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...

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January 2017 Data Update 8: The Dark and Light Sides of Debt

There is no aspect of corporate finance where morality plays a bigger role than  the decision of how much to borrow. That should come as no ...

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January 2017 Data Update 7: Profitability, Excess Returns and Governance

If asked to describe a successful business, most people will tell you that it is one that makes money and that is not an unreasonable starti...

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January 2017 Data Update 6: A Cost of Capital Update!

I have described the cost of capital as the Swiss Army knife of finance, a number that shows up in so many different places in corporate fin...

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January 2017 Data Update 5: A Taxing Year Ahead?

There are three realities that you cannot avoid in business and investing. The first is that your returns and value are based upon the cash ...

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