The Federal Reserve Flow of Funds Accounts for Q2 2009 showed a positive net issuance of Non-farm Non-financial Corporate Equities at an annual rate of $88 billion (Table F.102). At the same time, cash dividends of this sector fell 22.5%, from the annual rate of $465.8 billion in 2006, to only $360.7 billion in Q2 […]

This is the third article in a series of tutorials about post-modern security analysis. The economics of security analysis Security analysis provides a service for investors (often self-service) that has a cost in terms of the analyst’s time. To make economic sense, this cost must bear a reasonable relationship to the benefits of analysis. […]

This is the second article in a series of tutorials about post-modern security analysis. Classic “Intrinsic Value” The central concept of classical security analysis is “intrinsic value”. This term is defined as follows in the first chapter of “Security Analysis (1940 Edition)” by Benjamin Graham and David Dodd: […]