In this FREE eBook you learn three ways to value stocks which every investor should know. Read "Value Investing" by IntroBooks available from Rakuten Kobo. The Value Investing can be defined as a set of principles that, when understood and. Sign up today and get $5 off your first eBook. "As with his weekly column, James Montier's Value Investing is a must read for all students of the financial market.
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Editorial Reviews. Review. " a great how-to guide for both beginning and experienced value investors a terrific addition on this time-tested methodology. Want to follow in Warren Buffett's investing footprints? Value Investing For Dummies, 2nd Edition, explains what value investing is and how to incorporate it into. Value Investing Timeless Reading is a resource page on value investing, Warren Buffett eBook I would call this the Gettysburg Address of Value Investing.
Value Investing – Timeless Reading
Currency Wars. James Rickards. The Little Book of Valuation. Aswath Damodaran. The Business of Value Investing. Sham M. Street Smarts. Jim Rogers. Trading in the Zone. Mark Douglas. Flash Boys: A Wall Street Revolt.
The Little Book of Value Investing
Michael Lewis. Nassim Nicholas Taleb. David Einhorn. All About Market Indicators. Michael Sincere. The Dhandho Investor. Mohnish Pabrai. Black Edge. Sheelah Kolhatkar. More Money Than God. Sebastian Mallaby. The Hour Between Dog and Wolf.
John Coates. Value Investing For Dummies. Peter J. The Making of Behavioral Economics. Richard H. The Undoing Project. Deep Value Investing. Jeroen Bos. The Value Investors. Ronald Chan. Private Empire. Steve Coll. Buffett Beyond Value. Prem C. The Signal and the Noise.
Nate Silver. Fooled by Randomness. How Not to Be Wrong. Jordan Ellenberg. Bill Glaser. Daniel Goleman. The Ultimate Dividend Playbook. Josh Peters. Think Like a Freak. Steven D. Naked Statistics: Stripping the Dread from the Data. Charles Wheelan. The Death of Money. Applied Value Investing: Joseph Calandro Jr.
Joseph Taglieri. Jim Cramer's Get Rich Carefully. James J. Ben Horowitz. The Greatest Trade Ever. Gregory Zuckerman. Following the Trend.
Andreas F. Best Practices for Equity Research Analysts: James Valentine. The Little Book of Behavioral Investing. James Montier. Behavioural Investing. How to write a great review. The review must be at least 50 characters long.
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Remove FREE. Unavailable for download. Continue shopping Checkout Continue shopping. You are in the Singapore store Not in Singapore? Choose Store. Skip this list. Ratings and Book Reviews 0 0 star ratings 0 reviews. In this handout we revisit and update our previous study on short-term underperformance of global equity mutual funds. The Role of Expectations in Value and Glamour Stock Returns June When value and glamour stocks missed earnings expectation targets, what happened to their stock prices over the following year?
Prices of value stocks increased when earnings expectations were beat and missed — and even when business fundamentals deteriorated. Glamour stocks behaved more predictably, with prices rising and falling after beats and misses, respectively.
The evidence suggests an undercurrent of behavioral error, counters assertions published by select scholars, and provides fresh evidence explaining why value investing historically has been a successful long-term strategy.
Equity Dispersion: Value Stocks Yet to be Rewarded January The correlation of returns for various equity asset classes has been high. These factors have made it difficult for active managers to outperform. When return dispersion broadens or returns to more normal levels, these undervalued securities may outperform the broader market. In this updated paper, we share academic research that finds no discernable relationship between GDP growth and subsequent equity performance.
We also review research demonstrating how emerging market stocks with the lowest valuations have tended to outperform those with higher valuations. A Global Phenomenon December In , Josef Lakonishok, Andrei Shleifer, and Robert Vishny published a landmark study investigating the performance of value stocks relative to glamour securities in the United States over a year period.
Their research concluded that value stocks tended to outperform glamour stocks by wide margins. The Brandes Institute subsequently updated their work and extended the scope of the initial study to include non-U.
Now updated through June , the study includes both the glamour-driven markets of the late s and early s, as well as the more recent worldwide economic downturn. Dividend Yield and the Implications of Cash Sitting on Balance Sheets November Robust cash flow yields for large-cap stocks have reached unprecedented territory in in relation to both investment-grade and junk-bond yields.
