Investing is a discipline built on cumulative knowledge, and it requires a continuous evaluation and assessment of new information. The purpose of C&B Notes is to pass along the ideas, concepts, stories, and information that are informing, influencing, and updating our worldview. We use them to build on our “latticework of mental models” that help us make better decisions.
151 articles in list
EBITDA Definition Danger
EBITDA calculations vary widely across businesses and industries, and loosey-goosey “adjusted” EBITDA definitions exacerbate risk for lenders who are already offering covenant-lite terms. As this recent study reveals, 5.0x debt-to-EBITDA ratios are not all created equal when the denominator is…Read More
India’s Shadowy Lending
Borrowing short and lending long are typically ingredients for a financial disaster. India’s shadow banking system, which gets its name because participants are more lightly regulated, is creating problems in the country’s formal banking sector. The tone of this piece…Read More