"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
YEARS AT OLSTEIN
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.
Why do we focus on Free Cash Flow?
It's the lifeblood of a business. Here's how it affects a company's value.Ask Us
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 +
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 +
LEGAL DISCLOSURES AND OTHER IMPORTANT INFORMATION
Investing involves risk including possible loss of principal. Investors should carefully consider the investment objectives, risks, charges and expenses of the Olstein Funds. This and other important information is contained in the prospectus, which should be read carefully before investing. For a copy, click the prospectus link below.
Fund holdings are subject to change at any time.
Please click herefor fund holdings for Olstein All Cap Value Fund. Please click here for fund holdings for Olstein Strategic Opportunities Fund.
Cash flow is the net amount of cash and cash-equivalents being transferred into and out of a business. At the most fundamental level, a company’s ability to create value for shareholders is determined by its ability to generate positive cash flows, or more specifically, maximize long-term free cash flow. Free cash flow represents the cash a company generates after accounting for cash outflows to support operations and maintain its capital assets. Unlike earnings or net income, free cash flow is a measure of profitability that excludes the non-cash expenses of the income statement and includes spending on equipment and assets as well as changes in working capital from the balance sheet.