Mr. Trainer is a Wall Street veteran and corporate finance expert. He specializes in reversing accounting distortions on the underlying economics of business performance and stock valuation. He is author of Modern Tools for Valuation (Wiley Finance 2010).

As CEO of New Constructs, LLC, Mr. Trainer combines his expertise with proprietary technology to analyze over 3000 stocks, 400 ETFs and 7000 mutual funds. New Constructs, an investment research firm, sources all financial data directly from the SEC, most notably the Notes to the Financial Statements, for all U.S. companies.

New Constructs footnote analysis of 3000 stocks drives unrivalled quality-of-earnings and valuation research. See how insights from the footnotes drove many of the top picks from 2011.

The investment research firm’s stock rating and ETF & mutual fund rating methodologies are 100% transparent.

All ratings and all ETF and mutual fund reports are freely available on our stock screener, ETF screener and mutual fund screener.

Mr. Trainer has made frequent appearances in TV and print to share his insights on the Most Attractive and Most Dangerous Stocks in the market as well as cutting–edge research on ETFs and mutual funds. You can find his most recent recommendations here.

His stock-picking success has been well-documented since 2005, including features on CNBC, in Institutional Investor Magazine, in Barron’s.

Prior to founding New Constructs in 2002, Mr. Trainer spent over 6 years as a stock analyst on Wall Street. In 1996, he joined Credit Suisse First Boston where he created an economic (as opposed to accounting)-based earnings model and brand for CSFB equity research. He spearheaded the effort to apply consistent economic earnings analysis (a.k.a. ‘EVA’) across all industries globally. In 1997, Mr. Trainer developed and managed the Value Dynamics Framework project, a separate business for CSFB across three continents.

In 1999, Mr. Trainer transitioned these skills into equity research coverage of the financial services sector for CSFB where he applied value-based analysis to consumer finance, asset management and broker-dealer firms and developed a proprietary framework that linked customer satisfaction to the valuation of credit card companies.

In November of 2000, Mr. Trainer joined Epoch Partners (acquired by Goldman Sachs in July 2001) where he covered the Customer Relationship Management Software industry. There, he developed a proprietary framework that quantified the ROI of Customer Relationship Management Software products. Prior to Wall Street, Mr. Trainer was an executive compensation consultant with Arthur Andersen. In 1994, Mr. Trainer earned his B.S. in International Business from Trinity University in San Antonio, TX.

3 Comments

  • Howard Given

    July 12, 2017

    Dear Mr. Trainer:

    I found your article, Hidden Trigger For Another (Flash) Crash: Passive Investing…, to be a refreshing review. I have been warning of these same perils. I have been in the business long enough to know that a strategy can succeed until it doesn’t and the resulting pain can be significant. Would you mind if I shared this article on my facebook and linked in sites with full attribution to you?

    Thanks,

    Howard Given
    Cypress Path Capital, LLC and Given Capital Management, LLC
    (831)625-1530

  • David Trainer

    July 12, 2017

    Howard,
    Thanks for your comment! I appreciate you taking the time to write us.

    yes, feel free to share the article with as many folks as you like – attribution is much appreciated.

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