Member Articles

Image Source: TradingView.com This article was sent to members via email December 21. You can access that email at the link that follows this article. By Brian Nelson, CFA Good morning folks, Boy is it good to be back in the full swing of things.  Writing Value Trap: Theory of Universal Valuation took almost everything out of me the past few months, but it was absolutely necessary. This book challenges the greatest thinkers in finance, and its 350 pages are chock-full of footnotes and examples, complete with a Preface, Notes, Bibliography and 18-page index. I think you’re going to love it, and what’s more, if you have questions about it, you can reach out to me for further explanation! Yesterday was another … Read more

Image Source: TradingView.com This article was sent to members via email December 18. You can access that email via the link that follows this article. By Brian Nelson, CFA Hi everyone, I’m getting a bit concerned about the technical backdrop of the market, and while fundamentals certainly aren’t poor, it is changes in future fundamental *expectations* that drive prices.  My book will hammer this point home: if the conversation is about last year’s data and not about how you arrived at your fair value estimate, efforts are lost before they begin. In evaluating the past data, often ambiguous valuation multiples, you’re evaluating something that is non-causal to returns, and therefore cannot be predictive of returns. Future expectations of enterprise free … Read more