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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... 1 week 5 days
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 weeks 5 days
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... 3 weeks 6 days
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... 1 month 2 weeks
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... 1 month 3 weeks
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... 1 month 3 weeks
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 months 2 weeks
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 months 2 weeks
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 months 2 weeks
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... 3 months 1 week
WallStreet Prep Master Financial Modeling