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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Stock Option Liabilities Add Risk In Today’s Filing Season Find
TSLA’s employee stock option liability increased from $1.6 billion in 2017 to $3.5 billion (7% of market cap) in 2018.
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The Real Earnings Season Starts Now: Finding Gold In Footnotes
Corporate earnings announcements provide investors with limited and often misleading data. Only by reading all of the financial footnotes, which are only included in annual 10-K reports, can investors analyze true profits.
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Featured Stocks In February’s Most Attractive/Most Dangerous Model Portfolios
Heidrick & Struggles International is the featured stock from February’s Most Attractive Stocks Model Portfolio.
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Position Close Update: Snap, Inc.
It appears the market has absorbed so much bad news at this point that there’s little left to drive the stock down further and a low bar for it to pop back up.
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Featured Stock In January’s Dividend Growth Model Portfolio
Best Buy Co. is the featured stock from January’s Dividend Growth Stocks Model Portfolio
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Sector Ratings For ETFs & Mutual Funds: 1Q19
Investors looking for sector funds that hold quality stocks should look no further than the Consumer Non-cyclicals and Financials sectors.
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Latest Comments
Netflix’s Price Increase Signals Original Content Isn’t Enough
1 year 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
1 year 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
1 year 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
3 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
4 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)
4 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
4 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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$KHC down 27% today on the news of $15 billion in write-downs, now down over 60% since we initiated coverage with a… more
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