Our Trade Relationship with China is Complicated

By |April 25th, 2018|Essays & News, Thoughts for the Enterprising Investor, Uncategorized|

The potential for a trade war with China has dominated the financial news lately. The media has largely focused on two primary risks from a potential trade war: an increase in the price of goods imported from China and the risk of declining U.S. exports should China enact retaliatory tariffs. Other commentators have worried that [...]

Thoughts on Intrinsic Value

By |January 12th, 2018|Essays & News, Thoughts for the Enterprising Investor|

The cryptocurrency fever is reminding many in the investing community that a clear distinction must be made between the concepts of investment and speculation.  Ben Graham provided a useful definition of investing as “an …. operation which, upon thorough analysis, promises safety of principal and a satisfactory return.”  Graham’s definition provides an important insight for [...]

Investors and Speculators in the Market for Common Stocks

By |July 12th, 2016|Essays & News, Modern Finance Theory, Thoughts for the Enterprising Investor|

A common misconception among many individual investors, financial market commentators, and investment professionals is to refer to any individual or institution who purchases common stock as an “investor”. Seemingly nowhere in this accepted definition is there any regards to the price paid, purpose of the purchase, or level of due-diligence conducted. My observation, however, is [...]

An Overview of Corporate Cash Flow

By |July 12th, 2016|Essays & News, Security Analysis, Thoughts for the Enterprising Investor|

  Enterprising investors seeking to profit from the long-term capital appreciation and income potential of investing in corporate securities must focus on a company’s ability to generate cash flow. In this essay, we discuss how Tortuga Capital defines, calculates, and analyzes corporate cash flow. At Tortuga Capital, we feel that the most relevant measure of [...]

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