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Investment Banking and Finance: Why Do Acquisitions Really Fail?
First Section
Why Do Acquisitions Fail Course Introduction (4:52)
Dumb Acquisitions (4:27)
Why Acquisitions Fail - The Fundamental Problem (4:38)
What is the Conventional Response to this question?
Reasons for Failure - Cause or Effect? (10:55)
Reasons for Failure - Summary of Excuses (2:43)
What do we mean by Failure or Success? (5:16)
The Institutional Imperative
It All Starts With The CEO (3:42)
Understanding The Institutional Imperative (3:57)
The Part played by Boards of Directors (6:02)
Do CEO’s Love the Money Or The Business? (3:42)
What Are The TWO Key Roles Of A CEO? (3:05)
The CEO Purchasing Frenzy (2:30)
How are CEO's Remunerated?
Who do CEO's Work For? (2:17)
The Importance of Incentives (2:58)
Charlie Munger On The Superpower Of Incentives (4:43)
The Importance and Scandal of Share Options (4:40)
What is the Yard Stick of Success?
Is EPS A Good Measure Of Financial Success? (6:08)
Management And Market Prices (3:34)
How to Grow EPS while doing nothing? (6:34)
Why CEOs make Bad Decisions
Charlie Munger and the Psychology of Human Misjudgement (2:50)
Doubt Avoidance (1:56)
Inconsistency Avoidance (2:16)
Pain-Avoiding Psychological Denial (1:37)
Excessive Self Regard (3:03)
Deprival Super Reaction (2:48)
Social Proof (3:50)
Availability Misweighing (2:54)
Authority Misinflucence (2:49)
Lollapalooza Tendency (2:25)
Wake Up to Wall Street
Wake Up to Wall Street (2:24)
Cui Bono? Who Benefits? (5:02)
Short Term-ism (4:07)
Analyst Guidance (4:52)
The Role of Investment Banks (9:38)
Leveraged Buyouts (5:44)
The Consequences: Damage to Shareholder Wealth (3:32)
The Berkshire Hathaway System
The Berkshire Hathaway System (8:44)
Berkshire Hathaway Acquisition Criteria (6:35)
Buyer of Choice (4:28)
Market, Book and Intrinsic Value (6:27)
Managers as Owners (3:38)
Compensation Arrangements (4:31)
Some Thoughts on Selling Your Business (1:16)
Warren Buffett Gets It Wrong (6:34)
Better Measures of Acquisition Success
Importance of Per Share Intrinsic Value (3:36)
Importance of Return on Capital (3:00)
Book Value Per Share (6:27)
Understand the Limitations of Accounting (2:33)
Course Summary and Wrap Up
A Final Word Of Caution (3:17)
Course Summary and Wrap Up (4:55)
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Who do CEO's Work For?
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