Free Cash Flow and Post-IPO Returns
Free Cash Flow Factor Exploring Strong and Sustainable Profitability
This paper discusses how Free Cash Flow is a superior current profitability indicator compared to earnings when it comes to Quality investing. It reveals how the quality of a company’s earnings is heavily influenced by its use of accounting accruals and that a non-linear ...
Pure Alpha: Evaluating Active Management in a Modern Way
This paper discuss how we apply active management and the common misconceptions around active and passive investing. We apply a framework to estimate the “pure alpha” opportunity of an active strategy. Our evaluation reveals that a quantitative active strategy may deliver...
Using Free Cash Flow to Uncover Real Quality
“Quality” is a tricky term to define. It can be associated with profitability, earnings consistency and growth, or balance sheet leverage, among other things, a fact that many management teams use to their advantage. But investors don’t have to rely on such ambiguous term...
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