, and now it is beginning to fall....

Today’s fund is a pioneer in the hedge fund sector, Uniform Accounting shows the fund hasn’t lost its touch

In the past, hedge funds would invest almost exclusively for high net-worth individuals. Today, a large portion of invested capital in hedge funds comes from endowments and pension funds...

This billboard company is priced like it’s going out of style, Uniform Accounting shows why those expectations are wrong

This advertising company is able to use older technology to succeed...

Ratings agencies are missing the risk inherent in today’s company that Uniform Accounting makes apparent

It is important to look at a company’s debt obligations in addition to the macroeconomic environment, as external factors can affect a firm’s cash flows immensely...

Uniform Accounting shows this company is taking advantage of the need for data in making investing decisions

The rise of quantitative, or quant funds, comes with an increased need for data. These funds use advanced algorithms to sift through huge amounts of data and attempt to pick stocks...

This special lens shows us what Chairman Powell really thinks about the economy and whether investors should be encouraged

Using the same earnings call analysis we use to understand what the Federal Reserve and Federal Open Market Committee (FOMC) are thinking can provide investors with great insight on monetary policy...

Uniform Accounting shows whether this factor investor is seeing its factors distorted by accounting noise

Factor investing is an investment approach that uses quantifiable characteristics to build portfolios. There is little emphasis on individual stocks, but rather on repeatable processes in identifying “styles” to invest in...

Uniform Accounting shows this company has been able to find success with the help of one of Thomas Edison’s inventions

This lighting company appears to be a boring, cost-of-capital business when viewed through the lens of as-reported accounting...

This “At Home Revolution” beneficiary is priced for credit problems, Uniform Accounting credit analysis show why markets are wrong

The “At Home Revolution” is boosting a wave of companies providing services and products to people staying or working from home more. These companies are seeing increased demand and stronger future...

Contrary to distorted as-reported metrics, this company thrives off the spending habits of high-income earners looking for a bargain

This discount store operator has a unique business model and an incredibly loyal following among its customers...

Corporate credit is not the only KPI for economic growth, looking at this important metric can show if concern is warranted for the economy

It isn’t just corporate credit cycles that power economic and market cycles, it’s the entire credit market. It is important to follow both the consumer and corporate credit signals...

This investor eschewed all investing labels, and his reward was market-dominating performance for a decade and a half—UAFRS shows why

People often classify investors into two buckets. The first is growth investors looking for fast growing companies with high multiples. The second is value investors searching for underappreciated...

This dental supplier looks like a boring distributor, until Uniform Accounting highlights how its asset efficiency unlocks massive value

Today’s firm provides supplies for dental and medical practitioners across the country...

Ratio-obsessed credit investors are misanalyzing this tobacco company’s credit to their own disadvantage

Looking at the total debt of a firm does not give investors a clear view about the company’s ability to pay obligations. It is necessary to look at when the debt matures and the company’s ability to pay with cash flows...

This company is set to thrive off of disrupted food habits, despite what as-reported metrics say

This food conglomerate has diversified its portfolio and set itself up for success during the “At-Home Revolution.”...

This indicator has reached all-time highs and provides businesses with much needed support

Historically, credit is the catalyst for economic cycles, both good and bad. A recession, outside of the current one, historically is caused by a lack of credit leading to credit, and therefore productivity destruction...

Today’s fund uses a seventy-year-old theory to unlock value for investors

Modern Portfolio Theory has shaped understanding of asset allocation, due to its division of risk into idiosyncratic and systematic buckets...

This company appears to be profiting from the shift towards renewable energy, Uniform Accounting tells a different story.

As a leading supplier of lithium and lithium derivatives, today’s company appears well positioned to benefit from the surging demand for alternative energy sources...

This family-controlled business is priced for credit problems, Uniform Accounting and compensation analysis shows why markets are wrong

One of our areas of focus at Valens is understanding how Incentives Dictate Behavior. This is the idea that people do what they are paid to do...

This construction equipment hegemon is going to win from an infrastructure boom, as-reported metrics wrongly say investors shouldn’t care

Today’s firm is the most recognized construction equipment company in the country...

Investors are concerned about a tax plan come November, here is what it would do to a portfolio if it comes

Last week, we discussed the possibility of inflation impacting stock market valuations...

This timetable investment offers the ability to own world-beating firms without hassle, Uniform Accounting highlights why it’s so dominant

For some investors looking to retire, they do not have the time or the capital required to create a tailor-made portfolio of stock ideas...

This company is benefitting from how the At-Home Revolution is fueling home improvement, contrary to what as-reported metrics say

As a supplier of all-things home improvement, today’s company is well positioned to be a winner of the “At-Home Revolution.”...

Not all companies have the same standards for taking on leverage, with today’s firm being a special case

Using a leverage ratio is an easy way to measure the credit profile of a firm. Firms with levels too high deserve higher bond yields since they are riskier. Better ratios warrant lower yields...

Investors are pricing this company like its spinoff has unlocked significant value, when Uniform Accounting shows a very different story

This timeshare company has recently followed the footsteps of its competitors in separating from its hotel counterpart...

Some economists’ concern for the economy extends past the release of a vaccine

Some economists are concerned about the possibility of inflation after the lifting of stay-at-home orders...

Institutional investors are unable to plumb the depths of this illiquid market, making it ripe for individual investors

Large asset managers are forced to ignore firms under a certain market cap due to liquidity issues...

The market’s appreciation of this chocolatier’s decision to roll-up healthier brands looks idiotic until Uniform Accounting data is reviewed

This company continues to be known as the most recognizable chocolate brand, seen at every grocery and convenience store...

The liquidity surge in March and April has saved today’s company, Uniform Accounting shows the bond market still hasn’t caught on

In the beginning of the pandemic, many credit investors feared firms would be unable to pay their bills and be forced into bankruptcy...

Headlines and incorrect data are turning investor opinion wrongly against this pickaxe seller

Today’s company is a pickaxe seller in the travel industry, a sector which is currently under significant pressure due to coronavirus...

