Before making a decision to invest, it is imperative to look for specific financial, competitive and structural characteristics that signal that the problems are temporary. READ MORE +
"We do not need to, and we will not talk to management in order to value companies."
How do we assess the Quality of Earnings?We assess he quality of a company's earnings by answering three important questions. Learn More
Robert A. Olstein
Chairman, Chief Investment Officer and Lead Portfolio Manager
Bob Olstein is widely acknowledged as a leading expert in corporate disclosure and reporting practices, and has long been recognized as one of the financial community's most astute research analysts and money managers.
Bob serves as co-lead Portfolio Manager of the Olstein All Cap Value Fund and the Olstein Strategic Opportunities Fund. He has long been recognized as one of the financial community's most astute research analysts and money managers. Widely acknowledged as a leading expert in corporate disclosure and reporting practices, in 1971 Bob co-founded The Quality of Earnings Report, which pioneered the use of forensic accounting techniques to identify positive or negative factors affecting a company's future earnings power.
In 1981, Bob began managing assets at Smith Barney (formerly Shearson Lehman) employing research and analytical methods developed at The Quality of Earnings. From 1981 to 1995, he served as Senior Portfolio Manager/Senior Vice President at Smith Barney, where he managed individual and institutional accounts. Bob founded Olstein Capital Management, L.P. and launched The Olstein All Cap Value Fund in 1995.
Bob is a past recipient of the Financial Analysts Federation (now CFA Institute) Graham & Dodd Scroll Award, (1973) and is a widely recognized expert on corporate reporting and disclosure practices. He appears frequently in leading print and broadcast business media that seek his views on corporate reporting, accounting practices, valuation techniques and activist investing. Bob has authored articles in The CPA Journal, Bloomberg Personal Finance and Financial Planning on the role of forensic statement analysis when analyzing and valuing companies. He has also a frequent speaker providing commentary on financial reporting issues that affect securities analysis and company valuations. Bob holds an M.B.A. in Accounting and B.A. in Mathematical Statistics from Michigan State University.
It is an investment analyst's job to determine the economic realism of management's assumptions and to eliminate management biases by making the appropriate adjustments to reported earnings data. READ MORE +
A careful reading of the letter not only focuses on what management chooses to emphasize but also what management chooses to omit or minimize. READ MORE +
Only traders and speculators should be concerned about short-term stock price movements measured in months, days, or hours. READ MORE +
Comparing depreciation schedules to economic reality is a must for any investor when analyzing financial statements. READ MORE +
As a result of this emphasis on avoiding short-term volatility, investors have become more focused on short-term price movements. READ MORE +
We read for "heat," looking for subtle phrases or trigger words that, in our experience, may signal a significant change in an industry or company that could unlock or create significant long-term value for shareholders. READ MORE +
A company that communicates effectively with shareholders and other equity market participants can increase the probability of successful turnaround. READ MORE +