Stock Selection

Behavioral Finance
July 2026

Once Bitten: Why Investors Won’t Buy Back a Stock That Burned Them

Essentia Analytics

Clare Flynn Levy

Research

7 Pages

Essentia Analytics explores why investors often refuse to repurchase stocks they previously sold at a loss, even when fundamentals improve.

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Markets
June 2026

Distorted Equity Markets: A Generational Opportunity in Quality

Schroders

Simon Webber

Research

6 Pages

Schroders examines how AI disruption fears have distorted global equity markets, creating a divide between AI winners, perceived safe havens, and de-rated quality-growth companies.

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Industry Reports
May 2026

Eye of the Storm: Investing in Adaptation and Resilience

Allspring

Kofi Mbuk

Research

5 Pages

Allspring argues that U.S. utilities are becoming central to climate adaptation investing as physical risks move from long term externalities to immediate balance sheet issues.

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Markets
April 2026

Competitive Advantage Period: The Neglected Value Driver

Morgan Stanley

Michael Mauboussin, Dan Callahan

Research

69 Pages

Morgan Stanley examines competitive advantage period, or CAP, as a neglected driver of equity value.

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Markets
November 2025

Beyond the Beta: Actively Seeking Small-Cap Alpha

Goldman Sachs

Jen Nusser, Nick Barker

Research

20 Pages

Goldman Sachs says small-cap markets are set for a promising cycle, driven by expected rate cuts, attractive valuations—in the US and especially internationally—rising earnings, and increased dealmaking.

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Markets
May 2025

Drawdowns and Recoveries

Morgan Stanley

Michael Mauboussin, Dan Callahan

Research

24 Pages

Michael Mauboussin examines the drawdown and recovery patterns of over 6,500 U.S. stocks from 1985 to 2024.

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Markets
May 2025

Widening the Lens: Revisiting the Case for Non-U.S. Stocks

Janus Henderson Investors

Research

6 Pages

While US stocks have outperformed over the past decade, Janus Henderson believes the valuation gap creates room for upside and an opportunity to diversify equity holdings.

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Markets
October 2024

Measuring the Moat

Morgan Stanley

Michael Mauboussin

Research

104 Pages

Michael Mauboussin provides a comprehensive framework for evaluating a company's competitive advantage and its ability to sustain value creation over time.

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Markets
October 2024

How we cover equities

UBS

Ulrike Hoffmann-Burchardi

Research

11 pages Pages

UBS’ Ulrike Hoffmann-Burchardi shares her framework for equity analysis, integrating macroeconomic conditions, micro-level fundamentals, and structural transformations to enhance investment decision-making. She explains why these three perspectives—macro, micro, and transformational—serve as the pillars of her global equity framework.

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Markets
July 2024

Which One Is It?

Morgan Stanley

Michael Mauboussin

Research

20 Pages

This report examines how public companies manage equity issuance and buybacks, highlighting the importance of aligning actions with intrinsic value. Firms engaging in both simultaneously may undermine shareholder returns if price and value diverge.

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Markets
April 2024

Valuation Multiples

Morgan Stanley

Michael Mauboussin, Dan Callahan

Research

26 Pages

Michael Mauboussin published a deep dive on valuation multiples, covering what they miss, why they differ, and their link to fundamentals.

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Markets
February 2024

Cost of Capital and Capital Allocation

Morgan Stanley

Michael Mauboussin, Dan Callahan

Research

23 Pages

Michael Mauboussin analyzes how U.S. public companies acted in the regime of easy money (2009-2021).

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Markets
November 2023

Total Shareholder Return: Linking The Drivers of Total Returns to Fundamentals

Morgan Stanley

Michael Mauboussin, Dan Callahan

Research

32 Pages

Morgan Stanley Investment Management explores how total shareholder return ties stock price, earnings, valuation and capital distributions back to fundamentals.

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Markets
August 2023

The Difference of Dividends

WisdomTree

Alejandro Saltiel, Matt Wagner

Research

6 Pages

WisdomTree analyzes how dividends have driven long run equity returns and how its dividend indexes compare with the S&P 500.

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Markets
January 2023

Global Outperformers

Jenga Investment Partners

Dede Eyesan

Research

287 Pages

Jenga Investment Partners maps what drives exceptional multi-year equity winners and how those businesses compound through different market regimes.

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Markets
October 2022

Return on Invested Capital

Morgan Stanley

Michael Mauboussin, Dan Callahan

Research

44 Pages

Morgan Stanley explains how return on invested capital clarifies whether a firm creates value when it grows.

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Markets
March 2022

Crystal Ball Gazing

Ash Park

Research

13 Pages

Ash Park explores forward-looking market narratives through a probabilistic lens, questioning how much predictive value investors should actually assign to macro forecasts.

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Markets
August 2021

Everything Is A DCF Model

Morgan Stanley

Michael Mauboussin, Dan Callahan

Research

12 Pages

Morgan Stanley argues that all asset valuation implicitly relies on discounted cash flow thinking, reframing investing as estimating future cash distributions rather than relying on shortcuts.

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Markets
December 2020

The Wisdom Of Buying Absurdly Expensive Stocks

Man Group

Dan Taylor

Research

8 Pages

Man Group explores whether buying extremely expensive stocks can still generate strong returns, challenging traditional valuation logic.

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Markets
January 2020

Dispersion And Alpha Conversion

Morgan Stanley

Michael Mauboussin, Dan Callahan

Research

17 Pages

Morgan Stanley explores how stock return dispersion shapes the opportunity for active managers to generate alpha, arguing that skill only pays off when dispersion creates meaningful differentiation.

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Markets
January 2018

Top Stocks for 2018

SumZero

Research

147 Pages

SumZero’s Top Stocks for 2018 compiles 15 highest conviction equity ideas from buyside professionals across longs, shorts, and special situations.

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Markets
October 2013

Earnings Quality Matters More than You Might Think

Parabolix Research

John Del Vecchio

Research

7 Pages

Parabolix explains why earnings quality can be more important than reported earnings when evaluating companies.

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Markets
May 2013

Taking a Play Out of Buffett’s Playbook

Sizemore Capital

Charles Sizemore

Research

9 Pages

Sizemore Capital explains how several macroeconomic and demographic trends could create investment opportunities across global markets.

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Active Management
November 2002

Returns and How They Get That Way

Oaktree

Howard Marks

Research

15 Pages

Oaktree Capital explains where long term equity returns actually come from, arguing that earnings growth rather than ever higher valuations ultimately drives investment results.

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