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BCBA exam Dumps Source : Board Certification in Business Valuation(R) (BCBA)
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SARASOTA, Fla. – Williams Parker is pleased to announce associate William M. Seider, a Florida Bar board certified real estate legal professional, has executed an additional Florida Bar board certification in house and planned building legislations. he's one of three attorneys in Sarasota to hold each designations.
Mr. Seider handles various precise property matters and focuses on representing builders to constitution, finance, assemble, and enhance condominiums and subdivisions. He also handles excessive-end residential earnings and has helped kind more than one hundred condominiums and subdivisions within the location, together with Fairway Bay III, Marina Bay, sunset seashore, Grand Bay I – VI, The Plantation Golf and country club, Phillippi Landings, and Marina Tower.
Williams Parker’s precise estate observe comprises 15 attorneys, 9 of whom are board licensed, and 14 true estate paralegals and legal assistants. From easy residential real estate closings to complicated industrial transactions, the community provides assistance on a full range of precise estate-linked considerations, together with financing, taxation, land use, deliberate tendencies, condominiums, and contracting, for real property experts, builders, and traders. The firm also assists new residents in establishing residency and transitioning estates to take advantage of Florida’s favorable tax local weather and asset insurance policy laws.
About Williams Parker
founded in 1925, Williams Parker contains over 50 attorneys and presents one among Florida’s largest trusts and estates practices; tax and employment agencies with huge depth; and completed precise estate, litigation, corporate, and healthcare practices. The firm additionally serves customers’ wants globally through its membership in Ally legislations, an international alliance of legislations enterprises, whose 60 member enterprises consist of greater than 2,300 lawyers in one hundred enterprise centers all through forty nations. Williams Parker takes wonderful delight in its contributions to the neighborhood and ongoing funding in its region. The company is located at 200 South Orange Avenue, Sarasota, Florida. For more information, please seek advice from www.williamsparker.com.
big apple--(business WIRE)--Academy Securities, a registered broker-broker, licensed Disabled Veteran company business (DVBE), and Minority business enterprise (MBE), nowadays announced the addition of Edward A. Adler to its Advisory Board.
Mr. Adler brings decades of event to Academy’s Advisory Board and is currently the top of the USA credit investment platform for GreenOak true property. previously, Mr. Adler ran the united states industrial actual property group for Deutsche bank and past had run Deutsche financial institution’s Asian actual estate Finance and Securitization organizations in Tokyo. during his profession, Mr. Adler has additionally worked at Citigroup as their Head of Americas and the Asian true property Finance business for his or her mounted profits Division.
“we are thrilled to add Ed to their advisory board,” cited Academy’s Chairman and CEO opportunity Mims. “Academy will improvement from his deep precise property industry expertise and management capabilities.”
Mr. Adler graduated with honors from Union school with a B.S. in Mechanical Engineering and holds an M.B.A. from Columbia company college. Mr. Adler is an adjunct professor at Columbia’s school of real property development program. additionally, Mr. Adler serves on the board of The Catalog for Giving, a nonprofit company dedicated to transforming the lives of manhattan city children.
“Ed’s 30 years of journey in the precise estate trade will add a useful viewpoint to their advisory board and may raise their cost proposition for their shoppers,” mentioned Phil McConkey, President of Academy Securities.
About Academy Securities
Academy Securities is a preeminent disabled veteran owned funding financial institution with power in capital markets, public finance, fastened earnings and fairness trading. management and group of workers have had intensive militia practising previous to entering and gaining extensive economic services experience in international capital markets. we're mission driven with a high ethical code, a high-quality experience of accountability and attempt for excellence in the pursuit of their consumers’ success. highbrow property, amazing visionary leaders and a proud group dedication carry out the most desirable in each different for the improvement of their shoppers. Academy is their nation’s first and simplest post-9/11 disabled veteran owned investment bank and is a licensed as a DVBE, SDVOSB, and MBE. The enterprise has offices in new york, Chicago, Boston, San Diego and Chapel Hill. information about Academy Securities is attainable at www.academysecurities.com.
He’s also embroiled in a dazzling prison battle along with his forty-12 months-historical son. The eldest of three infants, Steven Marcus lives in London and has begun a rival British precise property enterprise that also plans to apartment life science enterprises.