In this article, Brandes Institute Advisory Board Member Bill Raver examines how these cash flow yields suggest stocks offer compelling potential for capital return and appreciation for shareholders. Raver also examines the record cash levels sitting on the balance sheets of public companies and the impact an increase in dividends and share downloadback activity may have on performance and liability obligations going forward.
In this paper, Mr. Frishman shares how the OTPP uses a unique in-house quantitative system to help manage risk. The Role of Expectations in Value and Glamour Stock Returns — Excerpt August When value and glamour stocks missed earnings expectation targets, what happened to their stock prices over the following year?
While prices for glamour stocks fell as expected, prices for value stocks went up — even when business fundamentals deteriorated, based on results revealed in this Brandes Institute study. These findings counter assertions published by select scholars and provide fresh evidence explaining why value investing historically has been a successful long-term strategy.
This Time is Different: Eight Centuries of Financial Folly. With this review, Grantier provides a reminder to investors of the frequency and nature of financial crises and the importance of adhering to enduring investment principles. Back to the Future: The Risk of Risk Management: A Roundtable Discussion with the Brandes Institute Advisory Board January In the wake of a tumultuous investment period, investors continue to sharpen their focus on risk management.
During , the Brandes Institute Advisory Board, comprised of investment professionals working around the globe, shared their thoughts and unique experiences regarding how best to measure and manage risk.
In this article, we share excerpts of their conversations that highlight the advantages, inherent limitations, fiduciary implications, and implementation challenges involved with Value at Risk VaR and other tools intended to measure and manage risk. Funds November Brandes Institute believes short-term underperformance is one the few certainties in life. Now updated through June , these articles illustrate the potential for periods of short-term underperformance.
Our research focuses on the performance results of U. Observations suggest that underperformance in shorter time periods — such as one quarter, one year, or even three years — is to be expected, even for funds that have performed strongly over the long term. Over the long term, have value indices outperformed their growth counterparts? Glamour Revisited: Glamour Revisited Non-U. Handout November Value vs. Glamour Revisited U.
Glamour research, focusing on the relationship between the valuation difference in price-to-book ratios, and subsequent relative performance. Corporate Credit: An Opportunity on a Global Scale July The meltdown in liquidity in the corporate debt market in the second half of , the related widening in spreads, and concerns over use and misuse of credit default swaps may have created both cyclical and secular opportunities for fixed income investors.
Small Cap a Viable Alternative to U.
Private Equity? April A number of academic papers have indicated that returns for private equity funds, on average, have not outperformed public equities in the United States.
This contradicts the risk premium one might expect with private equity, given the liquidity, transparency limitations, and additional origination costs associated with private equity investments.
In this paper, Brandes Institute Advisory Board member Bruce Grantier examines the academic research and historical performance both on an asset class and manager value-added basis to evaluate small cap as an alternative investment to private equity. Risk Evaluation within Asset Management: Among the seven aspects of risk he addresses are mark-to-market accounting, an emphasis on relative performance, and short-term underperformance.
In this survey, clients responded to questions on the use of currency overlay programs, the impact of currency on plan assets, and the role of the carry trade in currency markets.
The attached summary shares key findings, including areas of material difference between the responses of U. Global Equity Mutual Funds December While there may be few certainties in life, the Brandes Institute believes short-term underperformance is one of them.
In this article, we study the performance of a wide range of global equity mutual funds over the last decade. Our observations indicate that underperformance in shorter periods — such as one quarter, one year, or even three years — is to be expected, even for portfolios that may have performed strongly over the long term.
Behavioural Investing: However, many investors often are subject to innate tendencies that can contribute to less-than-rational decisions. In this light, one would do well to first understand common behavioural tendencies and misperceptions. The book addresses timely topics such as group decision making, modern finance, and the nature of bubbles. For the full study period there was no clear pattern.
However, when the data is split between the same two periods we used for the currency analysis, a different perspective emerges. A Global Phenomenon September In , Josef Lakonishok, Andrei Shleifer, and Robert Vishny published a landmark study investigating the performance of value stocks relative to that of glamour securities in the United States over a year period.
However, their study did not include the glamour-driven markets of the late s and early s. What effect might this period have on their conclusions? To find out, the Brandes Institute updated their Value vs.
