Valuing the S&P500 : One More Time
I have written about the problem of valuing the S&P 500 in previous columns, but the issue is so important it is worth revisiting one more time. After all, the overall level of the market is the tide which raises…
The Big Market Delusion : Valuation and Investment Implications
There is nothing more exciting for a nascent business than the perceived presence of a big market for its products and services, and the allure is easy to understand. In the minds of entrepreneurs in these markets, big markets offer…