My Snap Story: Valuing Snap ahead of it's IPO!

Five years ago, when my daughter asked me whether I had Snapchat installed on my phone, my response was “Snapwhat?". In the weeks following, she managed to convince the rest of us in the family to install the app on our phones, if for no other reason than to admire her photo...

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Apple: The Greatest Cash Machine in History?

As as sports fan, watching Brady and Belichick win the Super Bowl, Roger Federer triumph at the Australian Open and LeBron James carry the Cleveland Cavaliers to victory over the Warriors, it struck me how we take uncommon brilliance for granted. It is so easy, in the moment,...

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January 2017 Data Update 9: Dividends and Buybacks

If you are from my generation, I am sure that you remember Rodney Dangerfield, whose comedy routine was built around the fact that "he got no respect". This post is about dividends and cash return, the Rodney Dangerfield of Corporate finance, a decision that gets no respect...

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