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    Fortune 500 Investment Fund/Private Equity Russel 2000 Family-Owned Manejo de crisis LATAM
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    Value Insights Perspectivas LATAM Founder's Articles Books & Publications SVM on YouTube Media Library
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Founder's Articles

Written by Joel Stern, from the Stern value Management Archives.

Nov
21
2019

Firms Should Avoid Swings in Dividend Payout

Too often boards of directors establish or alter dividend policies for the wrong reasons. They attempt to communicate management's expectations about profitability by changing the dividend payout substantially, or, worse, they subordinate the firm's dividend policy to their investment decision-making.

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Oct
30
2019

Is the Market Discounting Next Year’s Profits?

Investment analysts often say that a company's common shares command a particular price/earnings ratio (PE) because the market is already discounting the company's earnings for next year. In reality, share prices are not determined as simply as that.

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Sep
30
2019

What if Capital Markets are "Efficient!"

Many have questioned my references to "sophisticated" investors and the implication that the stock market is efficient because such investors dominate it.... To examine market behavior one must define an "efficient" market and see what implications this holds for investment analysts and money managers.

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Stern Value Management

3 Columbus Circle
New York, NY 10019

About Our Firm

We are the creators of the Economic Value Added® metric and experts on all issues concerning value, especially the ties between value creation and operations, strategy, financial policy, and governance.

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