EBITDA add back

Winter Games (Second of Two Parts)

We tend to be a late adopter of cultural phenomena, so our appreciation of curling was understandably delayed. A sport that plays like shuffleboard, tosses around terms like hack and hog line, and employs practitioners who carry brooms, is a tough sell. But thanks to relentless Olympic coverage, the US men winning a first-time ever

Spot-lite on Cov-lite (Second of a Series)

News reached us last week that the great mathematician, Monty Hall, passed away at the age of 96. Better known as the host of the 1960’s TV hit, “Let’s Make a Deal,” Mr. Hall lent his name to game theory for the so-called 3-Door Monty Hall Problem. Behind three doors there’s a brand new car,

Dollars and Scents

News reached us over the weekend of a new trend in baseball. Apparently several Chicago Cubs relievers are applying copious amounts of perfume as a good luck charm. Turns out players from last year’s Kansas City Royals did the same thing. And they won the World Series. The Cubs manager tweeted, “Aroma still matters.” A

Cash Faux

Leveraged lending guidelines have set six times total leverage as the limit above which a loan would likely be criticized by examiners. Less noted by the media, but of growing interest to market players, are the components of leverage metrics; specifically, how the numerator (debt) and the denominator (cash flow) are being massaged to put