Glamour research, now through June , to examine the comparative performance over a year period. In addition, we also extended the scope of the initial study to include non-U.
Global Small-Cap Stocks: Reexamined and Redefined , the Brandes Institute found divergent construction methodologies among global small-cap index providers and introduced a custom series of country and regional small-cap universes to explore detailed historical fundamental data. In this research, we make a number of interesting discoveries on why international small caps are structurally different from domestic small caps, or even international large-cap stocks.
Structured Products: Asset Backed Securities — Opportunities Resulting from Systematic Mispricing September Asset-backed securities have attracted attention in the recent months amid the uncertainty surrounding the mortgage sector and securitized debt.
Value Investing: Glamour research has demonstrated the persistent outperformance of value stocks over glamour stocks in developed markets worldwide over long time periods. Investors may wonder if the value premium is also evident in developing countries. We also reveal whether value investing has worked in emerging markets over the long term.
Bond Performance July Previous research by the Brandes Institute has shown the historical long-term performance advantage of value stocks over glamour stocks. What about corporate bonds? Here, we show that bonds issued by value companies have provided greater appreciation than those issued by glamour companies.
HarperCollins, , Professor Barry Schwartz convincingly argues that the process of making constant decisions amidst a sea of overwhelming choice — be it health care options, televisions, or investment products — can and often does result in behavioral biases, stress, and poor decisions.
In this article, we share insights from The Paradox of Choice and discuss the implications for investors. We believe this performance data demonstrates why investors should be cognizant of the relationship between stock price and value. The specific stock references remind investors that companies with soaring growth rates and wide popularity may not always make great investments.
Liability-Driven Investing and Equity Duration January Increasing interest in liability-driven investing LDI in the pension community has prompted many plan sponsors to seek longer-duration investments. Historically, empirical evidence has guided plan structures toward long-duration bonds as an appropriate liability-matching instrument, citing relatively short durations for U.
However, LDI depends upon accurately measuring duration for assets — including equities. In this article, the Brandes Institute reexamines assumptions used to calculate equity duration and poses key questions for investors to consider when pursuing LDI. Examining the Relationship Between Issuer-Specific Bond and Equity Returns October Previous research by the Brandes Institute documented the opportunities available by investing in falling knives securities whose prices have fallen sharply.
Now, in new research on this topic, we investigated the relationship between bond and equity prices in this context. A Survey of Corporate Governance Literature Since September This paper, jointly authored by Professor David Finegold of the Keck Graduate Institute, Professor George Benson of The University of Texas at Arlington, and David Hecht of the Brandes Institute, provides a comprehensive review of academic literature on corporate governance relating board structure and practices to firm financial and stock market performance.
In addition to reviewing more than 90 articles, the research also addresses how the findings may apply to the major governance reforms introduced by the United States Congress and the New York Stock Exchange NYSE and Nasdaq in the last few years. This paper was published in the academic journal Corporate Governance: An International Review in September Fixed Income Mutual Funds September In our initial Death, Taxes, and Short-Term Underperformance equity studies, we established that short-term underperformance may be unavoidable, even when investing in top-performing equity funds.
In this article, we find strikingly similar results among fixed income funds. As such, we are interested in aspects of behavioral finance. Knopf, , this article seeks to illustrate psychological pitfalls that may prevent long-term success for investors. It also includes seven tips designed to limit the influence of potential behavioral shortcomings and help investors make more informed decisions.
Global Small Cap Stocks: Reexamined and Redefined July The small-cap premium has not been apparent consistently in developed markets outside North America since In this comprehensive study, the Brandes Institute investigates existing methodologies for defining the global small-cap universe and their relationship to performance.
We also introduce regional and country universes designed to analyze constituent-level fundamentals and their influence on historical performance differences. Our research reveals that North American small caps have shown differentiating fundamental traits vs. But these differences in fundamentals may not fully explain the performance disparity.
The Brandes Institute intends to examine the performance characteristics of lifecycle groupings among small caps across regions and sectors. Funds July Death, Taxes, and Short-Term Underperformance February Now updated through , these articles illustrate the potential for periods of short-term underperformance may be one of the few certainties that investors can count on.
