Practical analysis for investment professionals

Corporate Finance


The Microsoft-LinkedIn Deal and “The Nature of the Firm”

Matthew Borin explores the Microsoft-LinkedIn acquisition through the prism of Ronald Coase's "The Nature of the Firm." His conclusion? Neither classical reasoning nor market dominance can explain the deal. If market synergy is the motivation, the odds of success do not look promising.

Jack L. Treynor and the Birth of the Quants

Imagine for a moment an investment world without the accomplishments of Jack L. Treynor. In this imaginary Treynor-less world, mass casino psychology and fund manager guru-worship might rule, unchallenged by any metrics other than crude popularity and marketing spend.

The C-Suite Speaks: Looking for a Curveball

Based on recent earnings calls, the economy appears to be okay overall, says Scott Krisiloff, CFA, not deteriorating, but not robust either.

Book Review: Get Rich with Dividends

This book is a worthwhile contribution to the retail literature on investing in dividend-growth stocks that offers a credible investment strategy along with a wealth of supporting data and background information.

Agriculture-Related Water Risks: Understanding the Threat

Although investors are increasingly aware of water risks in their portfolios linked to agriculture, there is still work to be done to improve risk analysis and mitigation strategies. Several investors have begun by simply asking companies for better disclosure of agriculture supply chain risks.

Book Review: A Risk Professional’s Survival Guide

This highly readable and informative book can serve the needs of a variety of individuals. The end-of-chapter problems make the book suitable for a classroom setting for those who plan to become practicing risk managers. Readers interested in gaining a general overview of risk management will also find the book valuable.

The Little Worm That Is Destroying Capitalism

Artificially low costs of capital are the little worm destroying capitalism.

Skills That Separate You as an Investment Manager: Scaling

An overlooked skill that separates you from other analysts is the ability to use a multitude of scales to lead to deeper understanding of an investment.

Book Review: Encyclopedia of Finance

This book is a valuable resource for those in need of a quick definition or formula as well as a vehicle for those wishing to dig more deeply into any of a wide range of topics.

The Place of Private Equity in a Diversified Investor’s Portfolio

The recent Chapter 11 bankruptcy protection filing of Energy Future Holdings Corporation — once the subject of the world’s largest leveraged buyout, and now the biggest private equity bankruptcy since the demise of Chrysler — casts an unflattering light on the rarefied sphere of private equity investment. We take the opportunity to review recent research on the place of private equity in a diversified investor’s portfolio.



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