Capacity Utilization is a key metric to measure economic health—normally, current low levels would imply a long slog, not this time though

Over the past 30 years, total capacity utilization has been a vital metric in gauging economic health...

While investors may be focused on FAANG, this investor shows there’s a far superior place where the largest returns live

Investors love to look at and think about large-cap stocks because they are a proven force in their respective market...

Uniform Accounting shows that not all franchising businesses are created equal, and this one is having more issues than investors may realize

Planet Fitness, Yum Brands, and Hilton Worldwide Holdings are great examples of franchise businesses...

Start-up firms are normally a no-go for credit investors, Uniform Accounting analysis highlights why this negative-earnings business is different

Start-up companies are often avoided by equity investors due to their inherent risk and high valuations...

As-reported financials give this educational institution a passing grade, Uniform Accounting shows it’s actually failing badly

Higher education is a highly competitive industry, with over 4,000 institutions competing in the US...

This indicator is a powerful tool that helps investors gain crucial insights into individual sector movements through the eyes of management teams

When talking about macro trends, people often think of the market as one uniform entity...

The desire to pay attention to wild predictions has led to this fund flying under the radar, Uniform Accounting shows investors should pay attention

Even the biggest companies start small. Excluding banks and insurance companies, there are a little over 100 companies in the US with market capitalization greater than $50 billion...

As-reported metrics make this company’s content data look like a commodity, UAFRS shows the unbiased truth just like the company’s ratings

Today’s company has helped an entire sub-industry monetize their assets. When it publishes its data, everyone pays attention. Bad results could mean the cancellation of your favorite TV show...

Commoditized businesses fail major strategy tenets, but UAFRS highlights that alone doesn’t make this one a bad credit investment

Commoditized businesses often get a bad reputation, and rightfully so. These companies have limited power over suppliers and offer nothing to customers that a competitor couldn’t also offer...

Being too early can sometimes be worse than being too late. Uniform Accounting helps uncover whether that is the case for this utilities company

Everyone knows ESG is important, but sometimes the costs of implementing those strategies can be prohibitive. In an industry where efficiency is paramount, being an...

Ben Graham’s greatest fears about the market are being realized—valuations indicate a ‘voting machine’ market

The greatest investors in history make money by taking advantage of dislocations in the market. Many of those dislocations are created by human emotion...

As-reported financials mask how well this company has captured the cybersecurity wave

Cybersecurity is becoming a bigger and bigger part of everyday life. As malware, ransomware attacks, and “hacking” become a bigger threat, defeating those that try to access our information is paramount...

Size matters for creditors, but even at below peer-average yields, the market is not understanding the favorability of this firm’s capital structure

For creditors, the size of a company matters. Larger companies have larger market caps, revenue streams and typically, asset bases...

As-reported metrics show this company’s network effect is gaining steam, Uniform Accounting shows what investors should really be watching

The idea of networks has been a hot idea to invest in over the last few years. The reason makes sense since it transforms your business model...

Aggregate valuations are back above pre-pandemic highs—that may be as far as they go

With the stock market rebounding to almost pre-pandemic highs, and with massive amounts of new debt in Q1,...

This fund uses a grassroots campaigning technique normally used to push for political change to unlock value in its investments

Letter-writing campaigns not only allow grassroot activists to reach political representatives, it can also help activist investors influence company management...

For some time, ESG has looked like a fad, Uniform Accounting shows this ESG-focused cloud computer business is anything but

Socially responsible investing or ESG investing has increased in relevance in recent years...

Spin-offs don’t just benefit shareholders, this firm’s spin-off also improved perception of its credit risk helping it navigate the pandemic

Investors often talk about the value of a spin-off for shareholders, yet spin-offs can be just as valuable for bondholders...

Uniform Accounting shows why this “start-up” company’s strategy shift didn’t create new opportunity, it destroyed an already great business

Startups generally have poor profitability, and therefore little to lose when they try new strategies...

This key credit metric is not rising the way it normally does in a recession, and that’s important for equity investors

Towards the end of Q1 2020, C&I loan charge-offs started rising across the U.S. That’s to be expected during the pandemic...

One of Warren Buffett’s top reads comes from this investor, and his firm’s “knowledge advantage” becomes clearer under Uniform Accounting

Howard Marks and Oaktree have been highly respected for years. Their strategy includes looking for a “knowledge advantage” to pick the best investments...

This company looks positioned to win the at-home revolution, but Uniform Accounting tells a different story

As the world starts to reopen, there will be winners and losers of what we are calling the at-home revolution. In fact, we even wrote a whole report on the companies we think will win...

UAFRS shows this company is a classic example of how asset-based lending really works—when the market remembers, the bonds will rally

As we’ve highlighted in past reports, a strong asset backing for debt does not always guarantee a firm the ability to refinance, especially if it is already highly levered...

UAFRS showed a transformation in this business that GAAP missed, knowing that made us think a peer that can repeat this is a screaming buy

Faced with shrinking growth opportunities, this company has been able to add another line of business by rethinking how to monetize its assets differently...

This key sentiment indicator flashed negative in the first quarter, pointing to a key investment trend for Q2 and beyond

Management confidence peaked right when the economy did in February. March and April brought higher levels of uncertainty from management teams...

“Invest in what you know” and GARP—an investing legend put this fund on the map, UAFRS shows if the fund still has his magic touch

One of the most revered mutual fund investors of all time produced massive returns by embracing simple mantras like “buy what you know,” understanding the ideas behind GARP...

This “transformative” merger appears to have worked out just as poorly as Time Warner and AOL. Uniform Accounting questions that view

Transformative mergers rarely work out. The Time Warner/AOL merger was only unique due to the size of the failure, not due to the fact that it failed in the first place...

With stable cash flows and no near-term debt maturities, UAFRS shows creditors’ worries about this firm’s ability to pay its debts is excessive

While equity investors look for upside to cash flows, credit investors just need to know that firms have the means to pay them back....

Academics say all acquisitions destroy value, Uniform Accounting shows whether this company’s acquisition strategy bucks that trend

This company made a huge acquisition to expand its business and improve their operations. As-reported metrics saw this as a failure that destroyed the company’s value, hurting their returns....

