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Diligence Institute

Highlights From New Constructs Investment Research

Investment Style Rankings For ETFs & Mutual Funds

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No fund style earns better than my Neutral rating going into 2Q14.

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Danger Zone: Workday (WDAY)

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Momentum was the only thing supporting WDAY’s stock, and now that the momentum is gone, look out below.

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Information Technology Sector

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The Information Technology sector ranks third out of the ten sectors as detailed in my Sector Rankings for ETFs and Mutual Funds report.

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Large Cap Blend Style

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The Large Cap Blend style ranks second out of the twelve fund styles as detailed in my Style Rankings for ETFs and Mutual Funds report. It gets my Neutral rating, which is based on aggregation of ratings of 35 ETFs and 886 mutual funds in the Large Cap Blend style as of January 27, 2014.

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Danger Zone 10/21/13: Tangoe (TNGO)

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TNGO checks all the marks of a Wall Street rollup scheme. Beating earnings estimates by a penny for share every quarter? Check. Constant acquisitions to keep the top line growing? Check. Shady management rewarding itself with massive stock options? Check.

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Unconsolidated Subsidiary Assets – Valuation Adjustment

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Investors who ignore unconsolidated subsidiary assets are not getting a true picture of the cash available to be returned to shareholders. By adding unconsolidated subsidiary assets one can better understand the value of the stock to shareholders. Diligence pays.

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Non-Operating Unconsolidated Subsidiaries—Invested Capital Adjustment

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This report is one of a series on the adjustments we make to convert GAAP data to economic earnings. This report focuses on an adjustment we make to convert the reported balance sheet assets into invested capital.

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Accumulated Goodwill Amortization and Unrecorded Goodwill – NOPAT Adjustment

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Converting GAAP data into economic earnings should be part of every investor’s diligence process. Performing detailed analysis of footnotes and the MD&A is part of fulfilling fiduciary responsibilities.

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How to Find the Best Style ETFs

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Finding the best ETFs is an increasingly difficult task in a world with so many to choose from.

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Accumulated Other Comprehensive Income Removed from Invested Capital – NOPAT Adjustment

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Reported assets don’t tell the whole story of the capital invested in a business. Accounting rules provide numerous loopholes that companies can exploit to hide balance sheet issues and obscure the true amount of capital invested in a business.

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Best & Worst ETFs & Mutual Funds: Information Technology Sector

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The Information Technology sector ranks second out of the ten sectors as detailed in my Sector Rankings for ETFs and Mutual Funds report. It gets my Neutral rating, which is based on aggregation of ratings of 27 ETFs and 155 mutual funds in the Information Technology sector as of July 8, 2013.

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Danger Zone 6/3/2013: Perma-Bears and Bubble Alarmists

Danger Zone 6/3/2013: Perma-Bears and Bubble Alarmists

I am optimistic about the U.S. economy and I don’t believe we are in bubble. Too many investors and economists are looking at the economy the wrong way.

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How To Avoid the Worst Sector ETFs

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Picking from the multitude of sector ETFs is a daunting task. In any given sector there may be as many as 43 different ETFs, and there are at least 171 ETFs across all sectors.

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Buy Accenture (ACN): Profiting Off Others’ Innovations

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No matter what time range I review, Accenture’s history attests to the quality of its management and business model.

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Rating Breakdown: Best & Worst ETFs & Mutual Funds by Style

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This report identifies the “best” ETFs and mutual funds based on the quality of their holdings and their costs.

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How To Find the Best Style ETFs

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Finding the best ETFs is an increasingly difficult task in a world with so many to choose from. Only a careful analysis of an ETF’s holdings can allow investors to find the best ETFs for each style.

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Best & Worst ETFs & Mutual Funds: Information Technology Sector

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The Information Technology sector ranks third out of the ten sectors as detailed in my Sector Rankings for ETFs and Mutual Funds report. It gets my Neutral rating, which is based on aggregation of ratings of 27 ETFs and 157 mutual funds in the Information Technology sector as of January 24th, 2013.

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How To Find the Best Style ETFs

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Finding the best ETFs is an increasingly difficult task in a world with so many ETFs to choose from.

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Best & Worst ETFs and Mutual Funds: Large-cap Value Style

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The large-cap value style ranks fourth out of the twelve fund styles as detailed in my style roadmap. It gets my Neutral rating, which is based on an aggregation of the ratings of 38 ETFs and 744 mutual funds in the large-cap value style as of July 17, 2012.

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Best & Worst ETFs & Mutual Funds: Technology Sector

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The Information Technology sector ranks 3rd out of the ten sectors as detailed in my sector roadmap. It gets my Neutral rating, which is based on aggregation of ratings of 28 ETFs and 151 mutual funds in the Information Technology sector as of April 16th, 2012.

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