Statutory Data: A Trove of Valuable Bank Information

“First-level thinkers look for simple formulas and easy answers. Second-level thinkers know that success in investing is the antithesis of simple…Your thinking has to be better than that of others…you must find an edge they don’t have.  You must think of something they haven’t thought of, see...

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Reflections from Working at a Large Fund Complex

Prior to joining Prospector in 2003, I worked at Neuberger Berman for seven years. I initially joined the firm as an insurance analyst, but soon began following many different types of companies, from small caps to large diversified financial services firms. I joined the Neuberger Berman Genesis...

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Investing in Convertible Bonds with Attractive Risk/Reward Characteristics

“We are attracted to the downside protection that a convertible security’s bond feature offers, while also offering the ability to capture a significant portion of the upside in the issuer’s stock, given the convertible feature.”

At Prospector, we have had a long-standing attraction to...

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The Many Benefits of Analyzing Non-GAAP Data, Part 3 of 3

Over the past two weeks we have explored the concept of using other types of data (non-GAAP) to enhance our analysis on publicly-traded companies. This week, we focus on Consumer Companies

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The Many Benefits of Analyzing Non-GAAP Data, Part 2 of 3

Last week, we began to explore the concept of using other types of data (non-GAAP) to enhance our analysis on publicly-traded companies. While the focus was on insurance companies, this week we are focusing on another industry we enjoy getting under the hood of: Banks. Next week, in the third...

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The Many Benefits of Analyzing Non-GAAP Data, Part 1 of 3

As an investor, if you had access to more detailed information other than the GAAP (Generally Accepted Accounting Principles), wouldn’t you use it? GAAP data provides a uniform set of rules and formats to facilitate analysis by investors and creditors, and in this regard, it has greatly helped...

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Why Invest in a Shrinking Financial Sector?

As value investors, one of the reasons we love investing in financials is because it has become an unloved segment of the market. Observe the following graph, which shows how the financial sector has shrank as an overall piece of the S&P 500 Index since the Global Financial Crisis:

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Is Firm Culture Important? Why Do We Invest Along Shareholders?

Portfolio Managers John Gillespie, Jason Kish and Kevin O’Brien sat down and answered 11 questions regarding the team’s unique value-investing philosophy, lessons learned from past experiences and thoughts on running their business. In today's blog, they answer two questions regarding the...

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Did You Know FAANG + Microsoft = Nearly 20% of the S&P 500 Index?

Many investors have followed the rise of the FAANG stocks (Facebook, Apple, Amazon, Netflix, and Google (Alphabet)) during this economic cycle, but many are unaware of just how large a piece of the S&P 500 Index these five companies have become. If you include Microsoft, which boasts a market...

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Free Cash Flow Yield Analysis: Mitigating Downside Risk

Over the past two weeks, we have discussed the underperformance of value stocks relative to growth stocks during the current market cycle. However, when it comes to assembling a portfolio of value stocks with the strongest risk/reward characteristics, there are myriad different approaches. While...

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The views described herein do not constitute investment advice, are not a guarantee of future performance, and are not intended as an offer or solicitation with respect to the purchase or sale of any security. Investing involves risk, including loss of principal. Investors should consider the investment objective, risks, charges and expenses of a Fund carefully before investing. Please review the offering memorandum or prospectus of a Fund for a complete discussion of the Fund’s risks which include, but are not limited to: possible loss of principal amount invested; stock market risk; value risk; interest rate risk; income risk; credit risk; foreign securities risk; currency risk and derivatives risk.

Nothing contained herein constitutes investment, legal, tax, or other advice nor should be relied upon in making an investment or other decision. Any projections, outlooks or estimates contained herein are forward looking statements based upon specific assumptions and should not be construed as indicative of any actual events that have occurred or may occur. 

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