Credit standards are rising fast, here’s why we aren’t heading for a liquidity crisis

The Senior Loan Officer Opinion Survey for Q1 2020 indicates that lending standards are tightening rapidly...

Past performance isn’t indicative of future returns, good process is, Uniform Accounting highlights this fund’s process is no longer sound

Past returns are not indicative of future performance...

Uniform Accounting shows why having a longer-term view of R&D investment should warn investors off this chip stock

Research and Development (R&D) is an investment that often has no tangible or recoverable value if it fails...

While operational disruptions may concern investors, this firm demonstrates that substantial liquidity can alleviate bankruptcy concerns

Bankruptcy risk goes beyond just examining short-term operational solvency. A prudent credit investor also has to take into account a firm’s liquidity...

Uniform Accounting shows how the “shrink to grow” strategy has unlocked massive value for this business, and could continue to

This company highlights the power of the “shrink to grow” strategy...

The coming “Big Bath” in Forbes—Wall Street is wrong about Q2 earnings

Q1 was the S&P 500’s worst earnings quarter in years. So far, Wall Street analysts seem bullish that companies are already getting back on track for Q2...

This fund has put up impressive returns by being in strong disagreement with Buffett, Uniform Accounting shows what to expect going forward

Value investing has not been in vogue for some time, and this fund has benefited by deprioritizing value in its investment process...

This voice software company’s innovations have not translated to strong returns, but Uniform Accounting shows robust numbers

Paperwork is one of the most important processes in healthcare, ensuring that all medical and patient records are tracked and kept. However, this is a tedious process that takes up so much time...

This company has had a high-yield grade from S&P since its IPO, but the market disagrees. Uniform Accounting uncovers who is right

This company issued debt a year after its IPO and in the six years since, S&P has remained adamant that it is a high-yield name...

This utility-like industry isn’t regulated like one, and Uniform Accounting shows that has led to massive returns the market isn’t recognizing

Due to their steady volume demand and lack of switching alternatives for customers, utilities are heavily regulated by governments to avoid price gouging, thus limiting their profitability...

Did a hedge fund great play in the World Series?

In October, we looked at one of the greatest hedge fund managers of all time who took the grandfather of value investing’s teachings, and expanded them while generating impressive returns...

UAFRS shows this company’s investment in “surge capacity” hasn’t just saved lives in the pandemic, its led to high profitability

The coronavirus pandemic highlighted the struggle of healthcare workers and the shortage of PPE (Personal Protective Equipment)....

Uniform Accounting shows even companies in “safe” industries have credit and dividend risk the market isn’t capturing

Consumer staples companies like those in the packaged foods and meats industry are thought to be safe, especially in this environment when everyone is stockpiling on longer-lasting foods. Even if there’s no demand for many discretionary goods, everyone still needs to eat....

The British East India Company changed Chinese culture forever in order to reap major rewards, and now a new firm is attempting to do the same

The British East India Company helped open the door to global trade with China...

Market valuations are pricing in a permanent slowdown in economic growth, but history says that’s unrealistic

After the recent market skid, valuations and embedded expectations have fallen to their lowest levels in years...

This investor’s focus on a unique economic theory helped position his fund to be prepared for the sell-off this year

This student of Reflexivity has taken 65+ years of financial market experience to master the idea of themes and macro investing...

Uniform Accounting shows this company is still profiting from the most profitable commodity of the Middle Ages

Spices have been one of the most valuable commodities for a number of centuries, especially during the Age of Exploration...

UAFRS focuses on operating profits, even “non-operating” operating expenses, leading us to understand this credit better than the market

Special items give companies a chance to separate one-off and unusual items from operating performance...

Breaking up conglomerates adds value, the market hasn’t cared about this break-up, Uniform Accounting shows it should

GE, Tyco, United Technologies. They’ve all spun-off massive parts of their business...

One of our most powerful recession indicators is flashing a surprisingly bullish signal

Most economic models agree we’re in the midst of our first recession in more than a decade...

Uniform Accounting shows this activist legend isn’t too distracted chasing the Argentinian navy to find quality targets to aim his guns at

This lawyer turned infamous investor has had CEOs and country treasuries shaking in their boots for decades, applying a legal activism philosophy to get his way and create shareholder value...

Publishing is dying, but Uniform Accounting shows this name might be able to buck that trend

Print publishing is a dying industry and at first glance, it looks like all of the players in it are circling the drain. This includes a niche player that many might recognize as a leading player in its market...

Uniform Accounting helps show how this retailer is using the lessons learned by overcoming the “retail apocalypse” to navigate the pandemic

As Amazon threatened the retail world, this firm was able to pivot its strategies to avoid bankruptcy and the “retail apocalypse” by managing its credit risk...

This budget retailer could benefit from the economic pain caused by the coronavirus, just like UAFRS shows it did during the Great Recession

The recovery from the Great Recession was an uneven one, as the wealthy recovered faster than the rest of the population. An example of the struggle most...

Gold is one of the most popular forms of investment, without really being an “investment” at all

Along with stocks, bonds, and cash, gold is one of the most popular asset classes for individual investors...

This Viking has had to follow his ancestor’s footsteps, exploring new types of investments, Uniform Accounting shows he hasn’t lost his way

Much like his ancestors, this investing great has had to explore new investment landscapes to try to provide for his investors like he did previously...

This CEO went head-to-head with his former boss to win this industry, Uniform Accounting shows why investors have been excited he won

Sometimes leaders need to fail, or get “kicked out” of the roost, before they have true success...

This firm’s stable cash flows may point to a cataclysmic “Minsky Moment” and for once, equity holders are more concerned than creditors

The “Minsky Moment” refers to the tipping point that causes longer periods of cash flow stability to lead to more leverage-driven severe volatility in the market collapse that follows...

Uniform Accounting shows this vertically integrated software powerhouse has learned lessons from the 19th century that yield strong returns

Horizontally integrated and vertically integrated monopolies have been around for a long period of time...

