David Trainer is, according to his Seeking Alpha bio, "CEO of New Constructs, an independent research firm that leverages proprietary technology to find key insights from the Financial Footnotes of 10Ks and 10Qs."
That may not sound exciting, but once the impact of what this means is realized it quickly becomes a game changing advantage.
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In this interview, we discuss:
- How the financial numbers that matter are different from the numbers emphasized in company financials and press releases.
- Why he is so commited to fundamentals, especially in a world of HFT and ZIRP.
- How the tech bubble impacted his investing approach.
- The transition in investor mindset and methodology that took place as a result of the tech bubble.
- How he uses machine learning to analyze thousands of company reports to identify arbitrage opportunities.
- How he forms his investment models using historical performance and current valuation.
- Why P/E, P/S, and Pro Forma numbers will lead you astray.
- What specifically to look for when evaluating corporate governance.
I hope you enjoy the interview.