Of org charts, time zones, and leverage
Fundamentals are a reference point
When and why it pays for a company to expand outside its industry
Who's Tied to the Economic Cycle, and How?
Dollars, Time, Uncertainty, Inconvenience
Having more margin of error is great, unless it leads to lots of errors
M&A is fundamentally imprecise enough that 1 + 1 can't quite equal 2
When you can trade something you're supposed to buy-and-hold
You can buy shares of Apple more easily than you can trade futures on bushels of apples, and there's a reason for this
