The Little Book That Beats the Market – Magic Formula

Most people have no business investing in individual stocks on their own! Reread summary point number 1 But if you must… and you can actually predict normalized earnings several years down the road, use those estimates to figure out earnings yield and return on capital. Then, use the principles of the magic formula to look […]

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Understanding High Yield Bonds: A complete guide for investors, issuers, banks and advisers

Excerpt of chapters 6 – 11 from PEI’s publication Understanding High Yield Bonds: A complete guide for investors, issuers, banks and advisers. Authored by members of Milbank’s Global Securities high yield team, Chapters 6 – 11 are an essential reference guide for all professionals involved in originating, structuring/restructuring, issuing and investing in high-yield bonds, and […]

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Lazard’s Shareholder Advisory Group: 2017 Activism Year in Review

LAZARD’S SHAREHOLDER ADVISORY GROUP: 2017 ACTIVISM YEAR IN REVIEW Table of Contents Key Observations on the Activist Environment in 2017 Campaign Activity and Capital Deployment Campaign Activity by Leading Activists Notable Campaign Developments in 2017 Board Seats Won by Activists Prominent Activists Making Larger Plays in Europe 2017 Shareholder Activism in Europe The Growing Influence […]

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Compound Mispricings

A “compound mispricing” is a situation where both a firm and a security or derivative security is mispriced Can often look for compound mispricings in multifaceted corporate structures Holding companies and derivative securities such as long-term equity anticipation securities (LEAPs) fit the bill Voting and/or non-voting securities such as Korean or German preferred securities or […]

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