Earnings and Cash Flows: A Primer on Free Cash Flow
Musings on Markets
OCTOBER 25, 2022
Free cash flow is one of the most dangerous terms in finance, and I am astonished by how it can be bent to mean whatever investors or managers want it to, and used to advance their sales pitches. It is the rare firm that follows a residual cash policy, returning its FCFE every year as dividends and/or buybacks.
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