January 10, 2021
Counting the Cost of Capital and Marking Equity to Market
Your alpha opportunity is not just where the map differs from the territory.
January 7, 2021
Refreshing Revenue, the Cash Conversion Cycle, and Free Cash Flow
Like it or not, companies are judged by flawed standards. Let’s start with revenue recognition, the cash conversion cycle, and free cash flow.
January 5, 2021
How Alpha Hides in GAAP Accounting
The market may be a weighing machine in the long run, but it sure helps to know when someone is putting a thumb on the scale.
How Passive Works
August 2, 2020
Alpha in a Passive World
There is a tide in the affairs of capital markets, which, taken at the flood, leads on to fortune.
July 26, 2020
The QDIA Aircraft Carrier & How Target-Date Funds Sustain It
Architecture is destiny.
July 19, 2020
How US Retirement Savings Defaulted to Passive Investing
Defaults may be the most powerful force in product design.