Alexandria actual property sued Steven Marcus and his startup, RUNLABS, in December for alleged trademark infringement and unfair competitors. The swimsuit says he misused Alexandria’s identify and brand, a picture of the Alexandria lighthouse in historic Egypt, in fund-elevating pitches to task capitalists.
“I didn’t consider that you simply sue your family unit, however when he sued me, they decided to pursue this vigorously.”
Steven Marcus additionally falsely claimed the startup advanced from Alexandria, based on the suit.
“Steven Marcus has certainly not been an employee or had any formal business relationship with Alexandria, nor has he had some other pastime in Alexandria apart from his familial relationship with Joel Marcus,” says the complaint filed in united statesDistrict court docket in San Francisco. Joel Marcus lives in Beverly Hills, Calif., no longer removed from his Pasadena-based mostly enterprise.
The younger Marcus is firing again with criminal salvos of his own. He has asked the U.S. Trademark Trial and appeal Board to take Alexandria’s registered emblems off the books. He says he got here up with the Alexandria name and brand as an undergraduate pupil on the school of Pennsylvania’s Wharton school and that they belong to him.
On Thursday, he sued his father and Alexandria in manhattan state courtroom. The suit alleges Alexandria owes him greater than $12 million for devising a brand new financing approach for the company in 2013, work he says his father took credit for.
“I didn’t believe that you simply sue your family, but when he sued me, they decided to pursue this vigorously,” Steven Marcus referred to in an interview. He contends his father is waging a private crusade towards him and wants to torpedo an up-and-coming rival. Of the household feud, he says, “I recognize it has a Shakespearean contact.”
“The forms of issues which are going on are certainly unlawful and they’re immoral and they're going to be dealt with in a extremely extreme style.”
In a further twist, a cousin of Steven Marcus’s appears to be siding with Joel Marcus.
The ugly disagreement came up all through a conference name Tuesday when Joel Marcus, government chairman of Alexandria, spoke with investment analysts in regards to the firm’s fourth-quarter efficiency.
“are you able to remark a bit bit about what’s occurring with your eldest son?” an analyst requested.
Joel Marcus spoke back, “in case you look at anybody who's making an attempt to carry any discredit or any cloud to the enterprise, I suppose you can count on that that's a meaningless method.”
with out naming his son, he talked about, “The sorts of things that are occurring are evidently unlawful and that they’re immoral and they're going to be dealt with in a really extreme style.”
Joel Marcus declined to talk about the controversy with the Globe. however attorneys for Alexandria spoke of Thursday that the enterprise is doing what any firm would do if somebody infringed on its emblems.
“This became a company dispute, pure and simple,” said Patrick Gunn, a San Francisco attorney.
Trademark disagreements are usual in the company world. however this dispute is bizarre because it’s so personal, exposing a bitter rift in the household of Joel Marcus, a admired developer who helped discovered Alexandria and has run the enterprise on account that 1997.
With a market price of about $14 billion, Alexandria has performed a key function in the sprouting of biotech clusters from San Diego to big apple to Cambridge. The enterprise first began leasing houses to biotechs in California within the Nineteen Nineties. Joel Marcus, a legal professional, had been representing enterprises that desired laboratory house near most important tutorial associations.
in the early 2000s, Alexandria became its focus to Cambridge, above all the then-gritty local of Kendall square close MIT. these days, after spending tens of millions to assemble sparkling buildings for biotech startups and massive Pharma firms, Alexandria says it’s the greatest proprietor of lab house in Cambridge.
Steven Marcus referred to he grew up in Southern California and earned a grasp’s diploma in enterprise administration at Columbia school in manhattan in 2004. He changed into in no way close to his father, he stated in an interview.
“We didn’t have an adversarial relationship, however it’s hard for me to don't forget having an outstanding relationship either,” he noted.
however, he says he performed a pivotal role in his father’s company.
In 1997, the business become called fitness Science properties, a name his father desired to dump, in accordance with Steven Marcus’s submitting with the trademark board. Steven Marcus mentioned he got here up with the Alexandria identify and symbol as a freshman at Penn. He referred to he changed into impressed by a goblet-formed doumbek drum from Alexandria owned through a university chum.
Joel Marcus credited his son for the conception in a 2014 interview with The new york instances.
