2016

Active Investing: Seeking the Elusive Edge!

In my last post, I pointed to the shift towards passive investing that has accelerated over the last decade and argued that much of that sh...

I was a doctoral student at UCLA, in 1983 and 1984, when I was assigned to be research assistant to Professor Eugene Fama, who wisely aband...

When you complete a discounted cash flow valuation of a company with a growth window and a terminal value at the end, it is natural to consi...

As you peruse discounted cash flow valuations, it is striking how infrequently you see projections of negative growth into the futur...