The Dance of the Disrupted: Observations from the front lines

Teaching is my passion, writing gives me joy and finance is my playground. While I am blessed in being able to immerse myself in all three, ...

The X Factor in Value: Excess Returns in Theory and Practice

There are lots of reasons why we try to start and run businesses. Some of them are emotional but the financial rationale for starting and st...

The Tax Story in 2015: Myths, Misconceptions and Reality Checks

Each of us believes that we pay our fair share in taxes and that it is other people that do not, and not surprisingly, we find evidence to b...

Putting the D in the DCF: The Cost of Capital

If there were a contest for the most measured number in finance, the winner would be the cost of capital. Corporate finance departments arou...