Seeking Alpha

David Trainer

 
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  • Danger Zone: Salesforce.com
    Fri, Dec. 19 CRM 16 Comments

    Summary

    • Salesforce is using increasingly costly acquisitions to fuel its top line growth.
    • The company's cash flow is not all it's reported to be, nor is its debt.
    • Changing market sentiment and stiffening competition do not help the case for this stock's valuation.
  • Stock Picking Grades For Small Cap Growth Style Fund Managers
    Thu, Dec. 18 ACTG, PXSG, SWMSX Comment!

    Summary

    • In this report, we focus on how much Small Cap Growth style fund managers allocate to the best stocks compared to how many good stocks are available in the style.
    • Many ETFs and mutual fund managers do a poor job identifying quality stocks for their funds. These funds are not worth owning at any cost.
    • The emphasis that traditional research places on low costs is a positive for investors, but low fees alone do not drive performance. Only good holdings can.
  • True Fund Costs: Small Cap Growth Style
    Wed, Dec. 17 FYC, DWAS, PXSG Comment!

    Summary

    • A breakdown of the true costs of ETFs and mutual funds in the Small Cap Growth Style.
    • Expense ratios usually understate the true costs of being in a given ETF or mutual fund.
    • Our Total Annual Costs rating accounts for all the costs borne by investors, including transaction costs and many other fees.
  • Danger Zone: The Advisory Board Company
    Tue, Dec. 16 ABCO 3 Comments

    Summary

    • Operating profit has been flat for 8 years.
    • Constant acquisitions are destroying value.
    • Valuation implies steep profit growth.
  • Stock Picking Grades For Small Cap Blend Style Fund Managers
    Mon, Dec. 15 EMCAX, IESM, IWC Comment!

    Summary

    • In this report, we focus on how much Small Cap Blend style fund managers allocate to the best stocks compared to how many good stocks are available in the style.
    • Many ETFs and mutual fund managers do a poor job identifying quality stocks for their funds. These funds are not worth owning at any cost.
    • The emphasis that traditional research places on low costs is a positive for investors, but low fees alone do not drive performance. Only good holdings can.
  • True Fund Costs: Small Cap Blend Style
    Thu, Dec. 11 EMCAX, SIZ, TAC 1 Comment

    Summary

    • A breakdown of the true costs of ETFs and mutual funds in the Small Cap Blend Style.
    • Expense ratios usually understate the true costs of being in a given ETF or mutual fund.
    • Our Total Annual Costs rating accounts for all the costs borne by investors, including transaction costs and many other fees.
  • Stock Picking Grades For Mid Cap Value Style Fund Managers
    Wed, Dec. 10 IVOV, MYIMX, NWWMX Comment!

    Summary

    • In this report, we focus on how much Mid Cap Value style fund managers allocate to the best stocks compared to how many good stocks are available in the style.
    • Many ETFs and mutual fund managers do a poor job identifying quality stocks for their funds. These funds are not worth owning at any cost.
    • The emphasis that traditional research places on low costs is a positive for investors, but low fees alone do not drive performance. Only good holdings can.
  • True Fund Costs: Mid Cap Value Style
    Tue, Dec. 9 CHEP, MLPSX, QINC Comment!

    Summary

    • A breakdown of the true costs of ETFs and mutual funds in the Mid Cap Value Style.
    • Expense ratios usually understate the true costs of being in a given ETF or mutual fund.
    • Our Total Annual Costs rating accounts for all the costs borne by investors, including transaction costs and many other fees.
  • Stock Picking Grades For Mid Cap Growth Style Fund Managers
    Fri, Dec. 5 CF, ETILX, PXMG 4 Comments

    Summary

    • In this report, we focus on how much Mid Cap Growth style fund managers allocate to the best stocks compared to how many good stocks are available in the style.
    • Many ETFs and mutual fund managers do a poor job identifying quality stocks for their funds. These funds are not worth owning at any cost.
    • The emphasis that traditional research places on low costs is a positive for investors, but low fees alone do not drive performance. Only good holdings can.
  • True Fund Costs: Mid Cap Growth Style
    Thu, Dec. 4 GAMAX, MOM, FNY Comment!

