One of our fundamental responsibilities as an investment manager is to build sound investment portfolios. The objective of our portfolios is to meet the fundamental return needs of our clients while taking an acceptable level of risk. Inevitably, this requires… Read More >
What’s it Worth, Q1 2015
This report explores recent valuation trends in the public and private markets, directed to small and middle market business owners and the professionals and financial institutions that serve them. The review is designed to provide realistic guidance on the question… Read More >
Principal Trends and Interest, Q1 2015
In “Party Like It’s 1999?…First Quarter 2015 Bank M&A Scorecard,” we review the merger marketplace and look for clues to understand the forces currently affecting bank M&A. Porter White is also pleased to present “CFFB ‘Hot-Button’ Areas to Know” by… Read More >
Birmingham Area Economic Report, Q4 2014
This report explores a few key statistics that paint a picture of the Birmingham area economy and indicate that the growth of our economy has generally lagged in comparison to state and national growth rates. This is the third edition… Read More >
What’s it Worth, a Valuation Newsletter
This report initiates Porter, White & Company’s Quarterly Valuation Review, directed to small and middle market business owners and the professionals and financial institutions that serve them. The Review is designed to provide realistic guidance on the question, “What’s it… Read More >
Birmingham Area Economic Report, Q3 2014
This report explores a few key statistics that paint a picture of the Birmingham area economy and indicate that the growth of our economy has generally lagged in comparison to state and national growth rates. This is the second edition… Read More >
Great Time to be a Seller – ACG Conference
Last week, Porter White attended the ACG Capital Connection in Atlanta with over 1,000 middle-market private equity professionals and other capital providers. The story we heard all last year continued – competition to invest capital and close deals has continued… Read More >
Principal Trends and Interest, Q4 2014
Porter, White & Company presents Principal Trends and Interest, a newsletter for community banks. In this issue we look at the curious case of today’s M&A environment and two services banks require but often overlook. 2014 M&A Scorecard: Clear as… Read More >
Birmingham Area Economic Report, Q2 2014
This report is the first in a series of reports that we expect to issue quarterly, reinstituting the Porter, White & Company Birmingham Area Economic Report, which was initially published in the early 1980’s. Interim releases will comment on local… Read More >
What is My Company Worth?
This is the third in a series of comments on the use of valuation multiples. All three comments are posted on the website. In our last commentary, we looked at the impact of company size on business value. While a… Read More >
Examining Public Company Multiples
This is the second of three comments on the use of valuation multiples. All three comments are posted on the website. When investors and business owners quote public company valuation multiples to demonstrate the value of their company, they are… Read More >
A Quick Analysis of Roth 401(k)s
After the Employee Retirement Income Security Act (ERISA) of 1974 created the IRA, retirement savings options expanded for Americans, typically allowing for tax-deferred savings. While the benefits of these tax-deferred vehicles are enormous, they also come with strings attached. After… Read More >
Concerning Multiples
We use multiples all the time. “It was twice as hot yesterday than today.” “The drive took three times as long because of traffic.” “I would pay five times the company’s dividend to own that stock.” In these cases, as… Read More >
How a Rubik’s Cube Explains What We Do
On our Investment Banking home page, the image of a Rubik’s cube is used as a symbol of the complex business situations that we encounter as investment bankers. Our team works across industries helping clients buy and sell businesses, assess… Read More >
Have the Markets Entered a Danger Zone?
Robert Schiller, author of “Irrational Exuberance” and recent Nobel Prize winner, has been credited with predicting the last two market crashes. His preferred metric of value for the stock market is the “Cyclically Adjusted Price Earnings (CAPE)” ratio. He makes… Read More >
Projecting 10 Year Portfolio Returns
Answering the following questions requires a view on future stock and bond portfolio returns: “How much can an endowment disburse and maintain its value?” “How much do I need to save for retirement?” “What is the likelihood of doubling my… Read More >
Should We Rebalance Our Balanced Portfolios?
In our last commentary (IMC 13), we looked at rebalancing an all stock portfolio. (If you didn’t read this post, you might want to review it here before continuing.) We looked at the case of an account that only included… Read More >
Get Your Financial House In Order
As the frenzy of tax season subsides, now is an opportune time to examine your financial records and make sure that everything is in order. One goal for our clients is to help them organize their financial “household,” which not… Read More >
