CEO of New Constructs, LLC.

Mr. Trainer is a Wall Street veteran and corporate finance expert. He specializes in reversing accounting distortions on the underlying economics of business performance and stock valuation. He is author of more

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IPO Coverage: Puxin Ltd.
Puxin, Ltd. (NEW), a Chinese K-12 after-school education provider, debuts in an IPO on Friday, June 15. At a price range of $17 to $20 per share, the company plans to raise up to $144 million and has an expected market cap of ~$1.7 billion.
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IPO Coverage: Avalara, Inc.
Avalara, Inc., a provider of cloud-based tax compliance software, IPO's Friday, June 15. At a price range of $19 to $21 per share, the company plans to raise up to $181 million and has an expected market cap of ~$1.3 billion.
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Position Close Update: Cracker Barrel Old Country Store
CBRL’s pretax operating margin in its restaurant business decreased despite a 2.5% price increase, and restaurant traffic declined 1% year-over-year in the past nine months.
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Featured Stocks In May’s Dividend Growth Model Portfolio
PepsiCo a global food and beverage company, is the featured stock from May’s Dividend Growth Stocks Model Portfolio.
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SoftBank Investment Validates GM’s Self-Driving Superiority
The market sees self-driving cars as a threat to incumbent automakers. I believe they represent an opportunity for GM to grow its business even further.
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Featured Stocks In May’s Safest Dividend Yields Model Portfolio
Federated Investors, an asset management holding company, is the featured stock in May’s Safest Dividend Yields Model Portfolio.
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Latest Comments
Netflix’s Price Increase Signals Original Content Isn’t Enough
8 months ago

Thanks Harry Goldstein.

Understanding how far off they are from profitability today helps investors see the real risk in the stock.

In this article: NFLX
Netflix’s Price Increase Signals Original Content Isn’t Enough
8 months ago

Good points - and the back and forth here illustrated the challenges Netflix has to making money. Not sure how they will ever make the kind of money they need to make to support original content creation.

Understanding how far off they are from profitability today helps investors see the real risk in the stock.

In this article: NFLX
Netflix’s Price Increase Signals Original Content Isn’t Enough
8 months ago

They lost $2.8 billion in 2016.

Over the trailing twelve months - free cash flow is -$3.1 billion.

Wall Street loves the stock and the firm's strategy b/c it will generate lots of underwriting fees for all the debt and stock NFLX can sell to the suckers willing to fund a business model that has not made money 2010 when free cash flow was $29 million.

Since 2002, free cash flows is -$9.4 billion, cumulatively.

In this article: NFLX
Why We Downgraded Disney
3 years ago

Mr. Kaplan,

We think Disney is a great company — a truly great one — that has tremendous brand assets and has delivered great value for shareholders for many years. We simply believe that all of these brand assets and future "home run" movies, including Frozen 2, are priced into the stock at its current level.

Thanks for reading and commenting.

In this video: DIS
Top Stock Picks: 2014 In Review
3 years ago

You can learn more by signing up for our free membership at www.newconstructs.com.

In this article: AMGN, ED, ALL, CB, MDT, INTC
Danger Zone: Glu Mobile (GLUU)
3 years ago
Joel: Thanks for your comment. Would you mind sharing what you think GLUU's strengths are and how they do/don't position the company to meet or exceed the expectations for future cash flows embedded in the stock price?
In this article: GLUU, DWA, NFLX, ZNGA
Why Footnotes Matter
3 years ago
Sebright: Good point. The catch is that few investors have the time or expertise to read an annual report. Did you know that 2013 annual reports averaged over 200+ pages?
In this article: AA, ABC, CTL, DVN, ED, HAS, HES, MUR, MWV, RF, SYK, VZ, ZION
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ICYMI: New Long Idea, IPO Coverage: Avalara (AVLR) & Puxin (NEW), Model Portfolio Updates & A Dangerous Mutual Fund… https://t.co/G8RPALItav
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