Post Modern Security Analysis
By John Schroy, on August 6th, 2009 |

The target of classical security analysis is ‘intrinsic value’, a fuzzy concept defined as the value justified by the facts.
Financial markets have become vastly more complex since the days of Graham & Dodd.
Since the 1960’s, stock prices have generally exceeded ‘intrinsic value’. New techniques are needed now to handle the flood of free investment information.
US equities
By John Schroy, on August 24th, 2006 |

There is a common belief that a managed, diversified portfolio of US common stocks provides protection against inflation. However, there is reason to question whether this protection currently exists.
Considering today’s equity prices, relative to intrinsic values, there is doubt as to whether common stocks offer the level of protection against inflation that many presume.
Stock buyback shenanigans
By John Schroy, on July 20th, 2006 |

In a major exposé of the misuse of executive options, the Wall Street Journal ran a front page article on July 15, 2006, reporting that as stocks sank after the the 9/11 attacks, scores of companies rushed to issue options to top officials. Some executives reaped millions.
The SEC provided cover to this fraud, relaxing the already lax SEC Rule 10b-18. Executives were able to play on patriotic sentiment to personal advantage, diverting shareholder funds to their own pockets.
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