Quotes from James B. Stewart

For every Tesla or Uber, there's a Valeant Pharmaceuticals or Theranos - two story stocks that seduced an astounding array of prominent investors and supporters based on stories that did turn out to be too good to be true.

A large and growing body of academic research suggests there are market anomalies that can be exploited to beat a strict index approach. Some of that research has been recognized with Nobels in economic science - William F. Sharpe in 1990 and Eugene F. Fama in 2013.

Cadillacs have been used by every president since Woodrow Wilson.

It's often said that the most important qualities in a chief executive are character and judgment.

Mr. Trump's election has caused a tectonic shift in advertising - just as it has in media more generally - and themes that might have once seemed innocuous or patriotic have suddenly become politically charged, controversial, and divisive.

The National Multifamily Housing Council, a trade association of apartment owners, managers, developers and lenders, has come to the defense of the interest deduction and other provisions favorable to the real estate industry, describing them as 'core principles' and promising a fight.

Divestitures have long been the preferred remedy for horizontal mergers, where there's an overlap between the two companies. Airlines, for example, may have to sell routes or airport gates where the two airlines compete; cable operators may have to sell operations in cities where both companies operate.

Losses from partnerships and limited-liability companies, the entities through which the Trumps report much of their income, do not have to be added back as part of the A.M.T. calculation.

As in many cities, Uber has disrupted powerful interests in London, starting with the drivers of black cabs, who trace their lineage to 1634, and their influential Licensed Taxi Drivers Association.

Amazon and Snap both have stories that are compelling for many investors: Amazon has transformed retailing and is destined to dominate it. Snap is reinventing communication, at least for millennials and those even younger.

Tax reform advocates generally agree that a fair code shouldn't single out certain groups for favorable treatment at the expense of others.

The bar for a chief executive of a public corporation to repudiate a United States president is extraordinarily high. Corporate leaders aren't given their power, prestige, responsibility, and nine-figure pay packages to use the corner office as their personal soapbox.

I'm hardly a smartphone addict. I rarely look at social media.

During his campaign, Donald J. Trump embraced the cause of fiscal responsibility and accused President Barack Obama of shackling the country with a 'mountain of debt.'

Like or loathe Donald J. Trump, you have to give him this: He's done more to shine a spotlight on the loopholes and fundamental unfairness of the tax code than any other American president.

If Republicans are correct that lower rates spur economic growth, then lower rates on all income - made possible in part by raising capital-gains rates - should bolster economic growth across the economy.

The A.M.T. is much reviled by tax experts across the political spectrum for its unintended consequences and fiendish complexity.

Earning high returns isn't just a matter of bragging rights - endowment income supports the missions of nonprofit institutions, whether education, as with college and universities, or broader social programs, as at many private foundations.

When it comes to valuation, there's only one thing stock investors really care about, which is earnings.

September 2001 turned out to be an unusually bad time to sell stocks: By New Year's Day 2002, little more than three months after the post-9/11 low reached on Sept. 21, the S&P 500 had gained close to 20 percent.

As a global disrupter, Uber is no stranger to conflict, and its instinct has always been pugilistic.

Most European countries fund their low corporate taxes with some form of a value-added tax, on consumption rather than income.

Early investors in Uber and Airbnb, though they remain private companies, have valued them at stratospheric multiples based largely on the notion that Uber will transform and dominate local transportation and Airbnb will revolutionize the hotel industry.

While there continue to be critics of the Comcast-NBC merger, it's hard to argue that competition in news and entertainment has diminished as a result, given the rise of Netflix and Amazon and the explosion in entertainment options that followed the merger.