Investment Research


JULY 2019

Collateralized Loan Obligations Flourish: A Case of Déjà Vu

The alphabet soup associated with the Global Financial Crisis has resurfaced as CLOs and CDOs once again make headlines. Since 2008, mortgage securitization has crawled to a halt--with the exception of the highest quality government-backed loans. Securitization has flourished in corporate debt markets, however, with record issuance of Collateralized Loan Obligations (CLOs) causing déjà vu.

JULY 2019

The Performance of Value vs Growth: Look at Per Share Earnings and Free Cash Flow Growth

Over the long-term, value stock investments tend to outperform growth investments. Erick Rawlings, managing director, research, searches for an explanation as to why the current bull market is seemingly at odds with this historical trend.

JUNE 2019

Revisiting Earnings and Earnings Multiples as Drivers of the Equity Markets

Doug Cohen, managing director, portfolio management, began the year with a "20 Questions" (and Answers) market overview that covered pertinent capital market issues for 2019. Doug revisits these issues, returning with the two variables that determine equity prices: earnings and earnings multiples.

JUNE 2019

America’s Ice Age: Did You Know?...

What allocation would the ice harvesting industry of the 1800’s have on the Bloomberg Commodity Index? Erick Rawlings, managing director, research, visited a historic inn where an old ice house peaked a thoughtful discovery.

JUNE 2019

Developing an Approach to Portfolio Management That Is “Great by Choice”

Erick Rawlings, managing director, research, recently finished reading Jim Collins' "Great by Choice." The research and anecdotes in the book led Erick to take Collins' sound principles and apply them to portfolio management. Erick observes that within the author's five sets of company reviews, varying occurrences led companies to "10X" while other companies ended up an also-ran. What factors led to these two disparate outcomes, and how can they be valuable tools for portfolio management?
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