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David Trainer

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  • Is There Hope Of A Turnaround At Angie's List? [View article]
    One really interesting statistic to note is marketing cost per paid membership acquired. For the most recent quarter ANGI spent $90 on marketing per new member, up 13% from a year ago.

    ANGI is having to work harder and harder to keep adding new members.
    Aug 21 02:32 PM | 6 Likes Like |Link to Comment
  • Danger Zone: Stocks With Most Misleading Non-GAAP Earnings [View article]
    The difference is that NOPAT is a comparable, independent metric rather than a number being put forward by the companies themselves. Investors are free to set their own rules for how to value a company, but those rules should be thoroughly grounded in the actual underlying economics of the business, and too often non-GAAP earnings don't meet that standard.

    I included Tesla not because their non-GAAP rules are especially egregious, although the amount of stock compensation expense included is large, but because they're a great example of how a company will exclude expenses but not mention a non-operating, non-cash gain from foreign currency exchange fluctuations.
    Jul 23 10:20 AM | 6 Likes Like |Link to Comment
  • No Progress From Amazon In 2013 [View article]
    Jeffry Chmielewski:

    That's a good point about the off-balance sheet liabilities. They currently have about $4.2 billion in off-balance sheet debt due to operating leases.
    Feb 10 09:25 AM | 6 Likes Like |Link to Comment
  • Danger Zone: Comcast [View article]
    chopchop0: The NBCUniversal segment, while it is growing, cannot offset the competitive pressures in the internet and cable business. NBCUniversal made up 23% of Comcast's operating income last year. Growth in just that segment is not going to meet the expectations the market has for Comcast.
    Feb 28 10:33 AM | 5 Likes Like |Link to Comment
  • Inventory Risks Loom For Apple [View article]
    Great work. Objectively presented.

    Truly, the value of Seeking Alpha declines every time people make wacko comments, esp those that make personal attacks on authors who make fact-based arguments.
    The obvious bias and refusal to recognize fair do they imagine anyone takes them seriously.
    Feb 22 09:15 AM | 5 Likes Like |Link to Comment
  • No Progress From Amazon In 2013 [View article]

    It takes more than revenue growth to create value for shareholders, and Amazon took a step back last year in terms of margins and ROIC. In addition, the revenue growth has slowed down. Amazon has absolutely been a disruptive company, but the growth expectations embedded in its stock price are simply too high.
    Feb 10 12:14 PM | 5 Likes Like |Link to Comment
  • Danger Zone For This Week: Apple [View article]
    ISRG buyer:
    Thank you for your comment.
    I do not short story stocks. Too much momentum and retail money in the stock means it an more irrationally for long periods of time.

    The goal of New Constructs' research is to further the knowledge of all investors so the market allocates capital more efficiently, which leads to a higher standard of living for our society.
    May 15 12:08 PM | 5 Likes Like |Link to Comment
  • Advanced Battery Technologies: An Egregious Chinese RTO [View article]
    It is true, you would be surprised how little real diligence, like what is described in this article, gets done on investments by institutions. That is why I created my own research firm to make going thru financial filings and footnotes an efficient process.

    I have marketed my research, which specializes in delivering info from footnotes, to 1000s of professional investors, all of who claimed to be value investors or analytically rigorous. And about 90% of them argued that the Notes to the Financial Statements did not matter. Real, good diligence is rare - and a big advantage to those willing to put in the time.
    Mar 30 12:03 PM | 5 Likes Like |Link to Comment
  • 10 Wonderful Companies That Are Bad Stocks [View article]

    That's the thing about momentum stocks. It doesn't matter... right up until the point that it matters a great deal.
    Jun 19 11:34 AM | 4 Likes Like |Link to Comment
  • Amazon's New Smartphone Spells Trouble For Apple [View article]
    appl believer:

    I'm actually bearish on Amazon as well due to the company's razor thin margins, which is part of why I think an Amazon smartphone could be dangerous to Apple. Amazon can spend as much on production as Apple and sell for much cheaper because it's willing to accept lower margins.
    Jun 9 12:22 PM | 4 Likes Like |Link to Comment
  • More Pain To Come For LinkedIn [View article]

    This is a discounted cash flow model, so future cash flows are discounted to their present value. What that model means is that if you believe LNKD can grow NOPAT by 15% compounded annually for 15 years, then it is worth $25/share today.
    Apr 23 11:15 AM | 4 Likes Like |Link to Comment
  • Danger Zone For This Week: Apple [View article]
    Michael Blair,

    Thank you for your comment.

    I could not have said it better my self.
    May 15 11:53 AM | 4 Likes Like |Link to Comment
  • Danger Zone 4/23/2013: Sears Holdings [View article]
    Your tendency for hyperbole suggests you are a little biased abut this stock. Your defensiveness when questioned and zeal for all things/decisions Lampert suggest bias too.

    Anyway, just saying your credibility is declining with each comments. Just my opinion,
    Apr 27 12:02 PM | 4 Likes Like |Link to Comment
  • RIM's Stock Offers a Free Option on a Comeback [View article]
    If there was a product that deserved to die, it was Palm.
    If a company (Hewlett-Packard) was willing to buy Palm (and at a premium), then someone will be willing to buy RIMM - long before it "dies". Potential buyers: Nokia and Microsoft could make excellent use of RIMM's substantial assets.
    Jun 14 04:31 PM | 4 Likes Like |Link to Comment
  • Intel: Too Cheap to Pass Up Again [View article]
    Once INTC decides to enter new markets, they can do so with force and can afford to wait until the market is proven and profitable. It is called the "fast follower" strategy and is almost always more profitable than being a market pioneer/innovator who is forced to spend a lot more on R&D to blaze the trail to market viability. INTC's position as an industry leader (and with $26bn in cash) gives it the distinct advantage of being able to use the "fast follower" strategy. The market is assigning way too little value to INTC's option to use the fast follower strategy.
    Mar 16 01:22 PM | 4 Likes Like |Link to Comment