“My oldest son, who become at Wharton, got here up with the identify,” he spoke of.
greater than two many years later, in November, Alexandria executives realized that RUNLABS became using the trademarks in written fund-raising pitches, in response to Alexandria’s suit. The pitches stated RUNLABS had advanced from Alexandria, featured photographs of Alexandria homes, and outlined the startup’s “pedigree from Alexandria,” according to the suit.
RUNLABS plans to give offices and shared laboratory area to existence science establishments, and is starting in Europe, with a one hundred fifty,000-square-foot building in order to open in Paris late this 12 months, spoke of Steven Marcus.
After Alexandria executives noticed RUNLAB’S pitches, the company complained to Steven Marcus. On Dec. 12, he wrote to Alexandria’s board of director that RUNLABS would stop using the identify and logo to “remove any further unwanted confusion.”
however Alexandria sued him the next day. Gunn, the legal professional for Alexandria, observed Steven Marcus’s letter was a “clear steer clear of” that contained none of the legal assurances his customer had sought.
In late January, Steven Marcus requested the trademark board to cancel the trademarks, asserting they belong to him.
In his swimsuit filed Thursday in new york State Supreme court in new york, Steven Marcus says that although he become by no means a paid Alexandria worker, he and an investment firm he centered, Bugsby Property LLC, played a pivotal position in 2013 through helping to strengthen a brand new financing approach for his father’s firm.
rather than subject more usual stock, he stated, he counseled Alexandria fund boom via a joint venture, sooner or later with TIAA, the fiscal services company. the new approach lifted Alexandria’s sagging inventory price and saved his father’s job, Steven Marcus stated, however he says the elder Marcus took credit score for it and “cheated” his son out of charge.
one in all Alexandria’s lawyers, Randy Mastro, observed Steven Marcus signed an settlement in 2013 that pointed out he would now not acquire money from the company for the financing plan.
Steven Marcus’s effort to get paid now could be a “publicity stunt to try to pressure parties to give him anything to go away,” Mastro referred to.
Steven Marcus says the agreement was got below fraudulent cases.
at least one friend appears to facet with the elder Marcus.
Brandon Werber, a 33-yr-ancient la entrepreneur and cousin of Steve Marcus’s, spoke of he knows both men well. He isn’t stunned by what’s took place.
“I had my very own professional event with Steven that finally unfolded into what, personally, is somewhat corresponding to what Joel and Alexandria are facing with Steven now,” Werber referred to.
He declined to intricate, however stated his uncle is a “actual position model” with an “unwavering ethical compass.”
Steven Marcus, for his half, noted his cousin is a “complete liar” who has spent little or no time by myself with Joel Marcus. The more youthful Marcus additionally mentioned he delivered Werber to a high school chum with whom Werber all started Lootsie, a loyalty platform for mobile apps.
“He not ever once thanked me,” mentioned Steven Marcus.
This story turned into at the start posted in STAT’s sister ebook, the Boston Globe.
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Boston, MA Integra Realty Resources (IRR) opened a new local office in the city – Integra-Boston. Thomas Jensen, MAI, a seasoned commercial real estate appraisal industry veteran who joined IRR more than two decades ago, will lead the new office as senior managing director, along with Emmet Logue, MAI, CRE, executive director; Christopher Walsh, MAI, director; and Jeremiah Manfra, MAI, director. The new office of eight professionals has commenced operations at 303 Congress St., on the 5th Floor.
The opening of this new full-service appraisal office expands the company’s market coverage to encompass the entire Northeast region and aligns with IRR’s aggressive growth strategy. With the opening of Integra-Boston, the company has more than 50 local offices from coast to coast, as well as several specialty practice groups including its Litigation Practice Group, Healthcare & Senior Housing and IRR-Hotels.
“Reestablishing a local office presence in Boston has been high on their priority list,” said Anthony Graziano, MAI, CRE, chairman of IRR. “Not only does it solidify their regional Northeast market coverage, but it further enhances their ability to service multi-market, portfolio assignments. They are fortunate to have Tom, Emmet, Chris and Jerry leading their local efforts. They bring tremendous expertise and decades of experience valuating properties throughout the New England marketplace that will prove to be a valuable asset to their clients.”
Jensen brings more than three decades of appraisal experience in the Northeast Region to his current role. Prior to joining IRR, Jensen, was a commercial staff review appraiser at the Bank of New England. Jensen brings broad appraisal experience across all types of commercial real estate with particular expertise in the valuation of major urban and suburban developments. Jensen is a certified general real estate appraiser in Mass., N.H., ME and R.I. He earned his bachelor’s degree in architecture from The Catholic University of America.
