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Valeant: Information Vacuums, Management...As an investor, would you buy shares in a company that is at the center of a political and legal firestorm? What if this company has a CEO who has lost the faith of his board and an ex-CFO who is being accused of shady financial practices? And would you pull  the buy trigger if the company has... 5 days 3 hours
January 2016 Data Update 8: Pricing, with an end...If you have been tracking the posts that I have about my data updates, you probably noticed that early on, I had planned eight posts but that this shrunk to seven by the time I was done. The reason was that the last post that I was planning to make was going to be on pricing numbers, i.e., the... 2 months 2 weeks
January 2016 Data Update 7: Dividends, Potential...In the last six posts, I have tried to look at the global corporate landscape, starting with how the market is pricing risk in the US and globally, how much investors are getting as risk free returns in different currencies and then moving on to differences across companies on the costs of... 2 months 2 weeks
January 2016 Data Update 6: Debt, the double...In corporate finance, the decision on whether to borrow money, and if so, how much has divided both practitioners and theorists for as long as the question has been debated. corporate finance, as a discipline, had its beginnings in Merton Miller and Franco Modigliani's classic paper on the... 1 2 months 2 weeks
January 2016 Data Update 5: Making a case for...In my last post, I looked at the cost of capital, a measure of what it costs firms to raise capital. That capital, if put to good use by businesses, should earn returns higher than the costs to generate value. Simply put, the end game in business is not just to make money but to make enough to... 2 months 4 weeks
January 2016 Data Update 2: Interest Rates,...In both corporate finance and valuation, interest rates and exchange rates play a big role, the former because they form the basis for estimating required returns on risky investments, and the latter, since they affect your earnings and cash flows. That said, the biggest mistakes that we make in... 3 months 2 weeks
January 2016 Data Update 1: The US Equity MarketsLike most of you, I start every new year with optimism and hopeful resolutions, but the first week each year for the last two decades has been what I term my “Moneyball” week. During the week, I downloaded the raw data on every publicly traded company that is listed globally, and worked at... 1 3 months 2 weeks
DCF Myth 1: If you have a D(discount rate) and a...Mod Note (Andy) - as the year comes to an end we're reposting the top discussions from 2015, this one ranks #35 and was originally posted 2/24/2015. Earlier this year, I started my series on discounted cash flow valuations (DCF) with a post that listed ten common myths in DCF and promised to do... 18 4 months 2 days
Aging in Dog Years? The Short, Glorious Life of a...The corporate aging theme is one that I have returned to repeatedly in my posts, and I have looked at how the aging process creates dysfunctional responses on the parts of managers, who want to find ways to reverse it, and investors, who make bets on such reversals. It was the under pinning for my... 4 months 1 week
The Yahoo! Chronicles! Is this the End Game?The big news of the day from the tech world comes from Yahoo (I am going to skip the exclamation point through the entire story, but don't read significance into that exclusion), where stories suggest that the board of directors may soon decide whether to sell its operating business, leaving it as... 2 4 months 1 week
WallStreet Prep Master Financial Modeling