Markowitz’s Classic Formula Misses What Happens at the Tails
Markowitz’s mean‑variance framework made risk look simple: tally your average return, punish every wiggle the same, and call it a day. But real portfolios don’t wiggle symmetrically.
Analysis & Valuation Tools
Demystifying the DCF-Model
The discounted‑cash‑flow model translates a company’s murky future into a single present‑day price tag by projecting free cash flows, discounting them for risk, and tacking on a terminal value for the years beyond.
Small Caps, Big Challenges
Small‑cap stocks tempt with big upside but test nerves. Descartes Systems Group shows how a niche, network‑driven moat can outpace giants, yet a single trade shock or leadership misstep can crater returns. Deep, ongoing diligence is mandatory.
6 years into IFRS 16—Was it really worth the hassle?
IFRS 16 split rent into depreciation & interest, inflating EBITDA while burying liabilities—clarity gained, simplicity lost for many still
Prepayments: The Cash Mirage Distorting EV/EBITDA
In industries with heavy prepayments—like airlines, SaaS, newspapers, and gyms—that low EV/EBITDA might not be the bargain it seems.
Small & Mid‑Caps: Is the Size Premium History?
Mega‑caps rule, but small & mid‑caps trade at steep discounts. The size premium is sleeping—ready to revive again when innovation realigns capital flows.
Family‑Owned Companies: Dynasty or Disaster?
When Hermès International SA unveiled an 18 % jump in fourth‑quarter sales this February—easily outpacing rivals in a sagging luxury market—executive chairman Axel Dumas credited an “obsession with craft” honed over six generations of family stewardship. Investors rewarded the Birkin‑bag maker with fresh highs, cementing Hermès as