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When a screen (say, low price-to-book combined with rising earnings) shows strong results over the last decade, the first thing I want to know is how many independent periods that actually covers. Ten years of monthly rebalancing gives 120 …
A high dividend yield often reads as a bargain signal, but the yield is just the annual dividend divided by the current price. When the price falls sharply, the yield rises mechanically, so a big number can reflect a problem rather than gen…
A low price-to-earnings ratio is often the first thing people point to when a stock looks like a bargain. But the denominator is an accounting figure, and accounting figures can be shaped by timing, one-off gains, capitalised costs and chan…
Implied volatility usually climbs into an earnings report and then drops sharply once the number is out, a pattern often called volatility crush. That matters for the structure you choose, because a long option position is paying for a big …
I keep seeing posts where a stock jumps or drops hard in one session, and people talk about it as if the reason is obvious. I'm still learning, so I don't really know where to start looking. Is it volume, the time of day, or something on th…
A backtest that looks strong on the period it was built on can still be a product of chance or of the choices made while building it. Many screens are tuned on the same data they are then scored against, which inflates the apparent edge. Th…
Verified facts (as reported by the sources below)
- SEC Small Business Advisory Committee to Discuss IPO Modernization and Regulation Crowdfunding — SEC — press releases
In brief
Traders and investors who focus on small-cap equitie…
I'm still learning how to read company financials, and the earnings reports look long. There are pages of tables and terms I don't know yet. I'd like to start with a short list instead of trying to understand everything at once.
Someone to…
Earnings headlines usually focus on whether a company beat or missed consensus, but for many names the forward guidance and the tone of management commentary move the price more over the following weeks. I find it useful to split the releas…
When nearly every analyst on a name rates it a buy, the question I keep asking is what the current price already assumes. A stock can be a good company and still be a poor purchase if the expected growth is already baked into the valuation.…
