New Age Finance I am teaching a course this semester in Advanced Corporate Finance. The traditional topics of such a course are the weighted average cost of capital (WACC), capital structure, debt and equity, risk management, projections and valuations. While those fundamentals still have value as a baseline, the truth is that with only that skill set it is unlikely that any person in the class would be able to make the necessary decisions to…
Mixing & Matching Today I went to the local CVS Pharmacy to get my COVID-19 booster shot. Just yesterday the CDC had followed up on the FDA’s prior day approval of the Moderna and J&J booster shot and added the ability (maybe even as much as a suggestion) that we were allowed to mix and match vaccine manufacturers. I tend to think this was mostly done for the people who had gotten the one-shot J&J…
Thin Skin This morning I did what I occasionally do, which is to go back over the past few weeks of posts to this blog to see what sort of comments have been made. I have one specific reader who has become one of the few commenters and he comments often. His name is Dr, Nicholas Bednarski and he is a nephrologist who lives near my in-laws Sharon and Woo. I met Nick through our…
Dispensing Justice The Supreme Court has always existed on a pedestal for me as it probably has for many Americans. It is the final arbiter of justice in a land that has reigned supreme as the pillar of justice and democracy for two hundred forty five years. There have been plenty of smaller nations where democracy and justice have been upheld and are prized characteristics of their national social consciousness, but none has stood as…
Stuffed I have just spent the last half hour listening to my lovely Kim writhing in agony after having eaten some tuna fish with low-fat mayonnaise. Kim is trying to get back on her feed, so to speak, after gastric bypass surgery. I know it is still early days (her surgery was three weeks ago today), but she seems to be having a tough time of getting her GI system back into some semblance of…
Sleeping In Sleep is the great restorative. Nature tells us that regular and prolonged periods of rest are important for the wellbeing of the body and mind. And yet who among us has not struggled with sleep? For one, Betty never seems to have a problem. I estimate that she sleeps about ten hours at night since she nods off before us and then pretty much stays down for the duration, with only a rare…
Easy Come, Easy Go I put in a bunch of expert witness work in August and September. In fact, I put in a total of 180 hours. In addition to that, I was preparing for and launching my course in Advanced Corporate Finance. I suppose that was another 40 hours of work. In the tradition of the 40-hour work week, those nine weeks would produce a time card of 360 hours. My math tells me…
Falling Uphill For months now I have gone up and down the back hill without incident. I am always careful, but parts of the hill are steep and all of it is rocky. What makes it even tougher is that there are parts of the turf that seems to have no substance beneath it. I can’t tell if that is due to gofers or just dryness that has dried out and aerated the earth. I…
The Rug Merchant A few days ago, I got a call from a guy who called himself Tobin. He asked if I remembered him from when we were in Turkey and had bought rugs from him. It seems he is here in Southern California with a truck full of rugs (actually, I have learned that it’s three containers full from which he refills his rugs). He wanted to come over and show us his wares…
A Valuation of Old Town We just had a quick visit from NYC friends Steven and Leslie. I know both from my Bankers Trust days of yore. Steven was a colleague who was a controller and then a CFO of several businesses I ran. Leslie was a central Human Resources professional. We have stayed in touch over the years and, indeed, Steven and I have worked together on other private company ventures. We go back…