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(Bloomberg) — European equities fell as weak luxury sector earnings added to negative sentiment around the profit outlook for the semiconductor industry. The pound slid as a drop in UK inflation spurred increased bets on interest-rate cuts.

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The Stoxx 600 index retreated 0.4% after chipmaking machine giant ASML Holding NV extended losses following its profit warning on Tuesday. LVMH (MC.PA) and Salvatore Ferragamo SpA (S9L.SG) led the retreat in luxury stocks after weak updates, both slumping as much as 7%. US equity futures were little changed.

ASML’s slide sent ripples across the industry, resulting in more than $420 billion of market value loss for an index of US-traded chipmakers and the largest Asian stocks. Nvidia Corp. sank nearly 5% on Tuesday, after reaching a record close earlier this week.

While the weakness in names like Nvidia (NVDA) and ASML (ASML) has an impact on the broader market, Peter Fitzgerald, chief investment officer for macro and multi-asset at Aviva Investors, pointed to the strength of demand for artificial intelligence as well as supportive central bank policy.

“Our view is that there is enough underlying strength in markets,” he said. “Particularly with central banks on an easing path providing broad support.”

Sterling slid 0.6% to $1.2990, its lowest level since Aug. 20. Figures Wednesday showed consumer prices rose just 1.7% in September compared to a year earlier, less than forecast by economists. The data emboldened investors to bet on more aggressive easing from the Bank of England.

Bloomberg’s dollar index ticked higher after climbing to its strongest level in about two months after former President Donald Trump defended proposals to raise tariffs on foreign imports. Atlanta Fed President Raphael Bostic said he expects the US economy to slow this year but to remain robust, adding that the downward path for inflation could see some bumps. Treasury yields edged lower.

In Asia, a Bloomberg gauge of China’s property shares surged as much as 8.3% as markets prepared for a joint news conference to be held by government officials including the housing minister and central bank on Thursday.

Chinese stocks have whipsawed since late September, when a series of stimulus measures by the central bank unleashed a burst of optimism that has begun to unravel. Investors are watching to see if the authorities deploy greater firepower to bolster the economy.

Story continues

“What is really key for European stocks is what happens to consumer sentiment and consumer spending in China,” said Lilian Chovin, head of asset allocation at Coutts. “To what extent the measures announced in China are effective at boosting consumer sentiment over there, because that’s what would really help autos, luxury goods and all those very Chinese sensitive sectors in Europe.”

The yen traded at around 149 per dollar after Bank of Japan Board Member Seiji Adachi emphasized the need for taking a gradual approach to raising the benchmark interest rate.

Key events this week:

• Morgan Stanley earnings, Wednesday

• ECB rate decision, Thursday

• US retail sales, jobless claims, industrial production, Thursday

• Fed’s Austan Goolsbee speaks, Thursday

• China GDP, Friday

• US housing starts, Friday

• Fed’s Christopher Waller, Neel Kashkari speak, Friday

Some of the main moves in markets:

Stocks

• The Stoxx Europe 600 fell 0.3% as of 9:37 a.m. London time

• S&P 500 futures were little changed

• Nasdaq 100 futures were little changed

• Futures on the Dow Jones Industrial Average were little changed

• The MSCI Asia Pacific Index fell 0.9%

• The MSCI Emerging Markets Index fell 0.5%

Currencies

• The Bloomberg Dollar Spot Index rose 0.1%

• The euro fell 0.1% to $1.0879

• The Japanese yen fell 0.1% to 149.38 per dollar

• The offshore yuan rose 0.1% to 7.1277 per dollar

• The British pound fell 0.6% to $1.2999

Cryptocurrencies

• Bitcoin rose 1.1% to $67,192.49

• Ether rose 1.6% to $2,612.59

Bonds

• The yield on 10-year Treasuries declined two basis points to 4.01%

• Germany’s 10-year yield declined three basis points to 2.19%

• Britain’s 10-year yield declined seven basis points to 4.09%

Commodities

• Brent crude fell 0.1% to $74.15 a barrel

• Spot gold rose 0.6% to $2,677.53 an ounce

This story was produced with the assistance of Bloomberg Automation.

—With assistance from Kurt Schussler, Yuling Yang, Jake Lloyd-Smith, Zhu Lin, Winnie Hsu and Sujata Rao.

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©2024 Bloomberg L.P.

SAN DIEGO, Oct. 15, 2024 /PRNewswire/ — Kintara Therapeutics, Inc. (“Kintara”) KTRA, a biopharmaceutical company focused on the development of new solid tumor cancer therapies, today announced a correction to the press release previously issued by Kintara on October 14, 2024, regarding a record date for the issuance of the Contingent Value Rights (“CVRs”) to stockholders of Kintara pursuant to the definitive merger agreement (the “Merger Agreement”) with TuHURA Biosciences, Inc. (“TuHURA”). Kintara announced today that the CVRs will not be issued to stockholders of record of Kintara based on a record date of October 17, 2024, but rather will be issued stockholders of record of Kintara immediately prior to the planned reverse stock split that will be consummated immediately prior to the proposed Merger. Accordingly, the announcement of a record date for the CVRs made by Kintara on October 14, 2024 is hereby retracted. Kintara does not anticipate that this correction and retraction will affect the stockholders of record who will receive the CVRs or the number of CVRs to be received by them.

