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Insist on Honesty
I have learned with age that part of life is navigating past disillusionment. With humility we recommit to resilience. The rules have clearly changed on us. What we thought we learned was dependably true no longer seems so. Defeat is a temporary condition as long as we choose to continue to advocate for character, integrity, and justice. There is no silencing honesty and lies will always be…
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Brussels efforts to coax back wayward members like Poland and Hungary are far from foolproof, the budget watchdog said. #EuropeNews
Brussels efforts to coax back wayward members like Poland and Hungary are far from foolproof, the budget watchdog said. A deal to offer Hungarian Prime Minister Viktor Orbán EU funds as part of a deal over support for Ukraine was slammed by the bloc’s budget watchdog in a report released today (22 February). Brussels should enforce the rule of law based on sound analysis, not political horse-trading, the European Court of Auditors (ECA) said. The European Commission has long had significant concerns over judicial independence in Poland and Hungary, but new rules it has introduced are far from watertight and prone to box-ticking, the report said. “The rule of law is one of the fundamental values of the EU,” ECA member Annemie Turtelboom told reporters, adding that the “situation in some member states has clearly deteriorated" over recent decades. “New safeguards are really a commendable step forward” from previous lumbering procedures, but “there are chinks in the armour”, Turtelboom said, calling for greater transparency and solid evidence. Turtelboom cited last December’s European Council meeting in which Hungarian leader Viktor Orbán apparently agreed to relinquish his veto on funding for Ukraine in exchange for €10bn of EU cash.
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In this article, we are going to talk about the steps you can take to find do a quick fundamental analysis and help you find your next multi-bagger for long-term investments. Investing in the stock market requires thorough research and analysis of various companies and their industries.
Random Study
Whenever consumers find product quality difficult to assess, those who buy tend to overpay. Goods and services are bought by those who overestimate their value, not by those who underestimate them. When investment banks hire traders, when small savers purchase funds, when corporate executives select advisors, when treasures invest in structured credit, the winner's curse comes into play. The difficulties of distinguishing skill from luck, of penetrating complexity, of determining fundamental value, all work towards encouraging people to pay too much.
John Kay / The long and the short of it / p.221
...If money is a pure bubble, than nearly every financial asset is a pure bubble. Why? Simple: because most financial assets entitle you only to a stream of money. A bond entitles you to coupons and/or a redemption value, both of which are paid in money. Equity entitles you to dividends (money), and a share of the (money) proceeds from a sale of the company's assets. If money has a fundamental value of zero, and a bond or a share of stock does nothing but spit out money, the fundamental value of every bond or stock in existence is precisely zero. That's a weird way of thinking about the world. It would mean that the size of a stock bubble, measured in percentage of terms, is always and everywhere infinite. It would mean that the size of a stock bubble, measured in absolute terms, is just the price of the stock - that Google's stock now has a bigger "bubble component" than Pets.com's ever did, simply because Google's stock price is higher than Pets.com's ever was. If money is a pure bubble, this must be the case. So it's a weird way of thinking about the world...but is it correct? It seems to hinge on the definition of "fundamental value". Usually we define "fundamental value" as the (discounted) amount of money you'll have if you hold on to an asset. But if money has no fundamental value, then this is zero. So what is "fundamental value"? Is it consumption value? If that's the case, then a toaster has zero fundamental value, since you can't eat a toaster (OK, you can fling it at the heads of your enemies, but let's ignore that possibility for now). A toaster's value is simply that it has the capability to make toast, which is what you actually want to consume. So does a toaster have zero fundamental value, or is its fundamental value equal to the discounted expected consumption value of the toast that you will use it to produce? If it's the latter, then why doesn't money have fundamental value for the exact same reason? After all, I can use money to buy a toaster, then use a toaster to make toast, then eat the toast. If the toaster has fundamental value, the money should too. So does saying "money is a pure bubble" mean that toasters have no fundamental value, and that therefore, the price of toasters - or, indeed, of any non-consumable good - is a pure bubble? If "fundamental value" = "consumption value", it seems that it must mean exactly that. Now we are into a very weird way of thinking about the world....
