"I’d compare stock pickers to astrologers, but I don’t want to bad-mouth the astrologers." - Eugene Fama

SIA ends an interesting chapter of its history with redemption of its last remaining MCBs.

There are no correct answers for the cost of capital. There are only astute decision makers and those afraid to get caught on the wrong side of the outcome.

Without connecting the numbers to a story, projecting cash flows simply becomes an emotionless exercise of numbers.

In business valuation, the pricing estimates done by analysts can be thought of both right and wrong, until proven by the market.