CEO of New Constructs, LLC.

Mr. Trainer is a Wall Street veteran and corporate finance expert. He specializes in reversing accounting distortions on the underlying economics of business performance and stock valuation. He is author of more

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A Very Unattractive Fund In The Real Estate Sector
Due to the large number of Unattractive-or-worse rated options, investors must be careful when choosing a Real Estate fund.
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Long Idea Highlights & Lowlights From 2017
Our Long Idea reports aim to identify stocks that the market has overlooked and that, when analyzed with more rigor than provided by tradition financial metrics, offer excellent risk/reward.
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How The Fiduciary Rule Can Make You Money
With full implementation scheduled for July 2019, figuring out how to deal with the fiduciary rule is the top priority for many firms and advisors. Here’s how you turn this regulatory bombshell to your advantage.
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Featured Stocks In December’s Dividend Growth Model Portfolio
This report highlights last month’s top performers and features a stock from the current portfolio, Amgen.
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Acquiring Revenue Can Quickly Destroy Shareholder Value
During the 10-year period prior to the acquisition (2005-2015), DBD’s revenues and after-tax profit (NOPAT) declined 1% compounded annually.
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Hasbro-Mattel Merger Could Produce Big Profits
Hasbro and Mattel have gone toe-to-toe for the status as America’s most profitable toymaker. I could still see more effort to make a deal happen.
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Latest Comments
Netflix’s Price Increase Signals Original Content Isn’t Enough
3 months ago

Thanks Harry Goldstein.

Understanding how far off they are from profitability today helps investors see the real risk in the stock.

In this article: NFLX
Netflix’s Price Increase Signals Original Content Isn’t Enough
3 months ago

Good points - and the back and forth here illustrated the challenges Netflix has to making money. Not sure how they will ever make the kind of money they need to make to support original content creation.

Understanding how far off they are from profitability today helps investors see the real risk in the stock.

In this article: NFLX
Netflix’s Price Increase Signals Original Content Isn’t Enough
3 months ago

They lost $2.8 billion in 2016.

Over the trailing twelve months - free cash flow is -$3.1 billion.

Wall Street loves the stock and the firm's strategy b/c it will generate lots of underwriting fees for all the debt and stock NFLX can sell to the suckers willing to fund a business model that has not made money 2010 when free cash flow was $29 million.

Since 2002, free cash flows is -$9.4 billion, cumulatively.

In this article: NFLX
Why We Downgraded Disney
2 years ago

Mr. Kaplan,

We think Disney is a great company — a truly great one — that has tremendous brand assets and has delivered great value for shareholders for many years. We simply believe that all of these brand assets and future "home run" movies, including Frozen 2, are priced into the stock at its current level.

Thanks for reading and commenting.

In this video: DIS
Top Stock Picks: 2014 In Review
3 years ago

You can learn more by signing up for our free membership at www.newconstructs.com.

In this article: AMGN, ED, ALL, CB, MDT, INTC
Danger Zone: Glu Mobile (GLUU)
3 years ago
Joel: Thanks for your comment. Would you mind sharing what you think GLUU's strengths are and how they do/don't position the company to meet or exceed the expectations for future cash flows embedded in the stock price?
In this article: GLUU, DWA, NFLX, ZNGA
Why Footnotes Matter
3 years ago
Sebright: Good point. The catch is that few investors have the time or expertise to read an annual report. Did you know that 2013 annual reports averaged over 200+ pages?
In this article: AA, ABC, CTL, DVN, ED, HAS, HES, MUR, MWV, RF, SYK, VZ, ZION
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