Notes

Research Notes

Occasionally, I share here short notes on systematic investing, empirical asset pricing, and related topics. These notes are exploratory in nature and reflect ongoing thinking rather than any definitive conclusions.

ResearchNov 7, 2025

When Free Cash Flow Loses Its Edge

What happens when the market starts rewarding cash burn? After more than a decade of profitability dominance in small caps, 2025 has delivered an unexpected twist.

Keywords:

free-cash-flowsmall-capsfactor-returns

Ivan Blanco4 min read

ResearchOct 24, 2025

Profitability Works Best When Analysts Agree

Disagreement erodes the profitability premium. This analysis explores how analyst information can improve the signal quality of the profitability factor.

Keywords:

profitabilityanalyst-dispersionfactor-returns

Ivan Blanco7 min read