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Book/Price – A Broken Factor

In the past 5-10 years, investors have seen drastic underperformance from traditional value factors. Russell style indices, which use sales growth, earnings growth, and book/price to determine value and growth, have seen a strong divergence in performance since the 2008 recession. Let’s examine Russell Value/Growth Anomalies, Share Repurchases and Intellectual Assets.
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Another Look at Apple

September 11, 2020 Applied Finance

The reign of Tim Cook at apple has been extraordinary with the company’s valuation growing 5x larger on his watch. Deservedly, there has been little criticism of the cash returned through stock buybacks (~$340 Billion […more]

Understanding Recent Option Activity

September 10, 2020 Applied Finance

Recent reports attribute the market’s recent melt-up to option buying activity from Japanese institutional giant SoftBank and unsophisticated American traders using the new commission free platform, Robinhood. Without divining on whether these explanations are clever, […more]

Market in Pictures – August 2020

September 2, 2020 Applied Finance

For August 2020, we highlight the importance to productivity of waking up properly, the plight and pain of traditional value managers, a must-read white paper on value investing and technology and several other trending topics […more]

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