Logue, a nearly 50-year industry veteran, joins IRR from Hunneman. Over the past 40 years, Logue managed the appraisal advisory group at Hunneman. His experience includes residential, commercial, industrial, special purpose, and vacant land assignments throughout Mass., R.I., and southern N.H. He has completed fee appraisal, real estate counseling, review appraisal, marketability, and highest and best use assignments for acquisition, disposition, condemnation, city planning, assessment equalization, corporate decision making, probate, estate planning, mortgage financing, and reuse purposes. Logue holds certified general real estate appraiser licenses in Mass. and N.H. Logue has qualified as an expert witness in Superior Court in Eastern and Central Mass. counties, as well as Mass. District and Probate Courts, the Mass. Appellate Tax Board, Federal Bankruptcy Court and Mass. Land Court. He has participated in arbitration panels and other alternate dispute resolution matters. He is a graduate of Boston College, with a B.S. Finance.
Walsh brings more than 25 years of experience to his new role with IRR. He joins from Hunneman appraisal group, where he specialized in providing valuation and real estate counseling services for insurance companies and public adjusters, law firms, public agencies, corporations, and financial institutions. His extensive background includes litigation support, fire and water damage cases, divorce settlements, condemnation and land conservation. His experience spans across all commercial real estate types, as well as a wide range of special purpose properties. Walsh provided valuation support for eminent domain actions in conjunction with several of the State’s largest projects, as well as several large rail trail projects. He is a graduate of Bates College with a degree in Political Science. He holds a Certified General Real Estate Appraiser License in Massachusetts.
Manfra has been a professional appraiser since 1998. Prior to joining Integra-Boston, he owned and operated his own real estate appraisal company. His appraisal experience includes apartments; neighborhood and community retail; industrial; mixed-use; residential subdivisions; places of worship; senior housing; residential; and commercial and residential land throughout Mass. and N.H. Manfra has qualified as an expert witness in the Commonwealth of Massachusetts Middlesex Superior Court, as well as the State of New Hampshire Strafford County Superior Court. Other experiences include Adjunct Instructor of Mathematics, U.S. Navy SEAL, and high-technology support/project management. Manfra is a graduate of Norwich University where he earned a M.S. in Business Administration and a B.S. in Electrical Engineering. He is a licensed Certified General Real Estate Appraiser in Massachusetts and New Hampshire.
Intangible assets are increasingly critical to corporate value, yet current accounting standards make it difficult to capture them in financial statements. This information gap can affect valuations for the worse.
Today, valuations based on simple accounting metrics from corporate financial statements no longer suffice. Indeed, Feng Gu and Baruch Lev have highlighted their shortcomings, going so far as to herald “the end of accounting” while stressing the need for valuation methods derived from key performance indicators (KPIs) outside the framework of generally accepted accounting principles (GAAP).
So what are the common methodologies for intangibles valuation that build on historical and prospective financial information within the framework of current accounting standards? And how can they be integrated with non-GAAP KPIs to assess a firm’s competitive position?What Are Intangible Assets?
The “International Glossary of Business Valuation Terms” (IGBVT) defines intangible assets as “non-physical assets such as franchises, trademarks, patents, copyrights, goodwill, equities, mineral rights, securities and contracts (as distinguished from physical assets) that grant rights and privileges, and have value for the owner.” For financial reporting under US GAAP, they are defined as “assets (not including financial assets) that lack physical substance.” GAAP has a separate definition of goodwill: “the excess of the cost of an acquired entity over the net amounts assigned to assets acquired and liabilities assumed.”
The US Bureau of Economic Analysis (BEA) started tracking investments in intangible capital by private enterprises as part of its GDP database in 2013. Its intangible capital metric includes accumulated spending on software, R&D, and intellectual property related to arts and entertainment — a “cost” perspective. Since 2012, the annual investment in intellectual property products by private enterprises in the United States has grown at a 6.2% annualized rate to $938 billion as of October 2018 (annualized).
Investment in Intellectual Property Products
Source: US Bureau of Economic Analysis, Table 1.1.5; last revised October 2018
Investment in intellectual property now represents 33.41% of total US gross domestic investment in 2018, up from 30.95% at year-end 2012. Over the same period, investments in Structures as a percentage of total US gross private domestic investment have remained flat, while investments in Equipment have fallen.
