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.


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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