<\/p>\n
<\/p>\n
<\/p>\n
CT Capital Research and Investment Advisory<\/p>\n
<\/p>\n
With more than fifty\u2011three years of experience as a security analyst\u2014and having recognized early the central importance of the cost of equity as a reflection of risk to prospective free cash flows\u2014I regard credit as an indispensable component of that framework.<\/p>\n
Credit considerations permeate every dimension of valuation. In the more readily observable areas, this includes the stability and composition of revenues, supported by statistical analysis of frequency, magnitude, and duration. In the more technical domains\u2014actuarial assumptions, global tax\u2011code structures, and the reclassification errors we routinely identify\u2014credit remains equally foundational.<\/p>\n
As U.S. population growth decelerates to historically low levels, and as several other developed economies confront outright demographic contraction (as discussed in our most recent client\u2011only review), we have continued to refine our cost\u2011of\u2011capital models in both quantitative and qualitative terms. Demographic dynamics now stand alongside credit as structural determinants of long\u2011term discount rates.<\/p>\n
<\/p>\n
Over the course of our work, there is little within the field of finance that we have not undertaken or examined: global M&A engagements, fairness opinions for publicly traded entities, responsibility for a change in SEC reporting requirement, and a range of academic contributions, including publications in the Journal of Accounting<\/em>, chapters in CFA\u2011recommended texts, and lectures delivered at the Stern School of Business at New York University.<\/p>\n <\/p>\n <\/p>\n <\/p>\n CT Capital Research and Investment Advisory<\/p>\n
![\"Post](\"http:\/\/www.credittrends.com\/blog\/wp-content\/plugins\/tweet-this\/icons\/en\/twitter\/tt-twitter.png\")