Finally a media example!

All very interesting you might say, but isn’t this a ‘media’ blog? Indeed it is, but just as any great sauce needs to be based on a good stock (yes I spent the best part of a decade at a leading French bank), so a meaningful media valuation needs to be rooted in a coherent and […]

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Earnings to FCF in pictures

Before I start to drill down into how a market ECC can be used to translate company FCF yields (operating) into growth ratings, I thought a few parting shots at the PE merchants was in order. If you’re seriously trying to explain equity valuations on the basis of reported earnings please consider the following 7 […]

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Risky business

If something happens a lot, then a few bright sparks may deduce that the probability of it happening again will have gone up. It was on this theme and with reference to the longer term outperformance of equities vs bonds that a number of equity strategists were arguing for a structural decline in the equity […]

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>Magic money

> Graduates of the Hogwash school of financial wizardry are forever trying to cook up new ways of creating apparent value out of nothing. While their stratagems may vary considerably from the crude currency debasements such as quantitative easing or Ponzi schemes to more complex accounting manipulations and derivative structures, they often have a common […]

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>Going through the motions

>Looking for gold amongst the shit is the now largely forgotten origin of this idiom, but perhaps accurately represents the goal of an equity research analyst. Finding nuggets however was never easy (indeed for 17th century diners it was the less alimentary challenging gold leaf that was being recovered) and it seems is no less so in […]

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