Brad Singer

We hope to add some value is in assessing the coherence of management's strategy, how they're making capital allocation decisions, where they're putting specific emphasis and how they're measuring success. An inability or unwillingness to articulate all that is a red flag, as is a focus on the ends rather than the means. You want [...]

Brad Singer

The preference by many investors for dividends is understandable, given that it's a value-agnostic way to return capital and it dummy-proofs the allocation of capital. If you look at corporate share-repurchase activity over the past 10 years, it was very high in 2006 and 2007, and very low in 2008 and 2009. That's the opposite [...]