Chapter 1
The AI Monitor: A Testimonial
From a reader, February 22, 2025: AI is already significantly impacting value investing in my research. Deepseek can handle about […]
Penman & PopeMarch 25, 2025The Balance Sheet Missing Intangible Assets: A Problem?
The issue of booking intangible assets to the balance sheet is at the fore now, with the accounting authorities having […]
Penman & PopeMarch 25, 2025Buying Declining Profitability for Microsoft
Over the past few years, the operating profitability of Microsoft Corporation (MSTF) has declined. Here are the sustainable RNOA for […]
Penman & PopeMarch 25, 2025M&A and Profitability
Under business consolidation accounting, a merger or acquisition brings net assets of the target firm onto the balance sheet of […]
Penman & PopeMarch 25, 2025Protection from Buying Profitability
The value investor takes on the mantra, Beware of Buying Profitability but then embraces another mantra, Carry the Balance Sheet […]
Penman & PopeMarch 25, 2025Beware of Buying Profitability
The byline for chapter 6 reads: Beware of Paying for Profitability. That might seem strange as surely firms add value […]
Penman & PopeMarch 25, 2025Financing Leverage and Debt-to-Equity Ratios
The standard debt to equity ratio is There are three issues with this calculation. First, Total Debt includes operating debt…operating […]
Penman & PopeMarch 25, 2025Breakdown of ROE with Two Leverage Effects
Operating liability leverage levers RNOA according to the operating leverage equation: ROOA, Return on Operating Assets, is the return without […]
Penman & PopeMarch 25, 2025