“One shaft of light that shows the way No mortal man can win this day It’s a kind of magic” — Queen I once had the unique opportunity to hear Bill Gates, certainly one of the smartest and most successful men alive, describe other people he admired. Topping the list was his Seattle friend Craig McCaw. When asked to describe why, Gates pointed out that McCaw had convinced investors in not one, but two industries to pay attention to proxy valuations as opposed to traditional valuation metrics. In other words, McCaw convinced analysts and investors alike that valuation tools […]