"Investment Banking is 10% Financial Analysis and 90% Psycho-analysis" – André Meyer  This blog is about the "other 90%"…

Engineering Firm Value – September 2013

Dear Firm Value Blog Reader, Welcome to the first issue of the Engineering Firm Value Newsletter.  This is the sister publication of Firm Value, that in different forms and languages we have published since 2006.  If you like this newsletter, check out archive copies here: http://en.imapmb.com/firmvalue_archive.php If you enjoy reading it half as much as I […]

Conviction of Value

I have now seen a small number of sellers with conviction of value.  Here is what I mean:  These people develop a vision of what their company is worth and drive towards that financial target, until they get it. This is quite different from the “delusion of value” which is prevalent, especially with losers, who […]

Growth or Cash

Have your cake and eat it too… is a common misconception of unseasoned investors. To expect the appreciation of a stock AND handsome dividends at the same time is illusory.  It would require a company to have a high margin product or service… without the threat of real competition… with continually unfolding investment-light growth opportunities.  […]