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


United Technologies Overpaid For Rockwell Collins
No one was surprised when United Technologies announced its takeover of Rockwell Collins last week. After all, a deal between the two companies had been rumored for months.
The Earnings Recovery Remains An Illusion
While analysts hail “the best earnings season in 13 years,” the market has delivered a solidly lackluster response. Over the past month, the S&P 500 is down roughly 1% despite a string of earnings beats.
Firm Founders Have Moved On; Investors Should Also
Carbonite shares have risen 16% YTD and 46% over the past year to outperform the S&P 500 (+9% YTD, +13% 1Y). This appreciation occurred, despite the steep YTD decline in NOPAT, due to speculation that the company can successfully re-invent itself.
New Stocks On Safest Dividend Yields Model Portfolio: August 2017
Companies with strong free cash flow provide higher quality dividend yields because we know the firm has the cash to support its dividend.
TrueCar Can’t Serve Two Masters
TrueCar shares the same fatal flaw that sunk Angie’s List. As a middleman, it has to appeal to consumers while remaining valuable to its actual customers, car dealers.
Why Diligence Matters: Don’t Buy Acadia Healthcare’s Roll-Up
Acadia operates in the Behavioral Healthcare field, which focuses on treating people with mental illness and addiction. The industry is fairly fragmented, and the bull case for Acadia has rested on the idea that it can reap gains.


Latest Comments
Why We Downgraded Disney
2 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
2 years ago

You can learn more by signing up for our free membership at

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
1 to 4 of 4 comments


AAPL Apple Inc.
ZNGA Zynga Inc.



David Trainer
Best-in-Class ROIC According to Big 4 Auditor
David Trainer
Failure to Adapt Dooms This Stock #DangerZone
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