This powerful management sentiment indicator gives us reason to be excited about the economic recovery once the pandemic recedes

Every quarter, executive management teams get onto a large conference call and deliver their earnings results to thousands of Wall Street analysts and investors...

This fund manager faced a scandal its peers would normally punish a firm for, UAFRS shows its analysts have come out swinging post-crisis

It is never a good sign when a company needs to change its name because of a scandal...

This company is in the “other sin industry,” Uniform Accounting highlights investors should pay attention to this “vice” stock

During this COVID-19 global pandemic, two of the biggest trends are staying at home...

Ratings agencies don’t seem to have learned their lesson from the Great Recession, that a strong asset backing alone can’t guarantee refinancing

The Great Recession and the recent struggles of MLPs have demonstrated that even...

As-reported metrics show this franchising giant as a failure, Uniform metrics show a booming franchiser at a discount that won’t last long

Planet Fitness has been nailing the franchising strategy over the past couple of years...

Coronavirus might be the end of corporate share buybacks, shareholders shouldn’t care

Recent discussions about potential government bailouts have come with a laundry list...

One of the greatest fund managers ever lost investors more than he ever made them, but his pupil’s portfolio is positioned to make money

In October, we looked at one of the greatest hedge fund managers of all time who helped...

As-reported metrics show returns have declined massively, but this retail apocalypse target’s stock has rallied massively, UAFRS show’s who’s right

Amazon has wreaked havoc on retail over the last several years. Looking at the as-reported financials for this retail giant suggests this company got caught up...

Sometimes neither bond or stock investors are smarter, Uniform Accounting cash flow analysis highlights that for this company both are wrong

Credit investors look smart in bear markets, and equity investors look smart in bull...

This payroll provider has built itself into a full-service provider, Uniform Accounting shows that has made it a 50% return behemoth

This HR industry leader has been mostly thought of as a payroll company with unspectacular and unsurprisingly low returns...

A Nobel Prize winner wants you to think the market is still expensive, Uniform Accounting highlights the market’s multiple is very cheap

All of our analysis starts with adjusted financial metrics. However, not all adjusted financials are equally useful...

Uniform accounting shows the market expects this company to continue to make massive profits from a conflict of interest that may not last

Throughout much of modern history, ratings agencies were considered some of the most powerful companies in the world....

Uniform Accounting shows that once this firm monetizes its massive asset base, returns could double, bullish for the bonds and equity

This firm has a massive asset on the books that has dragged down returns recently. However, it is in a prime position to monetize that asset and see returns get back to prior levels, or over double where they are now....

Uniform Accounting shows how a “fast follower” mentality has been worth a trillion dollars to this company, but it might be coming to an end

As one of the world’s largest companies, this firm hasn’t become successful by being a premier innovator, as some would think, but by being a premier fast follower....

This key economic indicator continues to be a tailwind for U.S. valuations

Since the United States formally began inflation targeting in 2012, the best economic analysts in the country have failed to accurately predict inflation...

This investing great got his start by applying Machiavellian principles, Uniform Accounting shows what he’s working on now

This activist investor has lived by Machiavelli’s mantra when dealing with the companies...

You might have planned on shorting this company using as-reported metrics, Uniform Accounting says cover your short position

The “Internet of Things,” or IoT, has been a trendy buzzword in the world...

Moody’s is saying this homebuilder is a bigger credit risk than they were in 2007, but UAFRS says otherwise

Moody’s says this homebuilder is a bigger risk now than they were in 2007...

This healthcare company looks like it has been caught up in a bitcoin style fad, but Uniform Accounting says otherwise

‘Fad’ products and trends can cause investors to act irrationally and force the market...

Oil prices have tanked, here’s why that may be a good thing

Oil prices have been falling fast, and many investors are concerned...

This investor has made a career for betting on the little guy, Uniform Accounting shows why he keeps making winning bets

This great investment has focused on investing in smaller things with bigger upside in both his personal and professional lives. The bet that small things can make big impacts has paid off for him for the past 50 years and more...

This whole industry is cheap, but Uniform Accounting shows us which company is the real future winner

Last week, we talked about how sometimes whole industries are cheap, and that doesn’t make all of the names in it good investments...

Moody’s is panicked about theoretical risk to a company, Uniform Accounting shows why investors should ignore Moody’s yet again

Google’s transition from a partner to a competitor has become a major obstacle to many online firms, resulting in significant profitability pressure...

Uniform Accounting highlights how this company has built a successful niche in a cutthroat industry

While the payment processing industry is notoriously profitable, not all segments of the market are able to share in that wealth....

A long-term focus on the right macro metrics shows why this market is deeply undervalued

With recent market volatility, many investors are overly focused on the short term when they should be focusing on long-standing macroeconomic drivers that will drive stocks....

Many of the great investors would tell you that poker and investing are close twins, this investor has proven it with his success in both disciplines

This influential hedge fund investor has followed the same rules to become a world class poker player that he used to become a well-known hedge fund star...

The headlines have had it wrong for years—this company is a long-time cash cow and investors already know it

When Valens started looking at bond-specific trades, rather than just credit for equity analysis, we found far more cheap...

Six years ago, Uniform Accounting was consistently finding undervalued credits, this company is an example of markets growing more reasonably valued

When Valens started looking at bond-specific trades, rather than just credit for equity analysis...

This value stock is really a value trap, and Uniform Accounting shows why buying the company is an industry call, not a savvy value investor move

Companies with low valuations and high returns can look like an attractive value investment, but looks can often be deceiving...

As-reported P/Es at all-time highs are actually a buying opportunity, Uniform Accounting shows why

Sometimes, the stock market can give conflicting signals. For instance, when stock prices were bottoming out in 2008, the market’s P/E was at an all-time high...

Whether credit signals tell us to be concerned about the market moves, and thoughts for those working with individual investors

We ran a piece in our Altimetry Daily Authority today, a daily report that we write for our individual investor clients today. For those interested, you can see what we normally write there, by clicking here...

Many utilities see profits decline when they try to shrink their carbon footprint, UAFRS shows this firm has improved return using renewable energy

Many utilities have struggled to reduce their carbon footprint without sacrificing profitability, and this firm has shown that renewable energy can lead to higher...

