Tips by Tom Murcko

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Chipmakers (i.e. semiconductor manufacturers) are considered an early warning system for troubles throughout the technology sector. So for example,...
Tags: technology
We are balanced on a knife's edge between exponential value creation caused by technological advancement on the one hand, and utter destruction on the...
Tags: future
When assessing a discounted cash flow calculation, examine the weighted average cost of capital (a higher rate produces a lower valuation) and the...
Too much attention is placed on price/earnings ratio, largely because it's so easy to calculate. A better measure is enterprise value divided by free...
Be wary of companies whose quarterly earnings grow smoothly in a straight line. Businesses are rarely that consistent in reality, and it can be a sign...
It's dangerous to listen to what a CEO says, for example on quarterly conference calls. CEOs tend to be naturally optimistic and also tend to be great...
Be wary of large acquisitions. Many acquisitions are done by CEOs to feed their egos rather than to maximize shareholder value, and are encouraged by...
When considering whether to buy a stock, a good question to ask yourself is, if the stock dropped a lot tomorrow on no meaningful news, would I buy...
Rule of thumb on Wall Street: After a company has warned on earnings, it doesn't take much good news to push up the stock. This is because bad news is...
Tags: news
Long term, it's likely that commodity prices will continue to rise. As emerging countries get swept up by American-style consumerism, they'll need...
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