    Summary

    • A breakdown of the true costs of ETFs and mutual funds in the Mid Cap Growth Style.
    • Expense ratios usually understate the true costs of being in a given ETF or mutual fund.
    • Our Total Annual costs rating accounts for all the costs borne by investors, including transaction costs and many other fees.
  • Danger Zone: Tech Sector Funds
    Wed, Dec. 3 NFLX, RYELX 1 Comment

    Summary

    • Tech sector mutual fund managers and ETF providers do a poor job picking quality stocks.
    • There are plenty of attractive Tech stocks that fund managers are ignoring.
    • Fund costs in the Tech sector are among the most misleading of any sector.
  • Stock Picking Grades For Mid Cap Blend Style Fund Managers
    Mon, Dec. 1 CZA, FCS, HDPCX 1 Comment

    Summary

    • In this report, we focus on how much Mid Cap Blend style fund managers allocate to the best stocks compared to how many good stocks are available in the style.
    • Many ETFs and mutual fund managers do a poor job identifying quality stocks for their funds. These funds are not worth owning at any cost.
    • The emphasis that traditional research places on low costs is a positive for investors, but low fees alone do not drive performance. Only good holdings can.
  • True Fund Costs: Mid Cap Blend Style
    Wed, Nov. 26 BTAL, MERAX Comment!

    Summary

    • A breakdown of the true costs of ETFs and mutual funds in the Mid Cap Blend Style.
    • Expense ratios usually understate the true costs of being in a given ETF or mutual fund.
    • Our Total Annual costs rating accounts for all the costs borne by investors, including transaction costs and many other fees.
  • Danger Zone: MarineMax
    Tue, Nov. 25 HZO 2 Comments

    Summary

    • MarineMax is not as profitable as you think.
    • Free cash flow remains a problem.
    • Macro factors not pointing to the revenue growth needed to justify valuation.
  • Stock Picking Grades For Large Cap Value Style Fund Managers
    Mon, Nov. 24 ACE, COHOX, D Comment!

    Summary

    • In this report, we focus on how much Large Cap Value style fund managers allocate to the best stocks compared to how many good stocks are available in the style.
    • Many ETFs and mutual fund managers do a poor job identifying quality stocks for their funds. These funds are not worth owning at any cost.
    • The emphasis that traditional research places on low costs is a positive for investors, but low fees alone do not drive performance. Only good holdings can.
  • True Fund Costs: Large Cap Value Style
    Fri, Nov. 21 FTLB, NVAAX 2 Comments

    Summary

    • A breakdown of the true costs of ETFs and mutual funds in the Large Cap Value Style.
    • Expense ratios usually understate the true costs of being in a given ETF or mutual fund.
    • Our Total Annual costs rating accounts for all the costs borne by investors, including transaction costs and many other fees.
  • Stock Picking Grades For Large Cap Growth Style Fund Managers
    Thu, Nov. 20 CRM, DFS, PLAYX Comment!

    Summary

    • In this report, we focus on how much Large Cap Growth style fund managers allocate to the best stocks compared to how many good stocks are available in the style.
    • Many ETFs and mutual fund managers do a poor job identifying quality stocks for their funds. These funds are not worth owning at any cost.
    • The emphasis that traditional research places on low costs is a positive for investors, but low fees alone do not drive performance. Only good holdings can.
  • True Fund Costs: Large Cap Growth Style
    Wed, Nov. 19 KBWD, RYRUX 1 Comment

    Summary

    • A breakdown of the true costs of ETFs and mutual funds in the Large Cap Growth Style.
    • Expense ratios usually understate the true costs of being in a given ETF or mutual fund.
    • Our Total Annual costs rating accounts for all the costs borne by investors, including transaction costs and many other fees.
  • Stock Picking Grades For Large Cap Blend Style Fund Managers
    Tue, Nov. 18 AFL, AIOPX, DLTSX 3 Comments

    Summary

    • In this report, we focus on how much Large Cap Blend style fund managers allocate to the best stocks compared to how many good stocks are available in the style.
    • Many ETFs and mutual fund managers do a poor job identifying quality stocks for their funds. These funds are not worth owning at any cost.
    • The emphasis that traditional research places on low costs is a positive for investors, but low fees alone do not drive performance. Only good holdings can.
  • True Fund Costs: Large Cap Blend Style
    Mon, Nov. 17 ABRFX, DDM, UDOW 1 Comment

    Summary

    • A breakdown of the true costs of ETFs and mutual funds in the Large Cap Blend Style.
    • Expense ratios usually understate the true costs of being in a given ETF or mutual fund.
    • Our Total Annual costs rating accounts for all the costs borne by investors, including transaction costs and many other fees.
  • Stock Picking Grades For All Cap Value Style Fund Managers
    Fri, Nov. 14 CI, CIPYX, LHVIX Comment!

