Among the Greeks and Romans of the classical age philosophy occupied the place taken by religion among ourselves. Their appeal was to reason not to revelation. To what, asks Cicero in his Offices, are we to look for training in virtue, if not to philosophy? Now, if truth is believed to rest upon authority it is natural that it should be impressed upon the mind from the earliest age, since the essential thing is that it should be believed, but a truth which makes its appeal to reason must be content to wait till reason is developed. We are born into the Eastern, Western or Anglican communion or some other denomination, but it was of his own free choice that the serious minded young Greek or Roman embraced the tenets of one of the great sects which divided the world of philosophy. The motive which led him to do so in the first instance may have been merely the influence of a friend or a discourse from some eloquent speaker, but the choice once made was his own choice, and he adhered to it as such. Conversions from one sect to another were of quite rare occurrence. A certain Dionysius of Heraclea, who went over from the Stoics to the Cyrenaics, was ever afterward known as “the deserter.” It was as difficult to be independent in philosophy as it is with us to be independent in politics. When a young man joined a school, he committed himself to all its opinions, not only as to the end of life, which was the main point of division, but as to all questions on all subjects. The Stoic did not differ merely in his ethics from the Epicurean; he differed also in his theology and his physics and his metaphysics. Aristotle, as Shakespeare knew, thought young men “unfit to hear moral philosophy”. And yet it was a question—or rather the question—of moral philosophy, the answer to which decided the young man’s opinions on all other points.
Several Progressive politicians have pounced on corporate share buybacks lately. They see buybacks as a major source of income and wealth inequality, subpar capital spending, and lackluster productivity. In their opinion, buybacks have contributed greatly to the stagnation of the standards of living of most Americans in recent years. So they want to limit buybacks or even ban them. Some of Wall Street's stock-market bears have been growling about buybacks as well. They've been arguing that buybacks have rigged the stock market in favor of the bulls. They claim that companies buy back their stock to boost their share prices, using debt to finance this dubious activity. As a result, corporate balance sheets have become increasingly leveraged, which makes them vulnerable to a recession. Widespread corporate leverage, in turn, would exacerbate any economic downturn. The bears therefore remain bearish and expect to be vindicated with a vengeance, eventually. In this study, Edward Yardeni and Joseph Abbott show that the facts don't support either narrative. The most common reason that S&P 500 companies buy back their shares is to offset the dilution in the number of shares outstanding that results when employee compensation takes the form of stock options and stock grants that vest over time, not just for top executives but for many employees. In effect, the ultimate source of funds for most stock buybacks is the employee compensation expense item on corporate income statements, not bond issuance as the bears contend. The authors explain that the bull market in stocks has boosted buybacks to a greater extent than buybacks have boosted the market, whereas the opposite is more widely believed. Rising stock prices increase the attractiveness of paying some of employees' compensation with stock grants. Buybacks then are necessary to offset the dilution of earnings per share. While the latest bull market, like previous ones, has been driven by rising earnings, it's a Wall Street legend that earnings per share have been boosted artificially and significantly by stock buybacks. It may seem that way only because what lift buybacks have provided to stock prices is highly visible, occurring in the open market, whereas companies' need to offset stock issuance with stock repurchases is less apparent. The authors also refute Progressives' pervasive narrative that most Americans' standards of living have stagnated in recent decades and that buybacks per se have worsened income inequality.
Construct a portfolio that is sure to outperform market averages Warren Buffett had it right all along. Now it's your turn to learn how to construct a portfolio that is sure to outperform the market averages, as well as almost every professional money manager in the world. Warren Buffett's method of predictability can determine a future target price, which in turn determines his all-important purchase price. However, Buffett doesn't draw conclusions of his predictability method relative to the future total returns of portfolios. That's where Buffett and Beyond comes in, taking Buffett's method one giant step beyond, proving that if you select a portfolio of stocks using the predictability method in this book, you will outperform 96% of professional money managers over the long term. In addition to the information in the book, readers will have access to a password-protected website that includes tutorial videos, PowerPoint slides, free trial access to a video newsletter, and a trial subscription to the author's computer program, which follows the research presented in the book. Explains Clean Surplus Accounting (CSA) to determine Return on Owners' Equity (ROE) Uses CSA to determine ROE in a unique way to verify Buffett's all-important purchase price Draws conclusions between Clean Surplus Return on Equity and future total returns Shows that every portfolio selected from the S&P 500 index with above-average Clean Surplus ROEs outperformed the S&P average during the test periods from 1987 to the present If you're an investor, this book will impact your financial life forever.
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This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work. This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work. As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
Document from the year 2012 in the subject Business economics - Banking, Stock Exchanges, Insurance, Accounting, Baltimore City Community College (NA), course: Finance, language: English, abstract: In better stock trading, acclaimed finance and investment expert Joseph Ojih shows you how to improve your returns and win more trades simply by using good money management and technical analysis. As a trader, you level the market playing field by using the best trading strategies appropriate for your size. Money management counts, but trading skill gives you an important edge.
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