Tuesday, November 17, 2009

Calculating the Silverdome as an Investment

My former professor Bob Lawson posted some silly calculations up at DOL.
PV(1975) = $55.7million. FV(2009) = $583k. Yield = -12.55%
If anyone is actually interested in calculating the return on investment, be sure to include the annual revenue stream from the project.

As a comparison, imagine if I were trying to convince an old fashioned monk who spends his day transcribing texts by hand to invest in a copier. "It only costs $100 up front," I point out, "and you can resell it for parts in twenty years for $10." With a few scribbles in the margin of some sacred text, he turns to me and says "Do I look like an idiot? That investment has a negative return!"

Note: I am not claiming the stadium was a good investment. Rather, I merely suggest that we consider the benefits before we say it is too costly.

12 comments:

rolub said...

Nothing to add, but wanted to praise the choice of tags on this entry.

Frank said...

Fair point but I wouldn't assume the cashflow/benefits from the silverdome was positive, much less--as you correctly note--positive enough to make it a good investment.

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