    Summary

    • In this report, we focus on how much All Cap Value style fund managers allocate to the best stocks compared to how many good stocks are available in the style.
    • Many ETFs and mutual fund managers do a poor job identifying quality stocks for their funds. These funds are not worth owning at any cost.
    • The emphasis that traditional research places on low costs is a positive for investors, but low fees alone do not drive performance. Only good holdings can.
  • True Fund Costs: All Cap Value Style
    Thu, Nov. 13 BUYAX, PVCAX, FMPAX 3 Comments

    Summary

    • A breakdown of the true costs of ETFs and mutual funds in the All Cap Value Style.
    • Expense ratios usually understate the true costs of being in a given ETF or mutual fund.
    • Our Total Annual costs rating accounts for all the costs borne by investors, including transaction costs and many other fees.
  • Stock Picking Grades For All Cap Growth Style Fund Managers
    Wed, Nov. 12 ATHN, IACOX, IFPUX 1 Comment

    Summary

    • In this report, we focus on how much All Cap Growth style fund managers allocate to the best stocks compared to how many good stocks are available in the style.
    • Many ETFs and mutual fund managers do a poor job identifying quality stocks for their funds. These funds are not worth owning at any cost.
    • The emphasis that traditional research places on low costs is a positive for investors, but low fees alone do not drive performance. Only good holdings can.
  • True Fund Costs: All Cap Growth Style
    Tue, Nov. 11 SGFFX, LGLAX, TWMTX Comment!

    Summary

    • A breakdown of the true costs of ETFs and mutual funds in the All Cap Growth Style.
    • Expense ratios usually understate the true costs of being in a given ETF or mutual fund.
    • Our Total Annual costs rating accounts for all the costs borne by investors, including transaction costs and many other fees.
  • Stock Picking Grades For All Cap Blend Style Fund Managers
    Mon, Nov. 10 CHOEX, DGRW, FDSAX Comment!

    Summary

    • In this report, we focus on how much All Cap Blend style fund managers allocate to the best stocks compared to how many good stocks are available in the style,
    • Many ETFs and mutual fund managers do a poor job identifying quality stocks for their funds. These funds are not worth owning at any cost.
    • The emphasis that traditional research places on low costs is a positive for investors, but low fees alone do not drive performance. Only good holdings can.
  • True Fund Costs: All Cap Blend Style
    Fri, Nov. 7 FWDD, RYRUX, TAC Comment!

    Summary

    • A breakdown of the true costs of ETFs and mutual funds in the All Cap Blend Style.
    • Expense ratios usually understate the true costs of being in a given ETF or mutual fund.
    • Our Total Annual costs rating accounts for all the costs borne by investors, including transaction costs and many other fees.
  • Style Rankings For ETFs And Mutual Funds
    Thu, Nov. 6 FVDKX, JNJ, SLPSX 2 Comments

    Summary

    • Style Ratings and Rankings for ETFs and Mutual Funds.
    • Ratings are based on rigorous analysis of the profitability and valuation of each fund's holdings.
    • Our rating system is forward-looking and does not rely on past performance.
  • Stock Picking Grades For Utilities Sector Fund Managers
    Wed, Nov. 5 BULIX, ED, FXU 1 Comment

    Summary

    • In this report, we focus on how much Utilities sector fund managers allocate to the best stocks compared to how many good stocks are available in the sector.
    • Many ETFs and mutual fund managers do a poor job identifying quality stocks for their funds. These funds are not worth owning at any cost.
    • The emphasis that traditional research places on low costs is a positive for investors, but low fees alone do not drive performance. Only good holdings can.
  • True Fund Costs: Utilities Sector
    Tue, Nov. 4 RYUTX, UPW, FXU 2 Comments

    Summary

    • A breakdown of the true costs of ETFs and mutual funds in the Utilities sector.
    • Expense ratios usually understate the true costs of being in a given ETF or mutual fund.
    • Our Total Annual costs rating accounts for all the costs borne by investors, including transaction costs and many other fees.
  • Stock Picking Grades For Telecom Sector Fund Managers
    Mon, Nov. 3 FCOM, PBS, TWTC Comment!

    Summary

    • In this report, we focus on how much Telecom sector fund managers allocate to the best stocks compared to how many good stocks are available in the sector.
    • Many ETFs and mutual fund managers do a poor job identifying quality stocks for their funds. These funds are not worth owning at any cost.
    • The emphasis that traditional research places on low costs is a positive for investors, but low fees alone do not drive performance. Only good holdings can.
  • True Fund Costs: Telecom Services Sector
    Fri, Oct. 31 LTL, RYTLX Comment!

    Summary

    • A breakdown of the true costs of ETFs and mutual funds in the Telecom Services sector.
    • Expense ratios usually understate the true costs of being in a given ETF or mutual fund.
    • Our Total Annual costs rating accounts for all the costs borne by investors, including transaction costs and many other fees.
  • Danger Zone: Universal Technical Institute
    Thu, Oct. 30 UTI 2 Comments

    Summary

    • Down 30% already on 2014, this stock is primed to fall another 50%.
    • Falling enrollment and industry issues will cause decline in profits to continue.
    • UTI's valuation implies unrealistic levels of profitability going forward.