The Case of Tesla – Corporate Stakeholders and Corporate Finance
Way back in 1988, Alan Shapiro and I published a paper called “Corporate Stakeholders and Corporate Finance.” The point … Read more
Way back in 1988, Alan Shapiro and I published a paper called “Corporate Stakeholders and Corporate Finance.” The point … Read more
If you have followed this blog for the last couple of years, you have heard me harp on how difficult … Read more
A war continues to rage amongst finance professionals regarding the commonality of bubbles. The problem is that present value relation … Read more
This famous old Wall Street warning is worth bearing in mind as we explore the possibility of bubbles. Because there … Read more
A company is never so good or a situation so favorable that it cannot be overpriced. In my view, that … Read more
Last month I published an editorial in the Journal of Portfolio Management that turned out to be somewhat prescient. It … Read more
As a professor, I tend to be quite wedded to the idea of efficient markets that has played such a … Read more
First some full disclosure. I am a Republican free market economist. I believe in the importance of individual incentives and … Read more
Ok, I am breaking down to write something about Bitcoin. It seems that everyone I talk to has a question … Read more
Perhaps the most common theme of this blog is that value creation comes from lean, well managed companies that have … Read more
Becoming educated is not easy or natural for most people. Were it like learning to walk, we would not need … Read more
At the outset let’s be clear on the relation between Bitcoin and blockchain technology. Blockchain technology is one of the … Read more
Short-termism just won’t die. Despite obvious counter examples like Amazon, Tesla and Netflix it clings to its long-term life. But … Read more
Fire fighters often complain about the downside of fire prevention. By preventing small fires, the fuel for large ones continues … Read more
Amazon trades at a P/E of 250. Facebook is 40. For Air BNB, Tesla and Uber the P/E are undefined … Read more