Weathervanes, Pigeons, and the Simple Secret to Investing Success

Weathervane photo by Jordan Ladikos on Unsplash; pigeon photo by Alfred Kenneally on Unsplash

Stock prices should reflect the present value of expected cash flows. Expectations of the amount of those cash flows constantly changes based on new information such as shifting economic conditions, emerging industry factors, or company-specific news, and so stock prices are…

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I’m a Finance prof, CFA, and author of In Pursuit of the Perfect Portfolio (with Andrew Lo). I write stories about investing. (I don’t give financial advice.)

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Stephen Foerster

Stephen Foerster

I’m a Finance prof, CFA, and author of In Pursuit of the Perfect Portfolio (with Andrew Lo). I write stories about investing. (I don’t give financial advice.)

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