This busted convert is offering yields that would make one think it’s going under…Uniform Accounting shows it isn’t

This company has bonds yielding 10%, with a small kicker, as bond markets continue to be concerned about its ability to remain solvent...

As-reported metrics make this company look like another conglomerate with high churn and low returns. Uniform metrics show reality is very different

Portfolio churn isn’t always a bad thing, sometimes it’s necessary...

This famous stock trader’s hundred-year-old strategy is still being used to monitor the economy

Today, we’re going to talk about one of the most famous ‘bears’ on Wall Street who was able to make millions during the Great Depression...

This investor has spent almost four decades following the playbook of the Dutch East India Company’s largest shareholder

The first public company in history was quickly followed by the first activist investor in history...

Uniform Accounting shows why recent M&A in the internet domain space was a huge deal

10 million dot-org domain names are changing hands this quarter and yet, most investors don’t seem to care...

Moody’s reputation got burned by the housing collapse in the late 2000s, it is still penalizing the industry because of it

Credit agencies were largely criticized following the Great Recession for their inability to accurately portray the credit risk of mortgage-backed securities until after the market collapse...

Uniform Accounting analysis of this company shows Buffett chose the wrong kind of insurer to build Berkshire Hathaway around

While as-reported ROA looks consistently muted for the name, TRUE UAFRS-based (Uniform) analysis shows that, as a result of favorable industry regulations...

The act of short selling is far older than the stock market, and it’s where we get the term “bear market”

Many people today do not know the origin of basic finance terms we use today. From ‘long’ and ‘short’ to ‘bull’ and ‘bear’ markets, many of these terms predate our modern financial system ...

This investor’s strategy is built off of the philosophy that “there’s nothing new on Wall Street” and Uniform Accounting shows he’s getting it right

This hedge fund titan follows in the footsteps of one of the greatest traders of all time. He’s internalized his rules, and even sounds like him, having written the forward to his idol’s book....

As-reported metrics don’t reflect how successful this company has been in getting back in the game, next is seeing if the company can keep delivering

After first struggling to adapt to changing consumer needs, this firm has been able to recover to historically strong profitability levels by embracing new platforms...

Investors think this company’s fleet of assets means its debt is safe, but historical analysis and Credit Cash Flow Prime analysis say differently

Investors were caught off guard when MLPs—one of the most stable investment classes—struggled during the Great Recession. Banks were lending on the wrong metrics, and it had disastrous results....

A jack of all trades, and master of all – this company doesn’t look like your traditional semiconductor firm

What’s better than a company selling pickaxes to a competitive market?...

This one chart helps us understand refinancing risk and what it means for the economy in 2020 and 2021

As we’ve talked about before, credit cycles drive equity and economic cycles. If you can understand where credit markets are heading, you can understand what is likely to occur for the economy overall, and the equity markets...

This investor’s big bets have both made and almost broke his investing career, Uniform Accounting shows which bucket his current bets will fall under

This fund manager has lived by a less known Buffett quote about being a concentrated investor when you have all the information. It has both made him billions and almost sunk his career multiple times....

Contrary to distorted as-reported numbers, this company is a great example of the Efficient Market Theory in action

For many years, this company’s as-reported financials seemed to line up with its stock market returns. However, once the company began its acquisition strategy, the stock’s movements and as-reported accounting...

Moody’s has gotten this company wrong for twenty years. They’re still massively overstating its credit risk, this time for a new reason

This company is considered a “moderate credit risk” by Moody’s. In their own words, it’s because of “(near-term) uncertainty around obligations”...

Is this biotech firm a negative return start-up or a mature company destroying value by attempting to grow? Uniform Accounting gives the real answer

This company demonstrates that not all biotechnology firms either become moonshots or crash-and-burn...

This professor is the Indiana Jones of finance, and Uniform Accounting shows how his fund is the holy grail of investment strategies

Much like Indiana Jones, this hedge fund titan has spent his fair share of time in the classroom, but what has really made him famous is his success in applying his knowledge in the field...

With a 13x as-reported P/E, investors may think this is a deep value commodity play, Uniform data shows a stronger company, but greater risks

While investors think all companies in the Aluminum business are commodity companies, this firm has been able to yield consistent returns and avoid...

Bond investors are almost never more bullish than equity investors, but they are for this company. UAFRS shows it is setting them up for a big loss

Everyone knows about retail’s demise and how painful the last few years have been for brick and mortar stores....

Raising prices isn’t the only way to improve earning power, this cable company showed the power of selling more to the same customer base

Asset-intensive industries like telecom and cable require specific solutions to drive stronger returns....

This ancient tradition is the reason we ‘long’ and ‘short’ stocks today

Many people today do not know the origin of basic finance terms we use today. From ‘long’ and ‘short’ to ‘bull’ and ‘bear’ markets, many...

This Ben Graham disciple was railing on as-reported accounting long before we were, and his portfolio shows the issues with GAAP accounting

True greats in any field stand on the shoulders of fellow giants. Be it Plato building off his learnings from Socrates or this value investor,...

This company has expanded its reach across the globe, but at a historically high 31x P/E, its success may not be enough to quench investors’ thirst

As a leader in its space, this firm has been able to yield phenomenal returns by expanding its reach to as many...

How a portfolio strategy beat the market by 7x in just two months by using lessons from a venture capital legend and a distressed debt investor

Today, we revisit one of the most interesting projects we’ve worked on since starting Valens: treating energy...

If you can’t beat ‘em, buy ‘em—this rental company boosted earning power by consolidating the market.

This company is part of the legacy of one of the greatest roll-up artists of this generation, and most...

This chart shows a great leading indicator for real Uniform earning power growth of Corporate America – signalling an acceleration

Our focus on credit cycles is to make sure there is availability of corporate credit for companies to invest in growth. It is equally important to see...

This hedge fund manager invests like a Rothschild, and Uniform Accounting hints he too knows something ahead of the crowd

This informational advantage-based investor follows in the footsteps of other investing greats. He also comes from one of the greatest banking dynasties ever, always focusing on being one step ahead of the market....

