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Moats in the Age of Disruptions
by Baijnath Ramraika, CFA, Prashant K. Trivedi, CFA and Siddhi Gujar, 7/23/18

Technological advancements, smartphone ecosystems and social media are combining to create potent disruptive forces that are causing many existing business models to become obsolete. But it is wrong to assume that all moats are being disrupted and that all moat businesses are under threat.

Equity Market Valuations: We Haven’t Been Here Before
by Baijnath Ramraika, CFA and Prashant K. Trivedi, CFA, 10/16/17

Are high-quality businesses as overvalued as the broader markets and will that bode ill for our future investment returns?

(Mis)Defining Quality: Counting When It Cannot be Counted
by Baijnath Ramraika, CFA and Prashant Trivedi, CFA, 3/13/17

This article will limit itself to a specific component of yet another boom – the boom in the involvement of PhDs and quants in financial markets and the newly discovered quality factor.

Sustainable Competitive Advantages: Consumer Preference
by Baijnath Ramraika, CFA and Prashant Trivedi, CFA with assistance from Ms. Siddhi Gujar, 8/2/16
In one of the earlier articles in our series, we identified six distinct sources of competitive advantages. This is the fourth article and focuses on consumer preference as the source of a sustainable competitive advantage.

Economies of Scale: An Analytical Framework for Assessment of A Firm’s Competitive Advantage
by Baijnath Ramraika, CFA and Prashant K. Trivedi, CFA, 3/8/16
In our previous article in our series on sustainable competitive advantages, we identified six distinct sources of competitive advantages. This article focuses on one of those sources: economies of scale.

How to Calibrate a Business’ Competitive Advantage
by Baijnath Ramraika, CFA and Prashant K. Trivedi, CFA, 1/5/16
While sustainable competitive advantages are good indicators of business quality, not all are created equal. The strength of the competitive advantage and the risks that the business needs to protect itself against are largely dictated by the type of competitive advantage that the business possesses.

Evaluating Sustainable Competitive Advantages: Entry and Exit Barriers
by Baijnath Ramraika, CFA and Prashant Trivedi, CFA, 10/5/15
This article is the first in a series discussing an assessment process for existence or absence of sustainable competitive advantages. In this article, we discuss the basic building blocks of an investment process designed to identify high-quality businesses: the entry and exit barriers.

Stock Market Returns - The GDP Growth Rate Myth
by Baijnath Ramraika, CFA®, 4/14/15
The idea that nominal equity market returns approximate the country's GDP growth rate is historically uninformed and intellectually dishonest. If there were any merit to the idea that equity market returns should approximate GDP growth rate, we would see this in a tight relationship between the two variables across countries. But we don't.

Bounded Rationality, Unbounded Confidence
by Baijnath Ramraika, CFA® and Prashant Trivedi, CFA®, 3/17/15
Our rationality is limited by the information we have, the cognitive limitations of our minds and the finite amount of time we have to make a decision. Herbert A. Simon called that concept \"bounded rationality.\" As a consequence of these limitations, our confidence becomes unbounded. We will discuss the implications of this phenomenon and how investors can overcome it.

The Warren Buffett Way: High Quality Stocks in Emerging Markets
by Baijnath Ramraika, CFA® and Prashant Trivedi, CFA®, 1/27/15
A simple three-factor quantitative process for selecting emerging-market high-quality stocks outperforms the publicly traded benchmarks and does so with lower risk.

U.S. Equities: Overvalued or Undervalued?
by Baijnath Ramraika, CFA® and Prashant Trivedi, CFA®, 12/23/14
Market participants have devised tools to value overall equity markets: the cyclically adjusted price to earnings (CAPE) ratio, Tobin's Q-ratio, the regression trendline, market capitalization-to-GNP (Buffett's valuation indicator) and the trailing price-to-earnings ratio. We summarize each one of these valuation tools and its implications for investors.

Why Jeremy Grantham is Right about Corporate Profit Margins
by Baijnath Ramraika, CFA® and Prashant Trivedi, CFA®, 11/11/14
As U.S. corporate profit margins have made it to record highs, a debate has raged between those who place their hopes on a new paradigm of sustained high profits and those who believe in capitalism's efficiency and the tendency of margins to revert to the mean. We show that an often-cited explanation for the new paradigm - that the U.S. economy is more service-focused - lacks empirical support.

A Framework for Superior Risk-Adjusted Returns: High Quality Stocks in Developed Markets
by Baijnath Ramraika, CFA® and Prashant Trivedi, CFA®, 10/28/14
A basket of high-quality stocks generates significantly superior investment returns compared to publicly traded benchmarks, and it does so with significantly lower risk.
13 results found.