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IBM Case Study

1) IBM has a large financial service business. First, it affects financial variables such as FCF. (The company provides selected figures of ex-financials figure, but it does not look like all are using it) Second, it represents the challenges of migration from the...

Is This Stock “Buy” or “Sell”?

Question: Is this stock “buy” or “sell”?   US Listed Price: $138.97 EPS: $6.05 EBITDA/Share: $12.48 FCF/Share: $6.09 Dividend: $2.66 ROE 11% (10-14% Historically) Capital Invested/Share: $82.31 EV/Share: $168.85 Revenue Growth Average: 3% last ten years & 5-7% in the...

Conviction and Certainty

  Warren Buffett often stresses his approach to focus on the business that he can understand and analyze. What does it mean to the professionals of active equity investment management?   High Conviction (market-oriented approach)   Many experts and funds say they put...

The Equity Market 2017

Global and US corporate aggregate earnings remained flat with no growth for the last couple of years. In November 2014, S&P 500 LTM EPS hit the peak of $113.57. MSCI All Country LTM EPS hit the peak of $24.74. In February 2017, S&P 500 and MSCI All Country LTM EPS...

Process Integrity & Analysis

As we have touched on previously, we are in the development process of new fundamental investment research to advance global fundamental equity investment. As our stance remains rooted in the fundamental long-term investing, we believe that the efficient and seamless...

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