Dividends Equity Multiples Market Capitalization Marketability 
Musings on Markets
MAY 7, 2023
While differentiating between good and bad banks can be straightforward, it does not follow that buying good banks and selling bad banks is a good investment strategy, since its success depends entirely on what the market is incorporating into stock prices. Note the differences between the bank FCFE and bank dividend discount models.
Musings on Markets
OCTOBER 25, 2022
It is never pleasant to be in the midst of a market correction, but a market correction does operate as a cleanser for excesses that enter into even the most disciplined investors' playbooks in the good times. It is the rare firm that follows a residual cash policy, returning its FCFE every year as dividends and/or buybacks.
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