The authors compare the price of a stock at a given point in time with its ex post realized value, which is defined by the discounted net present value of subsequent actual cash distributions. This measure is called the Clairvoyant Value, that is, the value that a clairvoyant investor with...

In historical testing, valuation-indifferent weighting applied to U.S. and global equities has produced statistically significant and economically large outperformance when compared with traditional capitalization-weighted benchmarks. In this article, the authors apply valuation-indifferent...

This study is divided into four sections. The first section deals with the issues and definitions that relate to the meaning of security of supply. The following three sections deal in turn with the risks to future supply for oil, coal and uranium. The analysis has examined the impact that...

In examining the prospects for oil and gas supply from the GCC countries, we draw on the evidence that the supply of oil and gas from the region has been relatively reliable, notwithstanding the region’s perceived political instability. The approach taken here starts from this empirical...

In contrast with current thinking that conglomerates are inefficient, this article begins by presenting arguments in favor of the size and structure of the large integrated oil companies, also known as "the supermajors." Among the advantages are tax efficiency, information flow, political and...