The Value and Pricing of Cash: Why low interest rates & large cash balances skew PE ratios

For an asset that should be easy to value and analyze, cash has been in the news a lot in the last few months, both when it has been returne...

No Light at the end of the Tunnel: Investing in Bad Businesses

I am a cynic when it comes to both CEOs and equity research analysts. I think that many CEOs are political animals, bereft of vision and mas...

Is your CEO worth his (her) pay? The Pricing and Valuing of Top Managers!

It is the time of the year when stories about CEO compensation are the news of the day, and investors and onlookers alike get to ask whethe...

The Search for Investment Serenity: The Look Back Test!

Late last year, in a post titled “Go where it is darkest” , I argued that the best investment opportunities are likely to be found in the mi...