This company has used unorthodox ways to try to keep up with its peer, and Uniform Accounting metrics show it’s working, and might be accelerating

Despite never eclipsing its largest rival, this company has been able to enter new markets by leveraging a strong portfolio of brands....

Creditors are treating this company as a one-hit wonder, but Uniform metrics show its success is sustainable, and markets will need to react

The equity markets rewarded this company after a risky bet paid off, sending the stock three times higher over the last three years....

Uniform metrics show this passion project turned into a money-printing machine; however, it would need another big leap to justify lofty expectations.

50 years after its beginnings, some investors would be forgiven for thinking this company continues to be focused on passion projects. After all, that’s how it got its start…...

Corporate America’s REAL earning power: how this chart helps explain the stock market’s cycles and clues into the market’s moves in 2020 and beyond

The great Ben Graham, father of value investing, talked in The Intelligent Investor about the importance of Earning Power for understanding in which companies to invest...

A mentor, one of the top hedge fund earners in the world, sees alpha in cross-capital credit and equity research… recognizing failures of GAAP

This investor taught me to open my eyes to the credit world… and its power when viewing the equity markets...

This company’s risk on a new business model unlocked value across its industry, but Uniform metrics show it would need a repeat to justify upside.

This company was the test case for a brand new business model that transformed its market...

This company’s recurring LBOs have terrified Moody’s. Meanwhile, active CDS credit markets and Uniform analytics show why Moody’s is wrong

This company has repeatedly been taken private and then gone public. Risk averse credit rating agencies are focusing on that risk and refuse to rate the company as...

This company enabled the Flash Boys. Valuations require growth. Wall Street analysts and Uniform metrics show a much slower pace ahead.

Tailwinds for this market with continued growth in the high frequency world, and cloud storage and SaaS solutions across all sectors mean that the market thinks this...

This Principles-driven fund manager is as tight-lipped about his process as the CIA – Uniform Accounting offers a window into his black-box

When the most secretive organizations in the world decide to publish their data, it often draws a lot of attention...

This low-cost retailer turned singles into millions, selling more stuff more often, Uniform metrics say it may be too late for the stock now.

This company has been a prime example of how selling more stuff to more customers can lead to a sustained business transformation...

Credit investors are pricing this company to be a casualty of retail armageddon, TRUE uniform earning power data says this may present an opportunity

The bond market has consistently been overly pessimistic about this company’s outlook, pricing it for its business to be wiped out...

Who really had and does deliver real earning power? UPS versus FedEx… The as-reported numbers don’t show what’s really going on

For many investors, relative performance and relative valuation analysis are key to knowing which stocks look expensive and cheap...

History May Not Repeat But It Rhymes: What This Eye-Opening Chart & JP Morgan Tells Us About The Next Bear Market

Here are some of the actual headlines during the bear market side of that cycle: “Financial Contagion Spreads”, “Major Brokerage Nearly Collapses”, “Interest Rates Soar”...

A Failed Playwright Trained the Greatest Value Investor Ever – What’s Really in His Portfolio Now?

One of the greatest investors of all time attributes most of his investing success to learning under a failed playwright...

This company’s products own their categories, driving stable profits, but TRUE valuations show the market is pricing in much more than stability

This company has created brands that have become synonymous with the categories it owns. Because of this the company has been able to produce steady and strong profitability...

5 years ago, we showed Moody’s was getting this company wrong. TRUE uniform cash flows show that even after the stock’s run, there’s still opportunity

This company’s stock and bonds have both performed extremely well thanks to an improved credit position and the boom in AI. However, Moody’s is STILL incorrectly misrating the name...

The stock price implies that this company sells pickaxes (instead of mining for gold): TRUE margins (half of as-reported) say they’re losing anyway.

The market’s stock price implies that this company can keep selling pickaxes instead of mining for gold. TRUE uniform UAFRS-based margin analysis shows that the firm is still losing anyway...

MONDAY MACRO: Powerful Recession Chart our recession-worried clients get from us first: Aggregate UNIFORM US Corp Debt Service (Investor Essentials)

A Powerful Macroeconomic Chart for Recession Detection That You’ve Probably Never Seen Before… it’s what we show clients who are worried about a recession....

Welcome to the Investor Essentials Daily from Valens Research

Thank you so much for having been a Valens Research Institutional Daily reader. We’re excited to continue to bring you interesting, insightful, and still free essential investor insights, as we turn...

This Company Is a Prime Example of Incentives Dictating Behavior

Google at the time, Alphabet (GOOGL) now, was a great success on our Conviction Long Idea list from 2013 to 2019, when it was up almost 140%. While we were recommending the company in 2013, we became exceptionally bullish...

The Military Industrial Complex Fuels This Company’s Tailwinds

Dwight D. Eisenhower was not just a great general, he was a visionary. In 1919, after World War I came to a close, as a Lieutenant Colonel he was assigned as an observer to the First Transcontinental Motor Convoy. This was a road test...

Shorting Is Not About Valuations, This Company Is Proof

We often get the question from clients “so if I just reverse your long screen, is that what you’d recommend as a short?”...

Not Getting Bought Might Have Been The Best Thing That Ever Happened to This Company

On November 17, 2015, Canadian Pacific (TSX:CP) offered to acquire Norfolk Southern (NSC) for $37 billion. Up until 2014 the company had benefited from tailwinds from a rare...

Good Incentives Dictate Good Behavior, Bad Execution Dictates a Falling Stock Price – This Company May be an Example of Both

Each year, we spend several weekends teaching classes in MBA programs across the US, and sometimes globally. One of the two main classes we teach is on Return Driven Strategy, or RDS...

This Company Has Doubled Due to Low Inflation, but That May Be Coming to an End

In the land of distribution, especially food distribution, inflation and volumes are king. The way a distributor makes money, quite simply, is by being the warehouse and logistics connection between sellers and buyers...