Currency Hedging Programs: A Long-Term Perspective April This article addresses currency performance over extended periods of time, and examines the potential implications for investors considering implementation of a currency hedging program.
While currency movements have tended to be mean-reverting, there have been extended periods of positive as well as negative impact for investors.
By reviewing historical returns, the paper highlights the behavioral considerations that may influence the effectiveness of hedging programs. But our study suggested that investors who avoid falling knives altogether may be foregoing significant opportunity.
Do the same dynamics exist for bonds? To answer this question, we defined fixed income falling knives using widening spreads among corporate bonds, then tracked their subsequent performance.
In this paper, we reveal our findings. Balance Sheet Cash: Unlocking Value in Japan October Are companies using cash on their balance sheets to enhance shareholder value — especially in Japan, where many firms tend to have higher cash positions than U.
In this study, the Brandes Institute investigates key factors that differentiate the cash-rich companies of Japan from other developed markets. Carrying On? We also discuss the behavioral factors that may shed light on this pattern.
Updated and Expanded September Value vs. Glamour Non-U. The Value Premium in Non-U. Markets December In , Josef Lakonishok, Andrei Shleifer, and Robert Vishny published a landmark study investigating the performance of value stocks relative to that of glamour securities in the United States over a year period.
What effect did the popularity of glamour stocks in the late s and early s have on this conclusion? The Brandes Institute updates our study through June , examining comparative performance over a year period.
We also extend the scope of the initial study to include 14 non-U. Currency Update: In this article, we examine whether the last few years have been particularly unusual compared to a longer-term history.
We also look at issues facing Canadian investors considering hedging their non-domestic currency exposure. Commission Recapture: In this article, we seek to evaluate commission recapture programs from various perspectives, clarify and raise awareness of key issues surrounding these programs, and stimulate debate regarding their potential benefits and drawbacks.
Benjamin Graham on Fixed Income December Drawing on books written by Benjamin Graham, we explore his thoughts on fixed income securities. Glamour in Non-U. Currencies and Hedging: Does hedging your international equity portfolio reduce your international diversification?
Do stop-loss limits help overall hedging returns? In this study, the Institute compiled and analyzed data from the perspective of investors in 23 developed countries over the full year era of floating exchange rates to seek to answer the above questions and others. The findings may challenge many assumptions about currencies and hedging. New Insights Into the Case for Emerging Market Equities July Emerging markets may attract equity investors who believe they will profit from superior economic growth.
But is this true? Perceptions and Practice in Manager Selection March On the topic of selecting investment managers, we investigate two related questions: The findings suggest that, theoretically, a steady, second-quartile manager would migrate into the first quartile over time — with an important exception.
How do you gather hard data on soft skills? The Brandes Institute partnered with Prof. Randall Peterson of the London Business School and Watson Wyatt Worldwide to assess business management skills among money managers using a tool, the Q-Sort, typically applied by social scientists.
Concentrated Portfolios: An Examination of Their Characteristics and Effectiveness September Until now, concentration in portfolios has not been well defined, yet many investors seem to regard it as a positive, based on the recent pace of introductions of more focused portfolios.
Market Efficiency and the National Football League September What does the issue of market efficiency have in common with professional American football?
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An interesting subset of efficiency research has focused not on stock markets but on the markets surrounding football wagering. In this article, we take a look at some football-related findings that provide fresh insight into the market efficiency debate. From there, we examine three MPT ideas that lean heavily on the past as a guide to the future, and we use real market data to put these ideas to the test.
Our findings highlight areas where the relationship between the past and the future is shaky — and suggest that investors who expect the future to behave like the past could be in for a surprise. Is this an aberration from historical performance? The paper includes research from an extensive U. In a collaborative study sponsored by the Brandes Institute and in conjunction with Professor Elroy Dimson of the London Business School, we investigate long-term real estate returns in the United States.
Historically, the majority of falling knives in our studies were created during a few periods of market turmoil. Given the declines in global markets in , we are focusing current research on various traits of the recently created group of knives and comparing them and subsequent returns with knives generated in prior, turbulent periods. Changes in the Characteristics of International Diversification October What are the potential diversification benefits from equity holdings outside the United States?
Proxy Voting: Making Sure the Vote Counts October When attempting to exercise their primary avenue for activism — proxy voting — shareholders around the world must overcome a variety of legal, regulatory, and procedural obstacles that may prevent them from getting their votes counted — and counted correctly.
