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Value and Taxes: Breaking down the Pfizer-...A week ago, I began my series of posts on the drug business, starting with my perspective on how the business is changing and then moving on to post on Valeant's business model and the runaway story of Theranos. I am finishing this series with a post on Pfizer's plan to merge with Allergan and the... 2 days 9 hours
Runaway Stories and Fairy Tale Endings: The...I saw the new Steve Jobs movie, with the screenplay by Aaron Sorkin, over the weekend. As a long-time Apple user and investor, I must confess that I was bothered by the way in which the film played fast and loose with the facts, but I also understand that this is a movie. Sorkin clearly saw the... 2 days 22 hours
Divergence in the Drug Businesses:...In the last two weeks, I have started writing about Pfizer’s courting of Allergan, the epic fall of Valeant and the unraveling of the Theranos story, but I have held back because all three stories have to be set against the backdrop of the changing health care business. While there are numerous... 2 days 22 hours
Winning at a Loser's Game? Control, Synergy...I have been a long time investor in ABInBev, though I became one indirectly and accidentally, through a stake I took a long time ago in Brahma, a Brazilian beverage company . That company became Ambev in 1999, which in turn was merged with Interbrew, the Belgian brewer, in 2004, and expanded to... 4 weeks 17 hours
Putting a Price Tag on Scandal: Sturm und Drang...My Vale missteps illuminated for me some of the risks of going where it is darkest, but I will not let them stop me from trying again. This time, my focus is Volkswagen, a company that has, over the course of a month, gone from being just another mature company in a bad business (automobiles) to... 1 month 3 weeks
No Mas, No Mas! The Vale Chronicles (Continued)!I have used Vale as an illustrative example in my applied corporate finance book, and as a global mining company, with Brazilian roots, it allows me to talk about how financial decisions (on where to invest, how much to borrow and how dividend payout) are affected by the ups and downs of the... 1 month 4 weeks
What's in a name? Of Umlauts, The Alphabet...As the title should forewarn you, this is a post that will meander from eating spots to basketball players to corporate name changes. So, if you get lost easily, you may want skip reading it. It is triggered by two events that occurred this summer. One is Google's widely publicized decision to... 2 months 2 weeks
My Valuation Class: The Fall 2015 Model PreviewIt is almost September and as the academic clock resets for a new year, I get ready to teach a new valuation class. With three hundred registered students, it is about as diverse a class as any I have every taught, with a mix of full-time and part-time MBA students, law and engineering graduate... 2 months 3 weeks
Beijing Blunders: Bull in a China Shop!I have generally steered from using my blog as a vehicle for rants, not because I don't have my share of targets, but because I know that while ranting makes me feel better, it almost always creates more costs than benefits. It is true that I have had tantrums (mini-rants) about the practice of... 2 months 3 weeks
Storied Asset Sales: Valuing and Pricing "...Pearson PLC, the British publishing/education company, has been busy this summer, shedding itself of its ownership in two iconic media investments, the Financial Times and the Economist. On July 23, 2015, it sold its stake in the Financial Times for $1.3 billion to Nikkei, the Japanese media... 3 months 3 days
WallStreet Prep Master Financial Modeling