pastor-stambaugh = fama-french + liquidity factor
ISML read as Ismail These are the exit routes for VC from highest to lowest pay out. I= IPO S=Secondary mkt sale M=mgmt buyout L=Liquidation
DEC read decimal - for emerging mkts these have to be recorded in real terms not nominal D=Depreciation E= EBITDA C= Capex
i prefer… FAMA FRENCH FORGET LIQUIDITY PS adds it.
external factors the government seeks dumb fools Technology, government, social change, foreign influences
how about the FCRP SANDWICH? think about FCRP as a sandwich with Foreign Currency being the bread and Domestic being the meat FCRP= Foreign Currency Appreciation (Bread 1)- [(RDC (meat)-RFC(bread 2)]
Non-Resident Irish (NRI) (N)ominal = ®eal+(I)nflation (1+N)=(1+R)(1+I)
“Growing technology gets compliments” Growth rate, technology, government, complementary products and services factors not forces