Taking Time Out October Most investors consider share price movement to be the critical factor in their decision to download, hold, or sell any security. Creating Value Through Activism August From the perspective of an institutional money manager, we explore risks and opportunities for activism, including why it remains an infrequent option, whether it should be encouraged, and its potential and limitations in contributing to long-term shareholder wealth.
Financial Management Corporate Finance for undergraduates Links were finally removed, but watch the sessions for the Corporate Finance class instead.
It is the same class. The webcasts of a shorter executive two-day MBA valuation seminar and a three-day corporate finance seminar can also be downloaded. The formet covered primarily DCF valuation and is available in 4 3-hour sessions and the latter is a condensed version of my regular corporate finance class and is composed of six 3-hour sessions.
Paper Listing Click on the paper to see a short abstract. You can download the paper as a pdf file. Download paper pdf. Lambda Estimates for Brazilian companies.
The following are short podcasts webcasts , ranging from minutes to length that cover multiple topics in valuation. While you have to visit the AIMR site to see these webcasts, the material for the webcasts can be downloaded here:.
There are webcasts Aswath Damodaran has conducted for different units that are online.
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Relative Valuation: FMA from meetings. The list can be found here. This list can be found here. Ron discusses value investing, investor influences and other specific investing issues. Ron discussed value investing and how the investment section of our firm evolved. February 27, Investment Maxims I found, but could not source.
Very Interesting. Please allow a few minutes for downloading. The MP3 is Virus Free! September 15, Interesting Graph of Tax Rates for different nations. Worth Looking at!!
Quick Notes to book I read many years ago. You will also see an interesting guide to selecting an investment manager.
Notes from Conference given by Jim Rogers. The conference was titled, "Hot Commodities. This was written mid May Fed raises rates again Just some notes, primarily on inverse bond funds some thoughts and notes from lecture given by Delos Smith recent thoughts, Sirius blurb and Marty Zweig quick economic views and notes on Gary Shilling Interesting notes from the works of Martin Barnes. Discussions on defensiveness, inflation and interest rates.
Some recent emails and state of affairs we have been collecting. What about US Treasury Bonds? Interesting article written by Martin Weiss on his views of bonds, stocks and this interest rate environment. Please click on this link to read the article.
This article discusses "crisis being the seed of opportunity" William Fleckenstein talks gold Article published on May 14, This article discusses fear of investing Interview on November 15, with Ronald Redfield, portfolio manager our views Trying times continue "blood in the streets" "Waiting on a Sunny Day" and some Fred Hickey discussion May 14, update.
This article reviews our philosophies and gives our views of the future September 16, update. Important to read to see how we were invested prior to the terrorist attacks Seminar notes on May 17, on " How To Invest in Difficult Markets" Technology discussion and diversification discussion.
January 28, update. This is an excellent read, since fixed income markets and value was out of favor. Notice our blurb on AOL. This gives you an idea of how we work with retirees. Notice how we still hold companies like Occidental and Placer Dome.
Look at our consistency in approach. Review Prentice N. Masten Southern Economic Journal , Vol. The Intelligent Investor: Review Kenneth D. Roose The Journal of Finance , Vol. The Renaissance of Value: It is available electronically. G68A3 For reviews of this book see: The Rediscovered Benjamin Graham: Selected Writings of the Wall Street Legend. Are Corporations Milking Their Owners? For a review see: Morris, Financial Analysts Journal , Vol. The Father of Financial Analysis Speeches: Thomas A.
Irwin A. Michael Investment Council Ltd. David J. Jeffrey D. Walter J. Conferences, symposiums and seminars in chronological order. Aswath Damodaran: The Edition Equity Risk premium paper, updated to reflect data through the start of Download paper as pdf file Equity Risk Premiums: Post-Crisis Edition This is an updated version of the equity risk premium paper that takes a detailed look at how the equity risk premium and other risk measures have evolved since September the date of the last version of the paper.
Download paper as pdf file Valuing commodity and cyclical companies Commodity and cyclical companies pose special challenges when doing valuation, because their earnings and risk measures move with commodity and economic cycles.
