In this episode of Money Lessons, Andy breaks down the three most common ways companies change their share structure. He explains how stock splits work — including Apple's five splits and Warren Buffett's famous refusal to split Berkshire Hathaway—and why reverse stock splits often signal trouble.

He then explores share buybacks, how they boost earnings per share, and why investors need to look past the headline numbers to see whether real value is being created. The episode also covers dilution and why issuing new shares comes at a cost to existing shareholders.

In this episode of Money Lessons, Andy explains what you actually own when you buy a share of stock. He explores the concept of the residual claim — why shareholders are last in line during bankruptcy but first to benefit when companies thrive — and walks through the four key rights of common stock ownership: voting, dividends, information, and the right to sell. 

The episode also covers the bankruptcy priority hierarchy and why the risk-return tradeoff of equity ownership has made stocks the primary engine of long-term wealth creation.

In this episode of Money Lessons, Andy explores the mechanics of stock trading, focusing on the concept of liquidity. He explains how liquidity affects stock prices, the role of specialists in maintaining market order, and the significance of the bid-ask spread. 

The conversation also covers the historical context of stock price quotations and the impact of decimalization on trading costs, emphasizing the importance of understanding these concepts for effective investing.

In this episode of Saturday Morning Muse, Andy explores the evolution of financial markets, focusing on the innovations of the Dutch Republic in the early 1600s. He discusses the limitations of previous equity ownership models and how the establishment of the Dutch East India Company (VOC) revolutionized investment through the introduction of transferable shares and a secondary market.

In this episode of Saturday Morning Muse, Andy explores the historical evolution of stock ownership, beginning with the Roman Publicani and the Venetian Commenda. 

He discusses how these early systems of equity ownership laid the groundwork for modern financial practices through capital pooling and risk spreading for investment in major infrastructure projects and trading expeditions.