CFA Institute

Accurate estimation of a firm’s Weighted Average Cost of Capital (WACC) is fundamental to investment decisions, capital structure optimization and firm valuation under the Discounted Cash Flow (DCF) methodology. The airline industry, characterized by its capital intensity, relies extensively on debt and leases for aircraft financing. This paper critically examines prevailing approaches to measuring both the cost and relative portion of debt in WACC calculations, with particular emphasis on the treatment of operating leases - a component often overlooked and inconsistently classified as debt. We further analyze the inclusion of short-term debt and cash balances, and compare methodologies employed by leading data providers such as Bloomberg and FactSet. Our survey of equity research analysts reveals significant variation in the treatment of debt components, resulting in material differences in WACC estimates and, consequently, firm valuations.

CFA Institute has a long history of promoting fair and transparent global capital markets and advocating for strong investor protections, and we are providing our comments in accordance with these positions.An integral part of our efforts toward meeting those goals is ensuring that corporate financial and sustainability reporting and disclosures, and related audits provided to investors and other end users are of high quality and decision useful.Our advocacy position is informed by our global membership, who invest both locally and globally. of climate-related disclosures, and full convergence

Particulate Filters Gross alpha, gross betaThere were no statistically significant differences among groups for the months of July and September for gross alpha and gross beta concentrations.Statistically significant differences were observed for gross alpha and gross beta concentrations for the quarter and the month of August.No result exceeded the Derived Concentration Standard (DCS) or 99%/95% upper tolerance limit (UTL) for gross alpha or gross beta activity in air.Quarterly Composite Gamma-emitting radionuclides, strontium-90, actinides (americium, plutonium, and uranium) Strontium-90 was detected in a quarterly composite sample collected at Van Buren (QA).Americium-241 and 239/240 Pu was detected in two composite samples from Radioactive Waste Management Complex (RWMC and RWMC QA).Uranium radionuclides were detected in a several composite samples.Human-made gammaemitting radionuclides (e.g., cesium-137), and plutonium-238 were not detected in any of the third quarter composite air samples.Charcoal Cartridge Iodine-131 Iodine-131 was not detected in any of the batches of charcoal cartridges counted during the quarter.Atmospheric Moisture Liquid Tritium None of the sample results showed tritium concentrations greater than the 3s uncertainty during the quarter.No sample result exceeded the UTL or DCS for tritium in air.Precipitation Liquid Tritium A total of 16 samples were collected during the third quarter.None of the tritium results were greater than the 3s uncertainty.Surface Water Liquid Gross alpha, gross beta, tritium, gamma-emitting Enough water flowed in the Big Lost River for two sampling events.Gross alpha activity was detected in eight of twelve samples.Gross beta activity was detected in all 12 samples.No tritium or humanmade gamma-emitters were found in any of the surface water samples.Milk Liquid Iodine-131, other gamma-emitting radionuclides Forty-four milk samples were collected at seven locations (including the offsite control sample from Colorado and three duplicates).No 131 I was detected in any of the milk samples analyzed.v Table ES-1.Continued.

Anwar, Fatima N. BA; Nie, James W. BS; Hartman, Timothy J. MD; MacGregor, Keith R. BS; Oyetao, Omolabake O. BS; Zheng, Eileen BS; Sayari, Arash J. MD; Singh, Kern MD Author Information

In <b><i>Debunking 7½ Myths of Investing</i></b> from the June 2022, 30th anniversary special issue of <b><i>The Journal of Investing</i></b>, authors <b>Laurence Siegel</b> (of the <b>CFA Research Foundation</b>) and <b>Stephen Sexauer</b> (of the <b>San Diego County Employees Retirement Association</b>) explain that seven popularly held beliefs about investing are myths, while an eighth is part myth and part truth. The authors’ takeaway is that people will almost always seek to make a better life for themselves through innovation and building wealth, so investors should seek out and invest in innovative companies worldwide. Uncertainty about the future is a key driver that causes individuals to embrace false myths about investing. Some of the myths prey on individuals’ desire to find simple solutions to complex problems by offering a false sense of control over uncertainty.