Post Modern Security Analysis
By John Schroy, on August 26th, 2009 |

Modern capital markets have become so complex that security analysis methods of the 1930s are no longer adequate.
Excessive, daunting complexity is the reason that security analysts must move now beyond Graham & Dodd.
Complexity is not only in financial information, but in collateral issues such as institutional operations, the interaction of foreign and domestic taxation, and structural risks.
Post Modern Security Analysis
By John Schroy, on August 19th, 2009 |

‘Corporate governance’ is a buzz-word that came into vogue as employee-executives were able to wrest control of public corporations from the real owners, long-term investors.
Misuse of stock buybacks, excessive executive remuneration, and conflicts of interests are issues that security analysts must now study.
The analyst’s question should be, ‘Which stakeholders control the company?’ and ‘Are their interests the same as those of investors?’
From Messiah to Anti-Christ
By John Schroy, on August 18th, 2009 |

In the Summer of 2009, Barack Obama found that Lincoln’s saying, “You can’t fool all of the people all of the time,” applied to his presidency. Massive deficit spending, an unpopular ‘health care reform’ bill, and the growing awareness that Obama’s campaign promises were largely lies, resulted in the honeymoon coming to an abrupt halt.
Obama’s growing unpopularity has encouraged Republicans to hope for a return to power in 2010, backed by grassroot revolt of a significant segment of the population.
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