Recently, a few of my clients have identified structural issues within agency management accounting systems. I won’t pretend to understand all the technical factors within these systems. The net effect is that gross numbers may be materially overstated while the net numbers are correct. That is a problem, and absolutely no one should ever accept the response, “Well, the net numbers are correct so don’t worry about the gross numbers.” For example, agencies often run aged accou

I read the Wall Street Journal  daily, and one of my favorite wealth writers, Jonathan Clements, recently passed away. Another columnist, Jason Zweig, wrote two articles about his passing. One included several insightful passages Clements had written regarding human psychology and investing. One that hit home, from April 8, 2007, was, “Think you’re immune to confirmation bias? If you are a regular reader of this column, ask yourself this question: Why do you keep reading my a

Carriers have a growth problem, and they only have one likely solution to generate organic growth. A recent research paper, “Valuation and Long-Term Growth Expectations,” by Angel Tengulov of the University of Kansas, Josef Zechner of the Vienna University of Economics and Business, and Jeffrey Zweibel of Stanford University, identified key variables in determining long-term growth. In other words, what factors best predict long-term growth? A factor that improves long-term g