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”.