Forex

Forex Ratchet Valuation: Why Joules Appreciate External signals. Internal stability. Ratchet forward, never backward. The Problem: The Timber Case Study In 1993, I took a business class in college. The professor told us about a timber company that had been trading internally at $7/share for years. One day, an external buyer offered $15/share. The shareholders thought: “200% gain! Amazing!” They sold. After the buyer dismantled the company and sold off the assets, the real value was revealed: $4,800 per share. ...