{"id":107844,"date":"2021-10-20T10:15:00","date_gmt":"2021-10-20T14:15:00","guid":{"rendered":"https:\/\/ibkrcampus.com\/?p=107844"},"modified":"2022-11-21T09:48:34","modified_gmt":"2022-11-21T14:48:34","slug":"write-downs-near-15-year-lows-post-2020-kitchen-sink","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/macro\/write-downs-near-15-year-lows-post-2020-kitchen-sink\/","title":{"rendered":"Write-Downs Near 15-Year Lows Post 2020 \u201cKitchen Sink\u201d"},"content":{"rendered":"\n

In what turned out to be a \u201ckitchen sink<\/a>\u201d year, corporate managers used COVID-19 as a justification to write-down more assets in 2020 than any year since 2008. With the books \u201ccleaned up\u201d, S&P 500 companies are on pace to record the lowest amount of write-downs in 15 years. We see a similar trend in Small Cap and All Cap companies.<\/p>\n\n\n\n

In this report, we\u2019ll look at the write-down trends across the S&P 500, NC 1500 (our proxy for Small Cap companies), and the NC 2000 (our proxy for All Cap companies).<\/p>\n\n\n\n

These reports leverage <\/a>more reliable fundamental data<\/a>[1]<\/a> that overcomes flaws with legacy fundamental datasets<\/a>. Our Earnings Distortion<\/a> factor generates idiosyncratic<\/a> alpha.<\/p>\n\n\n\n

S&P 500 1H21: Write-Downs Are 81% Lower than 1H20<\/strong><\/h2>\n\n\n\n

The total value of pre-tax[2]<\/a> write-downs for the S&P 500 in 1H21 is $33.6 billion, or just 12% of the total write-downs in 2020. Our analysis shows write-downs tend to spike (\u201ckitchen sink<\/a>\u201d effect) when stock markets and economic growth sink as they did during the financial crisis of 2008, the economic turbulence in 2015, and the pandemic-driven disruptions in 2020.<\/p>\n\n\n\n

Figure 1: S&P 500: Total Write-Downs Pre-Tax: 2004<\/strong>[3]<\/strong><\/a> through First Half of 2021<\/strong><\/h3>\n\n\n\n
\"S&P<\/figure>\n\n\n\n

Sources: New Constructs, LLC, and company filings<\/p>\n\n\n\n

S&P 500 1H21: Write-Downs by Quarter<\/strong><\/h2>\n\n\n\n

In 1Q21, S&P 500 companies disclosed $16.3 billion in pre-tax write-downs, 84% less than 1Q20 and just 6% of the total for 2020. In 2Q21, we found another $17.3 billion in pre-tax write-downs for the S&P 500. See Figure 2.<\/p>\n\n\n\n

Figure 2: S&P 500: Write-Downs in 2020 vs 1Q21 and 2Q21<\/strong><\/h3>\n\n\n\n
\"S&P<\/figure>\n\n\n\n

Sources: New Constructs, LLC, and company filings<\/p>\n\n\n\n

S&P 500: Write-Downs In 1H21 vs 1H20<\/strong><\/h2>\n\n\n\n

Pre-tax write-downs in the first half of 2021 totaled $33.6 billion or 19% of the total pre-tax value of write-downs in the first half of 2020.<\/p>\n\n\n\n

Click here to read the full article<\/a><\/p>\n\n\n\n

—<\/p>\n\n\n\n

This article originally published on October 12, 2021<\/em><\/a>.<\/em><\/p>\n\n\n\n

Disclosure: David Trainer, Kyle Guske II, and Matt Shuler receive no compensation to write about any specific stock, sector, style, or theme.<\/em><\/p>\n\n\n\n

Follow us on<\/em> <\/em><\/a>Twitter<\/em><\/a>, <\/em>Facebook<\/em><\/a>, <\/em>LinkedIn<\/em><\/a>, and <\/em>StockTwits<\/em><\/a> for real-time alerts on all our research.<\/em><\/p>\n\n\n\n

[1]<\/a> For 3rd<\/sup>-party reviews, including The Journal of Financial Economics<\/a>, on our more reliable fundamental data, click here<\/a> and here<\/a>.<\/p>\n\n\n\n

[2]<\/a> This report focuses on \u201cpre-tax\u201d values though we also have the after-tax values for all views presented.<\/p>\n\n\n\n

[3]<\/a> Our S&P 500 research goes back to 2004. Our data on All Cap and Small Cap stocks go back to 1998.<\/p>\n\n\n\n

Click here to download a PDF of this report<\/a>.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

In what turned out to be a \u201ckitchen sink\u201d year, corporate managers used COVID-19 as a justification to write-down more assets in 2020 than any year since 2008.<\/p>\n","protected":false},"author":348,"featured_media":107845,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[18,6,8,9,22,26,3],"tags":[8325],"contributors-categories":[13616],"class_list":{"0":"post-107844","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-macro","8":"category-north-america","9":"category-region","10":"category-securities","11":"category-stocks","12":"category-text-articles","13":"category-traders-insight","14":"tag-write-downs","15":"contributors-categories-new-constructs"},"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"\nWrite-Downs Near 15-Year Lows Post 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