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Buybacks and Dividends: Sizing the Upswing

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, the equivalent of over 5% of […]
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Women and Investing: Five Myths

Last month, I had the privilege of participating in a lively podcast discussion with two fellow women in investing, Jane Barratt, who serves as chief advocacy officer of the fintech MX, and Meredith Jones, author of Women of The Street: Why Female Money Managers Generate Higher Returns. Our conversation, hosted by YieldStreet on 21 April, […]
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James H. Freis, Jr., CFA: The Rise and Fall of Wirecard

Thursday, 18 June 2020, is a day James H. Freis, Jr., CFA, the founder of Market Integrity Solutions, will never forget. Overnight, the mild-mannered American was thrust into the center of what would become the largest financial scandal in the history of modern Germany: Wirecard’s fall from high-flying fintech to the “Enron of Germany.” Before its collapse, […]
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Dan Heath: Three Barriers to Upstream Thinking

“Every system is perfectly designed to get the results it gets.” — Attributed to Paul Batalden Dan Heath credits the inspiration for his latest book, Upstream, to a single parable ascribed to the sociologist Irving Zola. “It goes like this,” Heath, a bestselling author and senior fellow at Duke University’s CASE center, explained at the […]
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To Invest Internationally, or Not — That Is the Question

What follows is a hypothetical conversation between two fictional investment professionals, US-based Bob Smith and his colleague Sandra Mueller, who works in Frankfurt. Their topic: international equity investing and diversification. Bob Smith: Hi Sandra. How are You?. Sandra Mueller: Hi Bob. Good, thank you. All is well here in Germany. The last time we spoke, […]
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In Memoriam: David Swensen

“David was, simply, the best at what he did. He was to endowments what Jack Bogle was to funds — none better as a person or professional.” — Steven M. Galbraith David Swensen, who passed away last week, was among the most influential investors of his generation. As chief investment officer at Yale, Swensen pioneered […]
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Improving the Odds of Value Investing

Introduction Ted Theodore first wrote about value versus momentum stocks way back in 1984, but almost 40 years later, there still is no real consensus among investors or academics on what is driving either strategy. That’s not due to a lack of research. Thousands of papers have scrutinized equity factors across markets and asset classes, […]
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Book Review: The Technological Revolution in Financial Services

The Technological Revolution in Financial Services: How Banks, Fintechs, and Customers Win Together. 2020. Edited by Michael R. King, CFA, and Richard W. Nesbitt. University of Toronto Press. The Technological Revolution in Financial Services: How Banks, Fintechs, and Customers Win Together, edited by Michael R. King, CFA, Lansdowne Chair in Finance at the University of […]
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