Dividend is usually discussed in the context of public companies. Like share buybacks, it is a way of putting cash back to shareholders. Continue reading “Dividend Policy in Public and Private Companies By Les Nemethy and Sergey Glekov“
The “Small Business” Trap By Les Nemethy
Running a small business is arguably more difficult than running a large one. I have done both, and that has certainly been my experience. Continue reading “The “Small Business” Trap By Les Nemethy“
Control Premiums: How much is control worth? By Les Nemethy and Sergey Glekov
The majority of corporate acquisitions are acquisitions of majority interests. Continue reading “Control Premiums: How much is control worth? By Les Nemethy and Sergey Glekov“
Minority Discount By Les Nemethy and Sergey Glekov
Our last article was on control premiums. Minority discount is basically the flipside of control premium Continue reading “Minority Discount By Les Nemethy and Sergey Glekov“
Debt Financing of Acquisitions by Les Nemethy and Sergey Glekov
There are many reasons for using debt to finance an acquisition. Continue reading “Debt Financing of Acquisitions by Les Nemethy and Sergey Glekov“
Optimizing Company Valuation via Cost of Capital by Les Nemethy and Sergey Glekov
Our firm recently performed two valuations on a pharmaceutical company two years apart. Continue reading “Optimizing Company Valuation via Cost of Capital by Les Nemethy and Sergey Glekov“
Reverse Takeovers by Les Nemethy and Sergey Glekov
In a typical merger deal, the bidding company acquires the target company and the bidder’s existing shareholders obtain the majority in the combined entity. Continue reading “Reverse Takeovers by Les Nemethy and Sergey Glekov“
Part VI on Asset Classes: Investment in luxury goods by Sergey Glekov and Les Nemethy
This is the sixth and final article in a series on asset classes, which examines luxury goods as an alternative investment asset class. Continue reading “Part VI on Asset Classes: Investment in luxury goods by Sergey Glekov and Les Nemethy“
Part V on Asset Classes: Preferred stocks By Les Nemethy and Loïc Cayssol
When investing in equities, investors have two main choices: common stocks or preferred shares. Whereas the previous article in this series dealt with common shares, this article focuses on preferred shares. Continue reading “Part V on Asset Classes: Preferred stocks By Les Nemethy and Loïc Cayssol“
Part IV on Asset Classes: Common stocks by Les Nemethy and Sergey Glekov
This is the fourth article in a series on asset classes, designed to demonstrate that even in today’s “low interest” environment, one can generate reasonable returns on a diversified portfolio. Continue reading “Part IV on Asset Classes: Common stocks by Les Nemethy and Sergey Glekov“
Part III on Asset Classes: Bonds by Les Nemethy and Sergey Glekov
We often hear comments about how little interest banks pay, or the low yield on certain treasuries. In our business of Mergers & Acquisitions, we have seen quite a few business owners who want to sell their businesses, but hesitate to do so Continue reading “Part III on Asset Classes: Bonds by Les Nemethy and Sergey Glekov“
Part II on Asset Classes: Size of Markets and Trading Volumes by Les Nemethy and Sergey Glekov
In our previous article, we gave an overview of the various asset classes, and typical risk/return relationships. In this article, we compare the liquidity and trading volumes of these asset classes. Continue reading “Part II on Asset Classes: Size of Markets and Trading Volumes by Les Nemethy and Sergey Glekov“
Different Asset Classes – Part I by Les Nemethy and Sergey Glekov
This is the first of a series of articles on asset classes. Whether you are an individual managing a portfolio for retirement, or someone who just sold their business and devising a strategy to invest funds, the choice of asset classes will be the most fundamental investment decision you make in designing your portfolio. Continue reading “Different Asset Classes – Part I by Les Nemethy and Sergey Glekov“
The Case for Gold as an Investment Part III of III: Summarizing the Case for Gold
by Les Nemethy
Let me start this article with a quote by Ludwig von Mises, famous economist of the Austrian School of Economics, on the subjects of credit expansion and economic cycles.: Continue reading “The Case for Gold as an Investment Part III of III: Summarizing the Case for Gold
by Les Nemethy “
by Les Nemethy “
The Case for Gold as an Investment Part II of III: Global Supply and Demand for Gold by Les Nemethy and Sergey Glekov
Part I of the series tackled the value of gold as a portfolio hedge. This article, Part II of the series, will discuss the very limited stock of gold within the world Continue reading “The Case for Gold as an Investment Part II of III: Global Supply and Demand for Gold by Les Nemethy and Sergey Glekov“