Just Because a Stock Falls 60% Doesn’t Make It a Screaming Buy

One of a value investor’s favorite screens is looking at the list of companies that just hit a 52-week low. When a company is trading at the bottom of its recent trading range, it can be a sign it is time to dig in, as Mr. Market has overreacted about...

Sometimes Just Betting Everything Won’t Go Wrong Is the Best Bet

In our recent Institutional Daily articles on Range Resources and on Ford we highlighted how important a company’s book assets are as a floor to valuations. Generally, companies do not trade below 0.7x their Uniform (UAFRS) book assets...

Lowe’s Isn’t Home Depot…the Market May Need to Realize That Soon

For homeowners, contractors, and investors, you don’t mention Home Depot without mentioning Lowe’s immediately before, or after. “Lowe’s and Home Depot” have xyz, or are doing abc, or are great places to go for efg. But in reality...

This company Is in Trench Warfare, but Is Priced Like It Is an Arms Dealer

Often in finance we talk about companies either being “pick axe sellers” or “arms dealers”, and people being “gold miners” or people in the middle of a “war.” The idea is that in a massive growing market...

The Market is Too Excited About this Company Being the Gillette of Industrial Machinery

If you’ve been in a business class in the past 20 years, or read any book on great companies, you’ve probably heard about the “razorblade model.”...

The Automation Wave is Real, But This Stock Doesn’t Have to Go Higher Because of It

Rockwell Automation (ROK) has had impressive Uniform Returns for the past 15 years, and in particular the past 8. Since 2011, Rockwell has consistently been able to produce Uniform ROA above 20% a year, year in, year out...

Investors May be Too Excited About E-Commerce’s Impact on This Business

The rise of e-commerce has doomed many great brands of the past 100 years. Sears and Kmart, Barney’s New York, Payless Shoes, Circuit City, Radio Shack, and Borders are just a few of the biggest names that have gone under...

This Company is a Great Example of Why Recessionary Risk is Fading

Those of you who have read our Market Phase Cycle™ report know that a core focus of our macro work is on understanding credit cycles. Over the last 150 years...

This Company’s P/E Masks How Cheap It Really Is

Last Tuesday, we wrote a Valens Research Institutional Daily on Ford, where we highlighted how rare it is for a company to trade at a material discount to their asset base, when it’s cleaned up to remove the accounting noise under...

Wishing you a happy Thanksgiving, or Franksgiving if you’d prefer

When most people think of our most influential presidents, three that immediately come to mind are Washington, Lincoln, and FDR. These three men played massive roles in framing the America...

Your Capital Structure is as Important as Your Business Model

Many airline analysts talk about Southwest (LUV) as a mythical operating company. A company that can buck the economic trends that historically brought down other airlines regularly for the past 50+ years...

This company is helping evolve the continuum between advertising, consulting, and investment banking

Once upon a time, advertising, consulting, and investment banking all had clearly defined roles in servicing a corporation...

This company is going through the “Adobe” – and they’re only halfway through their journey

In April 2012, Adobe took a step into the unknown. Many investors lambasted them for their strategy shift, saying they were insane. Adobe was abandoning their cash cow software business, where...

This Company Employs the Nurses Taking Care of You, that You Don’t See at Your Bedside

If you’ve ever been in a hospital, whether your memory of the visit was good or bad, you probably remember your nurses. Nurses are the front line of healthcare, managing patient care, acting as the face and...

Customers Pay this Company for the Right to Spend More in its Stores

Behavioral economics regularly highlights that humans are anything but the homo economicus that your introduction to economics professor so desperately wanted you to believe in. Humans often are...

The Real Reason for this Tech Superpower’s Name

If you’ve watched The Men Who Built America or studied the history of Dr. Nikola Tesla, you may know the famous story of Tesla and Thomas Edison’s falling out. Tesla was working for Edison at would eventually become General Electric, and had many innovative ideas. When Tesla proposed...

One of America’s Great Business Builders

Most people would dream to create a single billion dollar business...

This Company is a Star of America’s Mittelstand

There are many factors that researchers point to as having helped fuel Germany’s impressive growth over the past twenty years...

I’m at the CFA Institute Equity Research & Valuation Conference Today

Hello from New York City. I’ll be presenting at the CFA Institute Equity Research & Valuation Conference today. My presentation is titled “NOT EVEN Apples to Oranges”, and I’ll be talking about how problematic GAAP and non-GAAP metrics are for investors...

The Battle to be the Monte Carlo of the West

In the 1950s, Las Vegas’ position as the preeminent destination for gambling in the Americas wasn’t yet secure. The mob and others had heavily invested in Vegas and business was booming, but there was a rival constantly threatening Vegas. Most people now...

Portfolio churn can destroy value for investors, and for companies

One of the first questions that an investor generally asks when they’re talking to an asset allocator is “what is your portfolio churn.” Investors worry that if a manager is constantly buying and selling stocks, transaction fees will...

The most boring market in finance can also be its most terrifying

September 2008 was a truly terrifying month for anyone in finance. Fannie and Freddie went into conservatorship on the 7th. Bank of America bought Merrill Lynch on the 14th, to prevent it going under when...

This company owns the discount retail world

There are so many choices for makeup when a woman walks into a CVS or a Wallgreens. There’s Bobbi Brown, Clinique, Estee Lauder, MAC, Glamglow, Becca, just to name a few. There are options for...

What sharks and Russians have in common

A scary report emerged from Washington DC in 2018. It shed light on a concern that many in the national security apparatus have been aware of for decades. The Russian state is...

Get Big or Die Trying

The local news business has been steadily under pressure for the past 5+ years, and really for some time before that. Data from MoffettNathanson shows that pay TV subscribers are shrinking. Viewership for local broadcasts in particular are...

Not So Royale with Cheese

It’s not surprising that Vincent Vega didn’t go to Burger King to find out what the Whopper was called in Pulp Fiction. McDonald’s has long been the most ubiquitous of all the fast food chains, in the US and globally. This is why Vincent...

You didn’t realize this company feeds all your pets

The spinoff of Adient was a huge deal for Johnson Controls (JCI)...

