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[ad_1] Dividends and buybacks are poised for a comeback this year. How can analysts gauge whether they contribute to a firm’s intrinsic value? Corporations responded to the onset of the COVID-19 pandemic by slashing costs and raising liquidity. In the United States, non-financial companies now hold $2.6 trillion in cash, […]

[ad_1] Michael Lewis can “untangle complex subjects like few others.” And few topics qualify as more complex — or more tragic — than the US response to the COVID-19 pandemic, the subject of his latest book, The Premonition: A Pandemic Story. At the heart of Lewis’s narrative is a central […]

[ad_1] Investors often choose diversified, multi-factor strategies to overcome the limitations of traditional cap-weighted benchmarks. These benchmarks are overly concentrated on companies with the largest market capitalization and expose investors to idiosyncratic risks that are not rewarded over the long term. Moreover, cap-weighted benchmarks incorporate no explicit objective to capture […]

[ad_1] In the 1970s, when trailblazers Henry Kravis and Teddy Forstmann helped launch one of the most successful financial products of the past half-century, leveraged buyouts (LBOs) were conducted on a deal-by-deal basis. The process was cumbersome. To expedite and bring more discipline to the equity funding stage, LBO specialists […]

[ad_1] In “The True Value of Your Muni Portfolio,” I considered alternative ways of quantifying the investor-specific value of a taxable portfolio. The market value is not suitable, because liquidating the portfolio would have tax consequences, and therefore the liquidation value would be different from the market value. Instead of […]