Testing Times: Market Turmoil and Investment Serenity

The last week has been a roller coaster ride, though more down than up, and investors have done what they always do during market crises. The fear factor rises, some investors sell and head for the safer pastures, some are paralyzed not knowing what to do, and some double down...

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January 2018 Data Update 10: The Price is Right!

In my first nine posts on my data update for 2018, I focused on the costs that companies face in raising equity and debt, and their investment, financing and dividend decisions. In assessing those decisions, though, I looked at their actions through the lens of value creation,...

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January 2018 Data Update 9: Dividends, Stock Buybacks and Cash Holdings

If success for a farmer is measured by his or her harvest, success in a business, from an investors' standpoint, should be measured by its capacity to return cash flows for its owners. That is not belittling the intermediate steps needed to get there, since to be able to generate...

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