Quarterly Update: Knowledge Leaders Strategy

page 8 graphic

In our new quarterly update report, Portfolio Manager Steven Vannelli, CFA, discusses the investment team’s recent analysis on two topics, including: 1. New portfolio opportunities. Huge innovation in the energy sector – and the US Shale Revolution specifically — has manifested into new portfolio opportunities. The US cost of production of oil has fallen by 50% over […]

By 2030 Intangible Investment Could Be the Largest Component of Overall Business Investment in the US


The shifting composition of US business investment is accelerating once again. Out of the three categories of non-residential fixed investment (intangible property products, equipment, and structures), only intangible property products (IPP) is growing on a year-over-year basis. IPP has increased by nearly 6% over the past year while equipment and structures have declined by almost […]

Why Don’t More Investors Question ROE Figures?

1 - Copy - Copy (2)

Return on equity (ROE) is one of the foundational measures of profitability in finance. It is taught in many first year finance courses in college, it’s a staple in the CFA curriculum, and is widely used as a “go-to” indicator of how profitable a firm or an industry is in the investment management profession. In many industry groups ROE […]