Advocating that a stock is valued less than its current worth has never been a fashionable pastime in an industry that has made money out of growing asset bases.

With the closing of multiple investment banks’ equity research departments and headcount reductions throughout the industry, there remains little doubt that the world of equity research is changing rapidly.|

Intrinsic value as a concept is not difficult to understand – it merely represents the future cash flows of a company discounted back to a present value.

When a company pays a dividend, they are paying you, the owner, with cash that you already own. In theory this transaction shouldn’t create any value.

Analyzing a cyclical company presents a special set of challenges for the equity analyst. The market generally underestimates the role of the cycle resulting in wild swings in cyclical stocks. For the smart, this can create wonderful opportunities.

On our journey to democratize equity research, we occasionally come across skeptics. One common pushback centers around “access to financial data”.

Historical analysis of the financials is a crucial part of understanding any company. The problem with most sell side analysts is that they don’t look back far enough – typically viewing two years of history as sufficient.

Many famous investors have themselves discovered, monitoring the balance sheet can help you to avoid the costly mistakes that seem so obvious with hindsight.

Skilfully interviewing company management is one of the most daunting and challenging tasks of an equity analyst or portfolio manager. Top class analysts who have learnt to do it well incorporate it as a key part of their process...

It’s important for investors to know what market expectations are. It provides a clue to the mentality of the market and how fast investors are running on the “hedonic treadmill”. The faster it’s going the more dangerous it will be to get on.

When you invest in a stock, you agree to become co-owner in a small part of that business. Like any investment, you want to be sure that the people in charge are people you can trust to manage the business well.

“Second-Level Thinking” is a term popularized by Howard Marks of Oaktree Capital to describe those investors who look beyond the obvious.

The "stop-loss" is one dangerous concept that investors seem to borrow from the world of trading. But to sell on a stop-loss is to be directed by the price action alone, with no reference to the underlying value of the stock.

In this world of constant news flow, and rapid access to financial data, it’s easy to forget the difference between investing and trading. Many amateurs (and most professionals for that matter) seem to confuse the two concepts...

Quarterly results can sometimes feel like a feeding frenzy as Wall Street analysts and financial news anchors descend on the headline numbers and tear them apart. Here are six key things to look for in every quarterly report.

The markets have welcomed the U-turn by the Tsipras Government, but the outcome remains highly uncertain.