Brett Caughran
@FundamentEdge
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Completed my hedge fund tour of duty (Maverick, D.E. Shaw, Citadel, Schonfeld). Adjunct at ASU. Now building an exceptional analyst training firm. DMs open!
Scottsdale, AZ
Joined September 2018
LAUNCHING ANALYST ACADEMY, DEC 1st COHORT Hello! We are very excited to be launching our next cohort of Analyst Academy. What is Analyst Academy? Six weeks and ~60 hours of everything I wanted to teach my
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S&P 500 market cap / earnings less Mag 7. Requires a little work but happy to email it over
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Certainly not as cheap is it has been, at times. But depends on your forward view. If you believe in cyclical economic improvements & AI-productivity boom, S&P 493 actually looks quite reasonable/normal, imo
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Aswath Damodaran: "Market excluding the Mag-7 is pretty expensive." I agree that Mag-7 valuations are less concerning, as they are justified by consistent growth and margin expansion. What's concerning is the rest of the market trading at 22x forward earnings.
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Updated with Morgan Stanley, UBS & Stifel. Think we hit a pretty good critical mass of sell-side & asset management reports. Many thanks to everyone who e-mailed me
Updated Google drive with reports from KKR, GS (full) and BAML (econ & equity). If you have any other non-watermarked reports please send them along and i will add (brett @ fundamentedge(dot)com)
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Updated Google drive with reports from KKR, GS (full) and BAML (econ & equity). If you have any other non-watermarked reports please send them along and i will add (brett @ fundamentedge(dot)com)
2026 Market/Macro Outlooks Even fours since I've retired from managing intuitional money, I still get an irresponsible amount of joy from sifting through year ahead outlook pieces in the last couple weeks of the year. My printer is working overtime. Dropping 8 outlooks I have
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2026 Market/Macro Outlooks Even fours since I've retired from managing intuitional money, I still get an irresponsible amount of joy from sifting through year ahead outlook pieces in the last couple weeks of the year. My printer is working overtime. Dropping 8 outlooks I have
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AI Workflow: 13F Top Holdings Report One thing I like to do when I'm looking for new ideas is to check the 13Fs of a few dozen hedge funds I respect for new & high conviction ideas. While I don't want to outsource my thinking, there is no copyright protection on a great idea,
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Really happy to share my conversation with @nicochristie from Shortcut AI Shortcut AI is a very interesting AI Excel tool, and the evolution and maturation of these tools has serious implications for how investors practice investment research. AI cannot meaningfully bend the
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This past week I tried @tryshortcutai, an AI agent for Excel. I did NOT ask it to one-shot a cookie cutter, high-level DCF model that spreadsheet AI providers seem to LOVE to put in their promos (I can’t remember a single time when I was asked to build one of these on the job).
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I’ve been thinking a lot about this question: if AI enables a 30%-3x uplift in investment research productivity (my base case…range depends on duration & coverage approach), what do analysts & PMs do with their excess time? The knee jerk reaction is “I can process more ideas”,
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Unrestrained joy over here from my new custom bookshelves, installed today Officially an old nerd
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"The skill isn't in finding the data anymore, it's in knowing what is signal vs. noise"- @JaredKubin banger quote from our just recorded guest speaker session. Couldn't agree more. AI makes it much faster to identify the envelope of publicly available information on a company.
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"Fundamental hedge fund favorites: 30% from highest quintile of price momentum and 40% are in highest quintile of beta... relative returns 75% correlated with retail investors’ favorites, 85% correlated with highest quintile of price momentum... one big bet on AI story"
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