Why Independent Research is Drying Up
Wall Street Journal, March 2006
In an article announcing Albert Meyer’s transition into money management, the Journal writes, “He wrote up more than 100 companies in three years, putting monthly updates out on each one.” The article observes that he “watched stocks move the way he had predicted, without being able to take advantage. To avoid any appearance of conflicts, he didn’t have a brokerage account and kept all of his money in bonds.”
The Stock-Option Nightmare
Shareholders can avoid it by calculating “unfettered free cash flow”
Barrons, February 2004
In a co-authored editorial commentary, Albert Meyer wrote, “Employee stock options are gradually being recognized as an investor’s nightmare. After years of controversy, more people in the market now see that the granting of copious amounts of options to employees in lieu of cash compensation dilutes shareholder ownership…. Investors can avoid the nightmare. They should consider investing only in companies that generate unfettered free cash flow over a sustained period….”
eBay Inc.: Internet Success or Fairy Tale?
Harvard Business School Case Study, 2003
This examination of online-trading company eBay is based on Albert Meyer’s December 2002 report, in which he wrote, “The eBay story is the stuff fairy tales are made of … kind of … the disconnect between eBay’s stock market valuation and the company’s property analyzed financial statements is so stark that it makes little or no sense to continue the analysis…. Everything else pales into insignificance.”
When a Skeptic Says, ‘Buy!’
If this natural-born accounting sleuth finds a stock he likes, it must be a good bet
Fortune, May 26, 2003
Herb Greenberg outlines the qualities that attract Albert Meyer (Bastiat Capital president and founder) to an investment. “I want to see that management owns a lot of stock and has modest salaries by industry comparisons,” Meyers says. Greenberg writes that “rather than looking only at free cash flow … [Meyer] takes it one step further to arrive at his ‘unfettered free cash flow,’ which takes into account the cost of making investors whole after employee stock options are exercised.”