Observations
Short notes, sharp edges
Single ideas, stated plainly. The kind of thought that explains a headline in one sentence once you see the incentive behind it.
Buybacks return money to sellers — not shareholders.
Dividends put cash in your pocket.
Buybacks put hope in your portfolio.
Hope is not a strategy.
Intrinsic value is a story wrapped in math.
Change the assumptions and the valuation changes with them.
Models are often more persuasive than predictive.
People do what they are rewarded to do.
If executive compensation rewards EPS growth above all else, financial engineering should surprise no one.