UNIQUE VALUE

WE DO NOT GIVE A DAMN WHAT EVERYBODY ELSE THINKS

Feb. 2011        White Knuckle Bullish / Hug Leaders       Positive call on GE, others
Aug. 2011       By Any Means Necessary                           BULLISH call when U.S. downgraded
Mar. 2014       Watch Out For CRAP                               Caught Bad FX Hit 6-9 months early
Oct. 2014       Houston, We Have A Problem                   Oil at $70 bothered nobody for 6 mos.
Jan. 2016        Batten Down The Hatches                        Called weak January, S&P dropped 8%
May 2016       Watchful Waiting                                      Trump could win Presidency
Jun. 2016        Brexit!                                                       No Big Deal


TEN TRADES THAT MATTER

Recommendations geared to risk adjusted returns
Multi-strategy approach
3Y, 1Y time frames, pair trades


BETTER ORGANIZED, CONCISE ANALYSES 100% WRITTEN BY SENIOR ANALYST
(MILINT principles = see Intelligence collection process)

Industrial Strategist (Only full sector strategy offering. Combines top down macro w/bottom up surveillance and trades).
Integrated Company Dashboards (3 in 1 report – quarter, company trends, segment deep dive).
ROIC / Economic Profitability (20+ years, un-restated).
Network – we prefer field work to speaking with companies.


INTEGRATED APPROACH

PORTFOLIO ADVISORY SERVICE

Minutiae kills. Ten key decisions a large cap portfolio manager must get right drives our Industrial Strategist field work.

Ten Key Decisions
Portfolio Manager Focused
Monthly
Proprietary (Only clients receive)


VALUATION FRAMEWORK

Disciplined, multi-method structure supports Portfolio Advisory Service and trading calls.

Control Value
FCF Yield (Electricals)
EV/EBITDA
DCF


ROIC / ECONOMIC PROFITABILITY

Our library of financial analytics on key names with hand-entered, non-restated financials.  Unmatched by any competitor.  Enables a superior estimate of earnings power and value.  Data from 1989 and in some cases earlier.  Full analyses provided to clients upon request.  


THE CHALLENGE

Water (corporate disclosure) shapes its course according to the nature of the ground (internal company dynamics, current conditions) over which it flows (filings, press releases, IR); the soldier (analyst) works out his victory (anticipation not reaction) in relation to the foe (consensus, herd mentality) whom he is facing.

Sun Tzu, The Art Of War

    As modified by Langenberg & Company