初次发贴,只针对美国市场.
http://wolfetrahan.com/ 主要是基于财务报表的分析.

报告的出版单位： Wolfe Trahan
出版日期：3.16;3.22;3.31;4.6;4.14
报告的名称：
I. PRACTICAL (AND PROFITABLE) INSIGHTS INTO THE CORPORATE LIFE CYCLE
II. THE BEST OF BOTH WORLDS: HIGH-QUALITY DIVIDEND STOCKS OUTPERFORMING YEAR TO DATE …EVEN IN AN UP MARKET!
III. THE SELL-SIDE SENTIMENT BAROMETER-AN IN-DEPTH LOOK AT ANALYSTS’PRICE TARGETS AND EARNINGS ESTIMATES
IV. Introducing The “Quality Of Reporting (QOR)” Score: A Better Measure Of Quality
V. PROFITING FROM THE ABUNDANCE OF CORPORATE CASH
内容介绍：
I. Regular readers of our work know that we like to slice the equity universe into very specific buckets,
namely cyclical and non-cyclical. We believe that this simple breakdown helps explain returns across the
business cycle. In today’s quant piece, we attempt to carve the equity universe a little differently. Indeed,
our aimthis timeis toidentifythedifferent stagesofacompany’s lifecycle.Therehavebeenmany
articles and textbooks over the years that discuss this concept in theory. We thought we would take a
stab at applying it. Surprisingly, given our initial inclination, the returns are solid. More importantly, we
now believe that it is essential for investors to know what stage of the corporate life cycle a potential
investment falls into as it carries enormous implications for analysis and returns.
...讲的是公司在不同的发展时期的财务表现和投资策略
II. There are some noteworthy developments taking place in the markets lately. These may or may not be
signs of something bigger occurring. For instance, the S&P 500 is outperforming the world equity index,
and most importantly, this is happening with equities on an uptrend, NOT a downtrend. The point here is
not that the S&P 500 is outperformingother indices, this is not unusual, what’s a little odd is thatin
recent years, U.S. equities have almost exclusively outperformed the rest of the world in the context of a
global pullback in stocks. Similarly, there are developments taking place within U.S. equities that are
also inconsistent with recent history. The most interesting one is that dividend-paying stocks have been
outpacing the market, even on a sector-adjusted basis. These two developments could be a subtle sign
that appetite for risk is beginning to change at the margin. If that is the case, then these new trends are
here to stay and many more “defensive” strategies should emerge in the coming months.
...着重研究了股息收益率和市场表现
III. One of the most important tools an investor must have in the arsenal is a way to gauge sentiment.
Knowledge of whether an investment is consensus or contrarian is essential in this business, as it can
make the difference between picking an outperformer or market performer. There are many surveys of
market sentiment that do a fairly good job of tracking bullish/bearish conditions for the overall indices,
but there are very few tools available that do the same for sectors, industries and stocks. While there is
some value in looking at indicators like "short interest ratios" or "implied vols", they have many
shortcomings. One proxy that can be used to gauge sentiment at the sector, industry or even stock level
is the price targets of sell-side analysts. The difference between today's market price and analysts’ price
targets can be used as an approximation of sentiment on any segment of the market.
...纯粹的对各行业的一个分析
IV.Our core philosophy on investing is the belief that economic prospects explain most of what takes place
across financial markets. Observing the influence of the business cycle on the overall market and sector
rotation is often pretty clear, while seeing its effect on quantitative-investment strategies is more opaque.
Our researchtells us thatquant factors often perform very differently in the various phases of the
business cycle.As we approach acyclepeak in leadingeconomicindicators,the differentiation in
performance between stocks increases and the added-value of valuation screens graduallyincrease.
The upcoming peak in LEIs is likely to usher in the sweet spot for valuation-based investment strategies.
...ACCRUALS对公司财报和态度的影响
V. One of Wall Street's favorite topics of the past year has been the indebtedness of the U.S. government
and consumer. Many, including ourselves, have argued that the poor overall balance sheet of the U.S.
consumer and government will prove a formidable headwind to economic growth in years to come. One
major caveat to this looming menace is that the balance sheets of U.S. corporations are about as
healthy as they have ever been. In fact, corporate America has more cash today relative to assets than
at any point in history. There are a myriad of alternatives when it comes to what a company can do with
excess cash. In today's piece we discuss the most likely utilization of these funds, and most importantly,
what Wall Street tends to reward the most when it comes to deploying excess cash.
...讨论公司有钱好不好~
文件的格式：5件PDF
应该不算是占据了整个版面吧>.<
上传比下载麻烦多了,难怪要收钱...