Call 1.866.825.3005 for more information
Call 1.866.825.3005 for more information
Founded by Yale Bock, Y H & C Investments is a registered investment advisor with the State of Nevada. Yale spent 15 years as an individual investor before starting his firm. Yale also manages the secured lending operations of a family owned businss.
Y H & C believes that researching individual investment opportunities requires extensive work before capital is allocated. The following are the steps I try to go through when looking at unique investment opportunities, in particular individual equities in the public markets, but the process can be applied to private placements or venture capital. Mutual funds and exchange traded funds require their own analysis regarding investment process.
1. Fundamental analysis of the industry of the specific issue.
2. Competitive positioning of the individual company within its industry relative to its competitors.
3. Analysis of the past, present and future operations of the specific company, with emphasis on growth opportunities.
4. Fundamental analysis of the operating performance of the specific company- metrics like gross margin, operating margin, net margin, return on equity, return on assets, turnover ratios, inventory and accounts receivable ratios.
5. Fundamental analysis of the financial situation of the company, including balance sheet metrics like cash levels, debt levels, contingent liabilities, lease obligations, and off balance sheet arrangements.
6. Analysis of the quality of earnings of the company.
7. Analysis of the corporate governance of the company including the role of the CEO, board of directors, nominating, audit, and compensation committee structures and conflict of interests or independence of the board.
8. Analysis of the management of the company and any conflicts of interest that may exist.
9. Specific research into a company’s financial filings- including annual report and 10-Q filings, along with any 8-K filings, insider trades, and recent news involving the company.
10. Valuation Analysis of the current market value of the enterprise, market capitalization, and comparison of those metrics against industry competitors and the overall market.
11. Valuation analysis of the current issue versus its operating metrics.
12. Analysis of management ownership of the equity, stock option dilution, and share buyback possibilities.
13. Analysis of free cash flow of the company versus competitors.
14. Application of the current economic environment and the effect on the specific company.
Yale started teaching 20 years ago, read Beat the Street by Peter Lynch, invested in SBUX, AOL, and when Ultrafem went bankrupt, he learned pretty quickly about opportunity cost and capital allocation.
Important Information
Performance of the model manager’s account is calculated by Covestor on a daily time-weighted basis, including cash and broker commissions. More
Past performance is no guarantee of future results. Month to Date returns & Since Inception returns are revised daily. All other returns (month, 3 month, year to date, et al) are calculated as of the most recent month end date.
The subscription minimum is the minimum subscription required to follow a particular model. The minimum amount is determined by Covestor, based on the characteristics of the underlying model. It should not be considered as specific investment advice for your investment situation.
Model commentary
Jamba Juice Brightens Outlook for My Portfolio
8 March 2012
February was a good month for the model as a few of the companies saw a modest rise in their stock prices.
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