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Publications

Cornell Capital Group

The EV Shakeout

The EV Shakeout

By Rob Arnott, Bradford Cornell, Forrest Henslee, Thomas Verghese March 2025 Key Points Big market delusions (BMD) develop when investors anticipate that most…

The Implied Equity Risk Premium and Stock Market Bubbles

The Implied Equity Risk Premium and Stock Market Bubbles

The implied equity risk premium (IERP) and theories of stock market bubbles both offer explanations for the current elevated level…

Tesla’s Valuation Fountain of Youth

Tesla’s Valuation Fountain of Youth

Aswath Damodaran writes about what he calls the corporate life cycle.[1] He illustrates the life cycle with the graphic as…

Structural Change and Valuation: Implications for Future Stock Returns

Structural Change and Valuation: Implications for Future Stock Returns

With stock prices at near record highs relative to measures like earnings or cash flow, many leading analysts have predicted…

Risk Premiums and Stock Prices

Risk Premiums and Stock Prices

Science advances one funeral at time – Max Planck The same can be said of the equity risk premium. Using fundamental…

AI and Stock Market Valuation

AI and Stock Market Valuation

Updated March, 6th 2024In this article, we assume that AI, which we recognize has many different forms, will be a…

Data Mining, Non-stationarity, and Entropy

Data Mining, Non-stationarity, and Entropy

By Bradford CornellIntroduction            This paper provides simple intuitive explanations for three interrelated concepts that have…

Cryptocurrencies and Bubble Wealth

Cryptocurrencies and Bubble Wealth

Americans now hold over $1 trillion in cryptocurrencies. Has $1 trillion in wealth been created? From the standpoint of economic…

Valuing the Automotive Industry

Valuing the Automotive Industry

By Bradford Cornell, Shaun Cornell, Andrew Cornell Introduction An investor would have to have been living under a rock not…

Big Market Delusion – Electric Vehicles

Big Market Delusion – Electric Vehicles

By Bradford Cornell, Rob Arnott, Lillian Wu If a capitalist had been present at Kitty Hawk back in the early…

Value Investing: Requiem, Rebirth or Reincarnation?

Value Investing: Requiem, Rebirth or Reincarnation?

BRADFORD CORNELLANDERSON GRADUATE SCHOOL OF MANAGEMENTASWATH DAMODARANSTERN SCHOOL OF BUSINESSAbstractFor much of the last century, value investors considered themselves to…

ESG Investing: Conceptual Issues

ESG Investing: Conceptual Issues

Using criteria based on environmental, social and governance (ESG) considerations has become an increasingly important aspect of investment decision making,…

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