Measuring real, durable wealth creation
CISSA Economic Lens
Customer · Investor · Shareholder · Societal Alignment
A share price is not one thing. The CISSA Economic Lens separates real economic performance from sentiment and from wealth appropriated rather than created, and turns the difference into a signal you can screen, model and underwrite.
How it works
Performance reframed in pure equity terms, in three connected layers
Three measures, one view of where price has run ahead of the economics.
Real economic performance
ROE − Ke, TER − Ke and TER Alpha, in pure equity terms.
What a company truly earns for its owners.
The economic profit bow wave
Deliver → Extend → Reset: value delivered versus value priced in, over time.
The gap between economics and price.
Can the wealth endure?
Six principles of stakeholder capitalism: wealth created, not appropriated.
A filter that screens out one-year wonders.
An AI-powered widget built into the platform. Ask anything about a company, sector, portfolio or market in plain English, and get an answer grounded in the lens rather than in general commentary.
Put it to work
Build thematic, risk and alpha models on the lens
The three measures are stated in one comparable unit across companies, sectors and years, so they drop into the tools an investment team already runs: a screen, a factor stack, a risk model, an index methodology.
Alpha models
TER Alpha as a cross-sectional factor
Company-specific wealth with market movement stripped out, so what is left is an underwritable signal that sits alongside value, quality and momentum rather than restating them. Ranked across the universe, point-in-time.
Risk models
Sentiment exposure, measured
The bow wave sizes how much of a holding's price depends on performance not yet delivered. Reset risk becomes a portfolio-level exposure to budget and cap, not a story told after the drawdown.
Screening
Separate creation from appropriation
Rank a universe on ROE − Ke, TER − Ke and TER Alpha, then apply the six principles to screen out headline returns built on weak underlying economics.
Index & ETF construction
TER Alpha-weighted indices
Selection and weighting driven by measured wealth creation, with a published, reproducible method and point-in-time history behind every rebalance.
Thematic strategies
Exposure plus economics
Pair the lens with DataHex Thematic Studio: score which companies are genuinely exposed to a theme, then keep the ones actually creating wealth from it.
Entry and exit timing
Time the gap, not the narrative
The distance between value delivered and value priced in has a size and a direction, which is what makes entry timing, position sizing and exit discipline testable.
The same measures support stewardship and engagement reporting, where the question is whether returns to shareholders came at the expense of other stakeholders.
Let’s talk through the use case that matters to you
We will talk through the use case that matters to your team, so you can see what is real wealth creation, what is sentiment, and what has been appropriated.