Buying the Narrative
Company valuation is one of the more recent iterations of the ancient human tradition of storytelling. Like all traditional narrative forms, it pits a protagonist (company managers) against a problem (how to generate profits) and details how they overcome the...Yes, Market Timing is Still a Bad Idea
I received an interesting memo from our “Questions No One is Asking” department this week: Is market timing really all that bad? “Of course it is,” I scoffed. “Any freshman finance major could tell you that!” But before I threw the...Deconstructing Declining Dividend Yields
Whether public or private, equity markets operate on the same underlying assumption – the investor is contributing capital now to participate in the future success of the company, at the risk of participating in its failure as well. Until that success is...The Day After & the Era of Transformation
Here is our take on the articles summarized below: The pillars of the free market are under duress. One of the greatest free-market inefficiencies – environmental conservation – has brought forth the bitter fruit of its negligence, as a monumental report...Sign Up for Our Publications
