Business and sports understand the importance of a scorecard. But what if CEOs only got the final earnings number, or if Jordan Speith’s only input for improving his game was his 18-hole score instead of fairways hit, greens in regulation, sand saves and putts? Similarly, what if Mookie Betts only input was his final batting […]
Moneyball for Hedge Funds Read More »
I guess I am just a sucker for contrarian thinkers, but when I first read Stephanie Pomboy’s investment guidance in an article by Barron’s Leslie Norton on March 22, 2018, I was a little skeptical about her thesis. In the face of a new Fed chairman’s committed interest rate increases for 2018, Stephanie was telling
A Gutsy Call on Interest Rates Read More »
When pitchers and catchers report for spring training the winter of my mind officially ends. My seasonal affective disorder of endless nights fades to a new dawn of clarity and understanding. I begin to see baseball as a metaphor for business. There is a significant problem in baseball right now with team owners not giving
What Baseball Teaches You About Talent Recognition and Retention Read More »
Barron’s recently invited 10 leading financial minds to look into their crystal balls and predict how capital markets may fare in 2019. This round table is always interesting, but you have to remember panelists’ perspectives are usually tied to the industry that pays their salary. Abby Joseph Cohen is still representing Goldman Sachs. This year
Experts Looking at Corporate Balance Sheets Read More »
A little-known provision of the Trump Tax Reform Act of 2017 was bipartisan support for an interesting tax incentive around investments in Opportunity Zones. This is the hottest tax dodge since tax shelters in the 1980’s, but whether it will serve its purpose of distressed community development is uncertain. Here are a few Q&A clarifications
Opportunity Zones- Gimmick or Gamechanger? Read More »
The zombie motif was popularized by the horror movie “Night of the Living Dead” where zombies and vampires morphed into aggressive and deadly undead preying on humans. The zombie concept moved into finance with the advent of Zombie Banks in Japan in the “lost decade” of the 1990s. Those Zombie Banks were kept alive by
Zombie Stocks Are Alive And Well Read More »
Remember when a Japanese investment group bought Pebble Beach Golf Blub September 1990? It seemed like every important asset was being gobbled up by an ascendant Japanese economy. Soon thereafter in 1992 the Japanese real estate market crashed and then, in a great imitation of a kamikaze, the Nikeii followed suit Now, more than 25
China Debt—Opportunity or Contagion? Read More »
Investors all have sure signs for market tops. Lately, the equity crowd is watching an inverted yield curve as a harbinger of recession and the inevitable market correction. Other savants point to the disconnection between the market movements of Facebook, Amazon, Apple, Netflix and Google and the rest of the stocks in all three equity
You Know It Is a Market Top When???? Read More »
Five years ago, when a private equity firm sold a business the buyer would require the seller to establish a funded escrow account (5-10% of the purchase price) with an independent bank as a convenient source of indemnification for representations and warranties. Until recently, in the lower middle market, it was highly unusual for a
Insurers Underwrite LBO Risk Read More »
In the lower middle market our management teams are the biggest contributors to investment returns. When you are lucky enough to inherit a great management team you can usually count on sustained growth and sequential profitability. Good managers immediately understand the vital few objectives and are typically honest about organizational capacity and risk mitigation. Spam
Rock Star Candidates May Disappoint Read More »
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