In this research report, we challenge the prevailing narrative of a new market cycle in H1 2023. Our analysis reveals large-cap stocks outperforming their smaller counterparts, a deep inversion of the T10Y-T3M spread signaling potential economic contraction, and robust pe...

Free cash flow is a critical financial metric that offers a more transparent view of a company's profitability in the context of equity valuation. Historically, both free cash flow profitability and free cash flow yield have demonstrated strong predictive capabi...

This paper extends our previous research, starts with revisiting a two-dimensional framework for measuring active management using active shares and tracking errors. The limitations of the traditional framework are discussed and a new dimension, the pure alpha estimate, i...