The Capital Memo.
A daily newsletter applying peer-reviewed academic research to M&A deals, buybacks, divestitures, and capital structure decisions. Written by Marques Blank (CMA, MBA, Series 65).
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Capital Memo · Reader resource
Three filters from Bessembinder's research, applied to the S&P 1500. The names that pass all three. The watchlist. The traps. Updated quarterly.
01The Google Sheet. 50 large- and mid-cap U.S. names scored on the three filters. Fully visible formulas. Sortable, filterable, copyable.
02The scoring rubric. A one-page guide on how to read each filter from a 10-K, with thresholds, common traps, and the calculation in plain text.
03The named eight. The names the academic and institutional research has flagged as clearing all three filters across the past full cycle.
04The watchlist. Names that pass two of three, with the specific filter each fails and why.
05Quarterly refresh. The screen reruns each quarter as filings update. Subscribers get the new sheet by email.
"Just 4 percent of stocks accounted for all the net wealth ever created in the U.S. stock market." — Bessembinder (2018)
Investors who want to apply institutional-grade compounder research to public filings without subscribing to a $50,000 sell-side desk. The screen is the same arithmetic Counterpoint Global, Bessembinder, and the long-run ROIC literature use. The simplification is in the presentation, not the rigor.It is not a portfolio recommendation. It is a starting point. The framework selects for business-quality persistence; entry price is a separate problem you bring to it.Free for Capital Memo readers
Drops to your inbox the morning after you request it. Quarterly refresh thereafter.No spam. Unsubscribe in one click. Your email is used only to deliver the screen and the Tue/Fri letters.
An institutional research letter on compounding, capital allocation, and what the filings actually say. Tuesday and Friday. Written by Marques Blank — previously Northrop Grumman and Citibank. CMA, MBA, Series 65.No paywall on the regular letters. The screen, the model files, and the Monday Premium Memo sit behind Capital Memo Pro for readers who want the deeper artifacts.blankcm.com · The Capital Memo
A daily newsletter applying peer-reviewed academic research to M&A deals, buybacks, divestitures, and capital structure decisions. Written by Marques Blank (CMA, MBA, Series 65).