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Fairness Opinions: Time to fish or cut bait!
Fairness opinions are offered as protection for investors in deals, especially when there is a danger of self-dealing. While that is a noble motive, …
1 month, 3 weeks ago
A Business Upended: Streaming and the Future of The Entertainment Business
It has been an unsettling summer for the US movie and broadcasting businesses, with a strike by actors and writers stretching into its third month, a…
1 month, 3 weeks ago
Session 2: The Bermuda Triangle and Valuation Approaches
This class started with a test on whether you can detect the direction bias will take, based on who or why a valuation is done. The solutions are pos…
1 month, 3 weeks ago
Putting the (Insta)cart before the (Grocery)horse: A COVID Favorite's Reality Check!
The COVID shutdown in 2020 created a host of pain, but it did also create some winners, and one of those was Instacart, an online grocery shopping an…
1 month, 3 weeks ago
The Keystone Kops of Valuation: Lazard, Evercore and the TSLA/SCTY Deal
When Tesla announced its intent to buy Solar City, Elon Musk was exposed to charges of conflict of interest, since he controlled both companies. The …
1 month, 3 weeks ago
Market Bipolarity: Exuberance versus Exhaustion!
In this session, I use the end of the third quarter of 2023 as an opportunity to look at economic and market movements during the quarter, and to try…
1 month, 3 weeks ago
Session 1: Introduction to the Class
In this session, I laid out the five broad themes that underlie this class, that valuation is a craft, that it is simple & universal, that value and …
1 month, 3 weeks ago
Invisible, but Invaluable: Valuing Intangibles - The Birkenstock IPO
It is undeniable that intangible assets account for a large portion of value at many companies, and that they are increasing as a percent of value ac…
1 month, 3 weeks ago
Mean Reversion: Statistical Fact or Dangerous Delusion?
Much of investing, especially contrarian, is built on the belief that things revert back to norms, either over time or in the cross section. Thus, wh…
1 month, 3 weeks ago
Good Intentions, Perverse Outcomes: The Impact of Impact Investing
In impact investing, you invest not just for financial returns but to do good for society. Using that definition, impact investing has been part of i…
1 month, 3 weeks ago