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q ratio

What’s Worth It

By |2018-09-25T17:40:07-04:00September 25th, 2018|Currencies, Economy, Federal Reserve/Monetary Policy, Markets, Stocks|

Earlier this year, two law professors at the University of California, Berkeley School of Law took issue with of all things Tobin’s Q. Though named for James Tobin, the idea had been introduced much earlier by several people. Tobin popularized one view of the concept. Robert Bartlett and Frank Partnoy objected to many of the contemporary uses. To judge firm [...]

Valuations: It Is Different This Time

By |2017-06-14T15:57:30-04:00June 14th, 2017|Alhambra Research, Markets, Stocks|

(with additional contributions from Margie Fernandez; edited by Joe Calhoun) The Net Worth of Non-financial Corporate Business declined slightly in Q1 2017 according to the Federal Reserve’s Financial Accounts of the United States (Z1). The revised quarterly figures suggest that economic net worth eased to $23.62 trillion after a record high $23.69 trillion in Q4 2016. That likely relates to [...]

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