February 2020 Release notes

CAPM Explained

We are proud to announce a new release of Equities Lab. We have a ton of new features, including some changes that might affect your current screens.

Data Changes

  • Better handling of ADRs
    • More useful ADRs (foreign stocks).
    • More fundamental data for ADRs.
  • Added Canadian and Australian stocks
    • You can now invest in these stocks using a custom universe.
  • Removed uninvestable stocks
    • Previously, your results would include stocks that were very difficult to invest in.
  • Industry/sector reorganization
    • These grouping are now more useful.
  • New ALFRED properties
  • Included data from before 1995
    • You can access data from before 1995 when deciding to include a company in a stock screener or trading model.

Effects on Screeners

  • Relative ranking across stocks have changed
    • By adding more high quality ADR’s and including more properties for them, the relative rankings of other stocks have naturally shifted.
  • Market Rank, Position Across, etc. all now compare only within the screener’s universe of stocks
    • Because Canadian or Australian stocks shouldn’t affect most screens, such operators now only compare stocks within your universe.

Stock Simulator Improvements

  • The stock trading simulator is now a fully fledged paper trading tool.
  • Professors can now run stock buying competitions for their classes.
  • You can simulate strategies where stocks enter and leave the portfolio without rebalancing.

Editor Improvements

  • Disable/enable terms
    • Navigate to the term that you want to disable and use the menu or Ctrl D. It will turn grey and no longer influence the screener results, although its definitions will still be available.
  • Custom tooltips on terms
    • You can annotate your work to remember what you did.
  • Improved autocomplete
    • All time coded variations are hidden to make properties easier to see.
      • “Depreciation” will include Deprecation_1Q but hide Depreciation_2Q.
    • In order to select the correct time code, you may include it in your search.
      • “eps2y” will auto-complete to EPS_2Y.
    • We now sort properties in frequency order.
      • Since fewer companies report Depreciation than Depreciation and Amortization, Depreciation and Amortization is listed first.
  • Configurable colors for lines
    • Use the “pick color” option on a chart legend to pick custom colors for your lines.
  • Wrap menu improvements
    • Insert common operators above your current operator by using the right context “Add Content->wrap with” menu.
    • Use Shift Enter to wrap an operator rather than replacing it.
  • New has-value operator
    • Use the new has-value operator to test if one or more values are undefined.
  • New value-else operator
    • You may want a fallback if a company does not report a given property. For example, companies will often report a random subset of Cash, CashAndCashEquivalents, or CashAndCashEquivalentsAndMarketableSecurities.
    • The value-else operator lets you specify that if Cash exists, use it, and if it doesn’t, use CashAndCashEquivalent.
  • Filtering by Country
    • For example, classify_as China will include all stocks headquartered in China.
  • Explorer stock screeners are annotated with more data
    • Key statistics, backtests, and charts will be available in the description panel of the Explorer.
  • Improved expression parsing
    • You can now type in “netincome > netincome 1y” or “trev1y > 0” and have it parsed successfully.

About henry

Henry Crutcher is an avid family guy, board gamer (think Settlers of Catan, Puerto Rico, etc), computer nut, and all around geek. Hailing from Louisville, KY, he has noticed that the weather in Louisville is remarkably similar to the weather in Atlanta, GA despite the 407 miles that separate them. He has two daughters, one cat, and lots of trees. He loves the Miles Vorkosigan series from Lois McMaster Bujold, for its mix of SF, comedy and insight into how people work. He also comsumes more than his fair share of cheesy business/economics books, such as The Ascent of Money by Niall Ferguson, or Farewell to Alms, by Gregory Clark.

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