by Joe Miramonti | Jun 9, 2017 | Research
Because the alpha (returns in excess of the market) in our Framework Investing portfolio is generated primarily from good investing ideas, it can appear that our research is focused only…
by Erik Kobayashi-Solomon | Jun 6, 2017 | Research
Long-time subscriber, Wilson M. recently sent me an email asking what I thought of Bristol-Myers Squibb’s BMY valuation. Without digging into the company’s drug pipeline, I just looked at historical…
by Erik Kobayashi-Solomon | Jun 1, 2017 | Research
This month, we screen for attractive “bond replacement” investment candidates using new holdings of Wedgewood Partners (RWGIX), a $3.9 billion fund based in St. Louis and run by David Rolfe.…
by Erik Kobayashi-Solomon | May 31, 2017 | Research
Earlier this year, I had the pleasure of attending the Grant’s Interest Rate Observer Conference, at which one of the most impactful speakers was one of Julian Robertson’s proteges by…
by Erik Kobayashi-Solomon | May 25, 2017 | Research
While all cash flows are created equal, Valuing REITs is a different animal from valuing operating companies – the field in which we have spent years developing our expertise and…
by Erik Kobayashi-Solomon | May 24, 2017 | Research
One of the great things about using OCP as a profit metric is that, unlike non-cash measures of profit like EBIT or Net Income, aggregating OCP – adding up total…
