Remove Concentration Remove Hurdle Rate Remove Manufacturing
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The Corporate Life Cycle: Corporate Finance, Valuation and Investing Implications!

Musings on Markets

In the manufacturing-centered twentieth century, it took decades for companies like GE and Ford to scale up, but they also stayed at the top for long periods, before declining over decades. Advice on concentrating your portfolio and having a margin of safety, both value investing nostrums, may work with the former but not with the latter.

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Marking Time: A new year, a fresh semester and its class time!

Musings on Markets

Discount rates in intrinsic valaution have to change to reflect current market conditions, and can be expected to change over time. Investment strategies that create concentrations in manufacturing and captial intensive companies need to be balanced with firms that have more flexible cost structures.