Comment, question or quotation of the day

25-02-2020 : Daily quote

“If past history was all there was to the game, the richest people would be librarians.”   Warren Buffett

24-02-2020 : Answers to the weekend brainstorming.

Let's first recall the two questions that were asked last week to candidates for the Master in Finance at HEC Paris.   “Is the return on capital employed (ROCE) calculated most often before or after corporate income tax? “ Most often after tax, so that it can be compared to the cost of capital which is after corporate tax.  That said, if you want to impress your interlocutors, you will mention a pre-tax figure, as is often done in the United States.  “Do you think the cost of capital in the food industry is higher, equal to or lower than in the steel industry? “ The cost of capital in the food industry is lower than the cost of capital of the cyclical steel industry.  Indeed, the latter's main clients are the automotive and construction industries, two cyclical sectors, whereas the food industry is much more stable, thanks to our regular meals!  Have a nice day.  


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The Letter

Number 127 of February 2020

News : Let's relaunch the movement to reduce payment

Statistics : Corporate issues of hybrid securities

Research : Bankruptcy propagation: an analysis of customer-supplier networks

Q&A : Riddles for your next week-end

COMMENTS : Comments posted on Facebook