Epilogue
On such a full sea we are now afloat.
—WILLIAM SHAKESPEARE
When I moved from investment banking to equity research in 1997, the first stock I covered was a company called CIE (pronounced SEE-a), a concert promoter and venue operator in Latin America. My job was to build a financial model, evaluate the management team, and look for possible catalysts that would drive the stock up or down. All this would lead to an investment recommendation: buy, hold, or sell.
After months of due diligence, it was time to go public with my recommendation for CIE. The valuation looked reasonable, but the stock was up considerably. What if I rated ...
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