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META Lesson 3: Tell me a story!

Musings on Markets

In this post, I want to focus on that point, starting with a discussion of why stories matter to investors and traders and the story that propelled the company to a trillion-dollar market capitalization not that long ago. billion in revenues in 2021.

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No Marketability Discounts or Discounts for Illiquidity for Controlling Interests of Companies

Chris Mercer

The definition of fair market value, the standard of value employed in most appraisals, calls for a hypothetical transaction to occur on the valuation date. All marketing, due diligence and documentation has occurred before or on the valuation date and a hypothetical transaction occurs on the valuation date.

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The Corporate Tax Burden: Facts and Fiction

Musings on Markets

In a predictable consequence, US multinationals chose to leave their foreign income outside the US, creating the phenomenon of trapped cash, i.e., income held in foreign locales to avoid taxes, but also trapped because that income could not be used to pay dividends, buy back stock or invest in projects in the United States.

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Control, Complexity and Politics: Deconstructing the Adani Affair!

Musings on Markets

Given the historical roots of the biggest Indian family groups, the Adani Group has been a recent entrant, not making the top ten list (in terms of either operating metrics like revenues or market-based numbers like market capitalization or enterprise value) as recently as ten years ago, and barely making the top ten list five or six years ago.

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