A belief takes over Europe from the very spot a prior one was halted

The Muslim conquests following the death of Muhammad in 632 AD steadily built over the next one hundred years. The accumulation of victories began to take on an air of inevitability. From 638-642, most of the Byzantine empire’s...

This company is the only winner from PG&E’s rolling blackouts

The Camp Fires in northern California in November 2018 were one of the worst wild fires ever recorded in California. The impact was massive. 85 people were killed, and 14,000 residences were destroyed...

One of the Greatest Hedge Fund Managers Ever Lost His Investors More Than He Ever Made Them

In March 2000, Julian Robertson made the decision to return all Tiger Management’s investors’ money. He shut down the hedge fund. One of Tiger’s funds, the Jaguar Fund, had dropped 14% in the first 2 months of the year, having lost almost...

The defender of the internet’s walled cities

In 1099, the army of the Muslim Fatimid Caliphate thought they were secure behind the walls of Jerusalem. They were facing a Crusader army that had been decimated by hunger and thirst and were depleted from their siege of Antioch and journey inland...

It Took a Maverick to Uncover This 7x Return Investment

When Mark Cuban bought the Dallas Mavericks on January 4, 2000, the team had had a 240-550 record the prior 10 years. Through the entire 1990s, the team went to the playoffs once, in 1990. They lost all 3 games in that playoff series...

Assembly Required in the Oil & Auto Markets

On May 15, 1911, many people thought that one of the richest men the world has ever seen was just taken down. He wasn’t. John D. Rockefeller’s wealth peaked at $900 billion in today’s dollars in 1912, not because of the breakup of his empire, but because he started to give away his money. But the trust busters still won in 1911...

Did A Hedge Fund Legend Play In The 1932 World Series?

It’s game 3 of the 1932 World Series, and the score is tied 4-4 in the 5th inning. October baseball is always special, but an at bat in a tied game in the World Series is a true pressure cooker. Babe Ruth strode to the plate for the Yankees, facing the Chicago Cubs in Wrigley Field...

Sprint Predicted This Supplier’s Doom

In 2009, we knew Palm was doomed. For most of you, if you remember Palm at all, you remember it because of the Palm Pilot. The handheld personal device that was about 15 years ahead of its time. It basically created the market that is now the tablet and smart phone market...

This company looks like one of my favorite stocks over the last 10 years

We were lucky that we got one of our first ideas right. Really right. In many businesses, people want to buy only after you’ve shown you have a track record of good performance in what you do. That’s especially true when...

The secret to Warren Buffett’s riches

Warren Buffett is a great investor. Many great investors have made themselves billions, but there are few if any investors who have made themselves billionaires through investing. Jim Simons and Ray Dalio, with net worth of $21.6 billion and $18.7 billion are the two investors with the closest wealth to Buffett...

This company is driving Frontier Communications out of business

Frontier Communications rebranded in 2008, and since then they have been focused on a market that no one else wants. They have been focusing on rolling up the local phone companies throughout the United States...

The true titans of finance

When someone refers to the titans of finance, people often think of names like Steven Schwartzman in private equity, Jamie Dimon in traditional banking, Ken Moelis in investment banking, or Steve Cohen for hedge funds. But this is really missing the forest from the trees...

Do AI bots even sleep, let alone dream of electronic sheep?

When Philip K. Dick wrote Do Androids Dream of Electronic Sheep his vision of a post-apocalyptic machine-driven world was vastly different from the technology-driven world we see today...

The end of the drive-in theater

In 2013, the last passenger car with a front bench seat, the Impala, rolled off the assembly line. By that point, the bench seat was optional, and cost $195 extra. This was a far cry from the days...

If you can’t beat ‘em, join ‘em

When Kevin Durant looked across the court on May 30th, 2016, it’s likely the sense of defeat truly rolled over him. He hadn’t just lost Game 7 of the Western Conference Finals to the Warriors, he was looking at a juggernaut...

A hip, a hip, my country for a hip

Most clinicians would agree that a hip fracture is one of the most concerning injuries an elderly person can sustain. While many might think of it as just a broken bone, like any others, the mortality rate...

I’m from the government and I’m here to help

A friend of mine recently sent me a link of stories about inefficiency in government. There was a story about a consulate sending a letter requesting someone pay a fee of $0.50, and using a $1 stamp to send the request...

Ground Zero For The Trade War And Feeling Fine

It has disrupted telecom equipment and phone supply chains. It has caused significant pain and uncertainty in the agriculture markets. It has changed how management teams think about long-term strategies around where they source clothes that are sold...

This Is Hiding In Your Company’s IT Infrastructure

If you work in a larger company, you’ve probably experienced a “phishing test” or heard a story about someone who has. Not an actual phishing event, where someone attempts to gain access to your company’s infrastructure...

What’s in a number anyway?

Over the past 10 years, Pfizer has taken $21 billion in special items. That’s more in special items over 10 years than Amazon has had in net income. It’s more than Baxter International, HCA, FedEx, and Starbucks have had in earnings either...

Hiding In Plain Sight

Valeant rebranding as Bausch Health after their accounting and specialty pharmacy crisis. Andersen Consulting changed their name to Accenture to shake off Arthur Anderson’s Enron driven collapse. Philip Morris changed their name to Altria…...

Valens Research's Uniform Accounting framework is the foundation for better decision making.

Institutional Investor
Research Solutions

Our Methodology and Results

Bringing you the Investor Essentials Daily

Our highly-acclaimed daily newsletter, bringing Uniform Accounting insights right to your inbox. You can sign up for this free newsletter here.

See our most recent reports here:

News and Events

Upcoming Events

Past Events

Recent News

Testimonials

As seen in...

Request A Demo

Valens Research's Uniform Accounting framework is the foundation for better decision making.

Institutional InvestorResearch Solutions

Our Methodology and Results

Bringing you the Investor Essentials Daily

Our highly-acclaimed daily newsletter, bringing Uniform Accounting insights right to your inbox. You can sign up for this free newsletter here.

See our most recent reports here:

News and Events

Upcoming Events

Past Events

Recent News

Testimonials

As seen in...

Institutional Investor
Research Solutions