In this paper, we examine techniques and approaches that we can use to compensate for this volatility. Download paper as pdf file Valuing financial service firms version It is difficult to estimate cash flows at financial service companies. As a consequence, they remain one of the last bastions for the dividend discount model. Inherent in the use of this model are two assumptions — that financial service companies pay out what they can afford to in dividends and that the regulatory constraints that they operate under will keep risk under control.
In the crisis of , both assumptions came under assault. In this paper, we look at ways of adapting to the changed enviornoment, when valung banks, insurance companies and invstment banks. Download paper as pdf file Valuing young and start-up companies How do you value a young or start-up business with little to show in terms of operating performance? In this paper, we examine ways in which we can adapt valuation approaches to account for the absence of historical information and the possibility that many of the young firms that we value will not make it through to success.
Download paper as pdf file Valuing Declining and Distressed Companies The edition We face two key problems in valuing declining and distressed companies.
The first is that these firms rather than growing over time may shrink, both in terms of revenues and margins. The second is that many of these firms will not survivie as going concerns. In this paper, we deal with both issues and how to reflect them in valuation. Download paper as pdf file Valuing emerging market companies Companies in emerging markets often face additional risks, relative to their developed market counterparts, from polticial and economic turmoil in the countries in which they operate.
In this paper, we look at how to incorporate this risk both into discounted cash flow and relative valuation models. Download paper as pdf file Valuing companies with intangible assets Many companies derive their values from intangible assets, ranging from brand names to patents to technological know how.
In this paper, we look at how accounting numbers may need to be mofified when valuing these companies and how we capture the full effects in value. Download paper as pdf file Valuing the Octopus: The multinational, multibusiness company As globalization becomes a reality, many companies have operations spread over many different businesses across multiple countries.
In this paper, we examine the ways of dealing with the tangle of different currencies and risk profiles that coexist within each company. In particuar, we look at the viability of sum of the parts valuation as opposted to valuting the aggregated company.
Download paper as pdf file Leases, Debt and Value When leases are categorized as operating leases, the expenses associated with them are treated as operating expenses and leases become as source of off-balance sheet debt and assets. As the debate about this practice become heated, we look at the consequences of this practice for widely used measures of profitability and financial leverage as well as inputs into valuation models. Download pdf file Operating lease converter Industry averages Estimating Riskfree Rates The riskfree rate is a fundamental input to most risk and return models.
In practice, estimating riskfree rates becomes difficult when there are no default-free securities. In addition, the question of what riskfree rate to use short term or long term, dollar or foreign currency is a critical one. This paper examines these issues.
Download pdf file The Equity Risk Premium Edition The equity risk premium ERP is a central input into discounted cash flow models, and more than any other number, it captures what investors think about stock prices in the aggregate.
In this paper, we examiine the determinants of equity risk premiums and the three basic approaches used to estimate the number — surveys, historical returns and implied values. We look at why the approaches give you different answers and how to pick the right number to use in analysis.
Determinants, Estimation and Implications Valuing Multiple Claims on Equity Equity claims can vary on a number of different dimensions — voting rights control , liquidity and cash flows. We examine how to allocate the value of equity across multiple claims on equity in this paper. In the process, we examine the premium that should be paid for voting shares, the discount to be applied to illiqudid shares and the effect of contingent claims.
Valuing Equity Claims The Origins of Growth One of the most difficult challenges in valuing a business is estimating the expected growth rate in future years. In this chapters, we look at the three ways in which this growth rate can be estimated — from history, from analyst or management estimates and from fundamentals. We look at the pluses and minuses of each approach and why they may generate different estimates.
Download paper as pdf file Measuring Returns:Our observations indicate that underperformance in shorter periods — such as one quarter, one year, or even three years — is to be expected, even for portfolios that may have performed strongly over the long term. Hill conducted extensive research based on his associations with wealthy individuals during his lifetime. Logistics Management. Neuromarketing Fundamentals. Often promised, seldom delivered is the best description for synergy, the most widely used rationale in corporate mergers.
James Valentine. Does hedging your international equity portfolio reduce your international diversification? The Intelligent Investor: Finance data: Some of these innovations were designed to give firms more flexibility in designing cash flows on borrowings, allowing them to match up cash flows on financing more closely to cash flows on assets, thus increasing their debt capacity.