Publications
Cornell Capital Group
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 (IERP) and theories of stock market bubbles both offer explanations for the current elevated level…
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
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
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
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
By Bradford CornellIntroduction This paper provides simple intuitive explanations for three interrelated concepts that have…
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
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
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?
BRADFORD CORNELLANDERSON GRADUATE SCHOOL OF MANAGEMENTASWATH DAMODARANSTERN SCHOOL OF BUSINESSAbstractFor much of the last century, value investors considered themselves to…
ESG Investing: Conceptual Issues
Using criteria based on environmental, social and governance (ESG) considerations has become an increasingly important aspect of investment decision making,…