The Growing Benefits Of Private Ownership
January 2, 2007Regulators and impatient investors are driving U.S. public companies to go private. Major investors, along with some executives, will gain; other investors can only watch. While public company officers and directors spend more time these days on administration and less time growing their businesses, the private equity world asks only one thing from its executives: Grow earnings and cash flow meaningfully over the next three to five years. Which type …
Canada Settles Issues; America Belabors Them
January 1, 2007SHERBROOKE, Quebec — As night falls and a frigid December wind blasts across Quebec’s Eastern Townships, the 100-foot-tall illuminated cross atop Mont Bellevue commandeers this small city’s skyline. The sight of it startles me. Just an hour earlier, I was standing at the mountain’s base, watching snow guns furiously try to compensate for nature’s lethargy in time for an approaching weekend. Mont Bellevue is a city park, 900 vertical feet …
A Fundamentally Better Stock Index?
January 1, 2007Investors should avoid the new “fundamentally weighted” equity indices launched recently in an effort to outperform widely used indices such as the S&P 500 Index. Until some design flaws are addressed, there are much better alternatives. The latest debate in the world of indexing is market capitalization weighting vs. fundamental weighting. Market capitalization is determined by multiplying the number of shares outstanding by price per share. The result is the …
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