Stock Selection

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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