US Gross Domestic Investment (Percent of Total)
Source: US Bureau of Economic Analysis, Table 1.1.5 last revised October 2018
Nicolas Crouzet and Janice Eberly recently noted that the accumulation of intangible capital has spurred market concentration in favor of those firms that can best leverage the scaling benefits of advanced technological infrastructure. They also observe that intangible capital is hard to use as collateral for financing. The increase in intangible capital investment likely reduced the proportion of overall investment financed through bank debt and may have opened the door for such non-banking players as private debt funds in corporate lending.Financial Reporting and Valuation Challenges
As investments in intangibles grow, assessing the value of those assets as drivers of enterprise value becomes ever more essential. Both IFRS and GAAP are “mixed models” with different ways to account for intangible assets acquired as part of a business combination compared to those that are internally developed. The former must be measured at fair value at the time of the acquisition, included in the acquirer’s balance sheet, and then subject to amortization or periodic impairment testing. Under GAAP, internally developed intangible assets tend not to appear on the balance sheet and related costs are expensed as incurred. Under IFRS, such assets are recognized only if certain criteria are met.
When it comes to the income statement, an enterprise’s earnings under GAAP generally include an amortization charge for the intangible assets that are in the balance sheet and have a “determinable” useful life, and a charge in R&D or sales and administration expenses for internally developed assets that are not capitalized. It may also include an impairment amount recognized on goodwill or on the intangible assets that have been capitalized and have undetermined useful life. Analysts who compare companies across borders need to understand the specific intangibles-related differences between GAAP and IFRS.
The different accounting treatment of acquired versus internally developed intangible assets could create comparability issues for companies with different growth strategies. A firm that has developed its portfolio of intangible assets through acquisition will probably have a higher share of intangibles recognized in its balance sheet (and more goodwill) than one that developed intangible assets internally. This will affect balance sheet ratios and reported earnings.Microsoft vs. Apple
Intangibles represent 16.9% of Microsoft’s total assets but only 2.7% of Apple’s, according to an analysis of their 10-Ks. This reflects, in part, Microsoft’s greater appetite for acquisitions. Analysts need to grasp the varying treatments of internally developed versus acquired intangibles to ensure that appropriate valuation adjustments are made for comparability. They should also integrate differences in intangibles accounting in the algorithms they develop for automated trading and factor investing.
Intangibles as a Percent of Total Assets
Valuation Models for Intangible Assets
Five of the more common valuation methods for intangible assets that are within the framework of the cost, market, and income approach are described below. These approaches can be integrated into an analysis of non-GAAP KPIs and other conceptual frameworks.
1. Relief from Royalty Method (RRM)
The RRM calculates value based on the hypothetical royalty payments that would be saved by owning the asset rather than licensing it. The rationale behind the RRM is fairly intuitive: Owning an intangible asset means the underlying entity doesn’t have to pay for the privilege of deploying that asset. The RRM is often used to value domain names, trademarks, licensed computer software, and in-progress R&D that can be tied to a specific revenue stream and where data on royalty and license fees from other market transactions are available. Generally, the RRM involves the following steps:
The RRM contains assumptions from both the market (royalty rate) and income approach (estimate of revenue, growth rates, tax rates, discount rate). To see how it works in practice, they conducted a hypothetical domain name valuation using the RRM:
Valuation of Domain Name: Royalty Relief Method
Keep in mind the domain name’s fair value includes an amortization benefit multiplier that incorporates the value of the tax benefit resulting from the amortization of the asset. The amortization benefit is calculated as the present value of the tax savings that results from a 15-year amortization of the asset. In calculating the amortization adjustments for US companies, analysts should be mindful of the corporate tax rates changes resulting from recent US tax reform and estimate their impact on intangible amortization over the period considered in the valuation.
2. Multiperiod Excess Earnings Method (MPEEM)
The MPEEM is a variation of discounted cash-flow analysis. Rather than focusing on the whole entity, the MPEEM isolates the cash flows that can be associated with a single intangible asset and measures fair value by discounting them to present value. The MPEEM tends to be applied when one asset is the primary driver of a firm’s value and the related cash flows can be isolated from the firm’s overall cash flows. Early stage enterprises and technology firms are prime candidates for this approach. Computer software and customer relationships are among the sorts of assets that frequently generate such cash flows and could be assessed with fair value measurement using the MPEEM. The MPEEM usually involves the following steps:
Assessing the CAC can be a challenge with MPEEM. The required returns on CAC must be consistent with an assessment of the risk of individual asset classes and should reconcile overall to the enterprise WACC. Also, the projection period for the PFI used in the model should reflect the estimated useful life of the subject asset. That may involve significant judgment.
3. With and Without Method (WWM)
The WWM estimates an intangible asset’s value by calculating the difference between two discounted cash-flow models: one that represents the status quo for the business enterprise with the asset in place, and another without it. The WWM is often used to value noncompete agreements.
4. Real Option Pricing
As Aswath Damoradan noted, “the most difficult intangible assets to value are those that have the potential to create cash flows in the future but do not right now.” These assets have option characteristics that make them suitable to be valued using option pricing models and include undeveloped patent and undeveloped natural resource options, among others.
For a real option to have significant economic value, competition must be restricted in the event of the contingency. This is frequently the case for patents, which give the owner the right but not the obligation to exclude others from making, using, selling, offering for sale, or importing the patented invention. An undeveloped patent may have zero “intrinsic” value if the net present value of the underlying project is deemed to be zero or negative at the measurement date. Still, the patent may have considerable “time” value based on the possibility that the net present value of the project will turn out to be positive at some point over the life of the patent.
An option pricing model may be most suitable to capture the “time value” component of a patent that is not currently generating cash flows for the firm, but may have the potential to do so in the future. For instance, they can estimate the value of a patent on a drug that is undergoing the FDA approval process using a Black-Scholes option pricing formula as follows:
Inputs under Black-Scholes Option Pricing Model
Patent Value (Call Value Resulting from the Black-Scholes Formula) = $ 26,347,850
As with stock options, a key challenge in the valuation of real options is assessing the underlying volatility. Moreover, real options require estimates for the exercise price (the cost of developing the patent in their example), and the current price of the underlying (the present value of the cash flows from introducing the drug now), which are generally observable for options on listed equities. Overall, while there is judgment involved in the application of option pricing models to intangible assets, there is also a significant amount of guidance and industry practice that has developed over time and that the analyst can refer to for implementation.
5. Replacement Cost Method Less Obsolescence
This method requires an assessment of the replacement cost for the intangible asset new, that is “the cost to construct, at current prices as of the date of the analysis, an intangible asset with equivalent utility to the subject intangible, using modern materials, production standards, design, layout and quality workmanship.” The replacement cost is then adjusted for an obsolescence factor relative to the intangible asset. A simple replacement cost model for acquired software that adjusts for obsolescence and takes into account the tax impact of the asset’s amortization is shown below. It weighs the tax impact of the asset’s amortization, which is most relevant if the intangible asset is considered within the framework of the valuation of an overall enterprise. A pre-tax asset valuation may be more suitable under certain circumstances, particularly if the asset is valued on a stand-alone basis.
Valuation of Acquired Software: Replacement Cost Method Less Obsolescence
This valuation exercise considers the tax impact of the asset’s amortization, which is most relevant if the intangible asset is considered within the framework of the valuation of an overall enterprise. A pre-tax asset valuation may be more suitable under certain circumstances, particularly if the asset is valued on a stand-alone basis. The estimate of the obsolescence percentage is also a critical factor in this model, and is often developed based on inquiries with technical management personnel.
The table below provides a summary of the cost, market, and income approach models as they typically apply to the main classes of intangible assets:
Intangible Valuation Approach Summary
In today’s economy, the value provided by intangible assets must be captured in enterprise valuation. Analysts have to expand the range of data sources and techniques they use in valuation and develop methodologies that are suitable to the intangible asset being valued for more reliable valuation results. Such methodologies provide new perspectives on the cost, market, and income approaches and can be integrated with an analysis of non-GAAP KPIs and other conceptual frameworks.
Identifying and valuing intangible assets is critical not only in an active management framework, but also in factor investing and quantitative modeling in passive strategies that rely on financial statements data and that may need adjustments for comparability.
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All posts are the opinion of the author. As such, they should not be construed as investment advice, nor do the opinions expressed necessarily reflect the views of CFA Institute or the author’s employer.
Image credit: ©Getty Images/ estelle75Antonella Puca, CFA, CIPM, CPA Mark L. Zyla, CFA, CPA/ABV, ASA
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