As previously announced, Kintara’s stockholders approved a reverse stock split of Kintara’s common stock in a range of 1-for-20 to 1-for-40 at Kintara’s special meeting of stockholders held on October 4, 2024. Kintara expects to effect a reverse stock split at a ratio of 1-for-35 immediately prior to the consummation of the proposed Merger.

Also as previously announced, the proposed Merger is expected to close on October 18, 2024 (the “Closing Date”), subject to regulatory approval and the satisfaction of the remaining closing conditions under the Merger Agreement.

In connection with the proposed Merger and pursuant to the Contingent Value Rights Agreement (the “CVR Agreement”) to be entered into prior to the Closing Date, Kintara will issue a number of CVRs to Kintara stockholders entitling the holders thereof to an aggregate of 53,897,125 shares of Kintara’s common stock, which number is subject to adjustment as a result of Kintara’s proposed reverse stock split described above upon the achievement of certain milestones as set forth in the CVR Agreement. Kintara stockholders of record immediately prior to the reverse stock split will receive one CVR per share of Kintara common stock (or in the case of warrants to purchase shares of Kintara common stock, each share of Kintara common stock for which such warrant to purchase shares of Kintara stock is exercisable) each respectively owned. The CVRs will be issued immediately prior to the proposed reverse stock split and closing of the proposed Merger.

Equiniti Trust Company, LLC is acting as the rights agent for CVRs. Stockholders holding their shares in book-entry form or in brokerage accounts need not take any action in connection with the issuance of CVRs. Beneficial holders are encouraged to contact their bank, broker or custodian with any procedural questions.

About TuHURA Biosciences, Inc.

TuHURA Biosciences is a Phase 3 registration-stage immuno-oncology company developing novel technologies to overcome resistance to cancer immunotherapy. TuHURA’s lead personalized cancer vaccine candidate, IFx-2.0, is designed to overcome primary resistance to checkpoint inhibitors. TuHURA is preparing to initiate a single randomized placebo-controlled Phase 3 registration trial of IFx-2.0 administered as an adjunctive therapy to Keytruda^® (pembrolizumab) in first line treatment for advanced Merkel Cell Carcinoma.

In addition, TuHURA is leveraging its Delta receptor technology to develop novel bi-specific antibody drug or peptide drug conjugates (ADCs and PDCs), targeting Myeloid Derived Suppressor Cells to inhibit their immune suppressing effects on the tumor microenvironment to prevent T cell exhaustion and acquired resistance to checkpoint inhibitors and cellular therapies.

For more information, please visit tuhurabio.com and connect with TuHURA on Facebook, X, and LinkedIn.

About Kintara Therapeutics, Inc.

Located in San Diego, California, Kintara is dedicated to the development of novel cancer therapies for patients with unmet medical needs. Kintara is developing therapeutics for clear unmet medical needs with reduced risk development programs. Kintara’s lead program is REM-001 Therapy for cutaneous metastatic breast cancer (CMBC).

Kintara has a proprietary, late-stage photodynamic therapy platform that holds promise as a localized cutaneous, or visceral, tumor treatment as well as in other potential indications. REM-001 Therapy, which consists of the laser light source, the light delivery device, and the REM-001 drug product, has been previously studied in four Phase 2/3 clinical trials in patients with CMBC who had previously received chemotherapy and/or failed radiation therapy. In CMBC, REM-001 has a clinical efficacy to date of 80% complete responses of CMBC evaluable lesions and an existing robust safety database of approximately 1,100 patients across multiple indications.

Kintara Therapeutics, Inc. is headquartered in San Diego, California. For more information, please visit www.kintara.com or follow us on X at @Kintara_Thera, Facebook and LinkedIn.

FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements based upon Kintara’s and TuHURA’s current expectations. This communication contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are identified by terminology such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “could,” “should,” “would,” “project,” “plan,” “expect,” “goal,” “seek,” “future,” “likely” or the negative or plural of these words or similar expressions. Examples of such forward-looking statements include but are not limited to express or implied statements regarding Kintara’s or TuHURA’s management team’s expectations, hopes, beliefs, intentions or strategies regarding the future including, without limitation, statements regarding the proposed Merger and the expected effects, perceived benefits or opportunities and related timing with respect thereto. These statements are only predictions. Kintara and TuHURA have based these forward-looking statements largely on their then-current expectations and projections about future events, as well as the beliefs and assumptions of management. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond each of Kintara’s and TuHURA’s control, and actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to: (i) the risk that the conditions to the closing or consummation of the proposed Merger are not satisfied; (ii) uncertainties as to the timing of the consummation of the proposed Merger and the ability of each of Kintara and TuHURA to consummate the transactions contemplated by the proposed Merger; (iii) risks related to Kintara’s and TuHURA’s ability to correctly estimate their respective operating expenses and expenses associated with the proposed Merger, as applicable, as well as uncertainties regarding the impact any delay in the closing would have on the anticipated cash resources of the resulting combined company upon closing and other events and unanticipated spending and costs that could reduce the combined company’s cash resources; (iv) the occurrence of any event, change or other circumstance or condition that could give rise to the termination of the proposed Merger by either Kintara or TuHURA; (v) the effect of the announcement or pendency of the proposed Merger on Kintara’s or TuHURA’s business relationships, operating results and business generally; (vi) costs related to the proposed Merger; (vii) the outcome of any legal proceedings that may be instituted against Kintara, TuHURA, or any of their respective directors or officers related to the Merger Agreement or the transactions contemplated thereby; (vii) the ability of Kintara or TuHURA to protect their respective intellectual property rights; (viii) competitive responses to the proposed Merger; (ix) unexpected costs, charges or expenses resulting from the proposed Merger; (x) whether the combined business of TuHURA and Kintara will be successful; (xi) legislative, regulatory, political and economic developments; and (xii) additional risks described in the “Risk Factors” section of Kintara’s Annual Report on Form 10-K for the fiscal year ended June 30, 2024, and the Registration Statement on Form S-4 related to the proposed Merger filed with the SEC. Additional assumptions, risks and uncertainties are described in detail in Kintara’s registration statements, reports and other filings with the SEC, which are available on Kintara’s website, and at www.sec.gov. Accordingly, you should not rely upon forward-looking statements as predictions of future events. Neither Kintara nor TuHURA can assure you that the events and circumstances reflected in the forward-looking statements will be achieved or occur, and actual results could differ materially from those projected in the forward-looking statements. The forward-looking statements made in this communication relate only to events as of the date on which the statements are made. Except as required by applicable law or regulation, Kintara and TuHURA undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events. Investors should not assume that any lack of update to a previously issued “forward-looking statement” constitutes a reaffirmation of that statement.

INVESTOR INQUIRIES:
Robert E. Hoffman
Kintara Therapeutics
rhoffman@kintara.com

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SOURCE Kintara Therapeutics

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Market News and Data brought to you by Benzinga APIs

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Nvidia (NVDA) stock sank 4.5% Tuesday, partially reversing its two week-rally and coming down from a record close the day before.

The stock’s tumble began before the market opened in response to a Bloomberg report that Biden administration officials are considering capping US chip exports to certain countries. Bloomberg, citing unnamed sources, reported that potential regulations would focus on Persian Gulf countries in the interest of national security.

The stocks of fellow chipmakers Advanced Micro Devices (AMD) and Intel (INTC) also fell on the news. Intel declined to comment on the report. Nvidia and AMD did not immediately respond to requests from Yahoo Finance.

“While NVDIA has not disclosed its sales to the Gulf region, the level of investment in AI from that region has been very substantial,” DA Davidson analyst Gil Luria told Yahoo Finance. “More importantly, if the government continues to narrow the geographies chip companies can sell into, they are significantly narrowing the market for AI services for NVDIA customers Microsoft, Google and Amazon.”

Adding to the woes of chip stocks Tuesday was a dismal earnings report from semiconductor equipment supplier ASML (ASML). The Dutch company — which sells equipment to Nvidia’s chip manufacturer TSMC as well as Intel — reported booking orders worth just €2.6 billion ($2.8 billion) for the third quarter, far lower than the €5.39 billion forecast by Wall Street analysts tracked by Bloomberg.

The PHLX Semiconductor index (^SOX) fell 5.3% Tuesday, far underperforming the S&P 500 (^GSPC), which was down 0.7% at market close.

Nvidia’s decline Tuesday partially reverses a two-week winning streak that saw the stock rally to a new record closing price Monday, nearly eclipsing Apple (AAPL) as Wall Street’s most valuable company. Shares closed above $138 Monday, ahead of its previous record of $135.58 in June. Nvidia’s tear was fueled by industry leaders’ comments about intense demand for its AI chips and renewed bullishness over AI.

Nvidia stock has been more volatile since its 10-for-1 stock split in June, and news of heightened trade tensions focused on the AI chip sector — which Nvidia leads — has pushed shares down various times over the past two years. For example, Nvidia shares experienced a similar decline this time last year — when the Biden administration tightened export controls on US chips — before extending its historic rally.

Despite Tuesday’s decline, Nvidia shares are up 190% from last year. While demand for its AI chips is strong in the near term, a potential slowdown in AI spending by Big Tech companies is another cause for concern to investors, in addition to geopolitical risks. DA Davidson’s Gil Luria recently told Yahoo Finance that AI spending could ease as soon as 2025, which would be bad news for Nvidia shares.

Story continues

Nvidia is set to report earnings on Nov. 19. Wall Street analysts expect the company to report revenues of $33 billion, up 82% from the prior year, according to Bloomberg consensus estimates. Some 90% of Wall Street analysts covering the stock tracked by Bloomberg recommend buying Nvidia shares.

Laura Bratton is a reporter for Yahoo Finance. Follow her on X @LauraBratton5.

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An emergency fund can provide much-needed relief in the event of financial hardship. However, where you put your rainy-day money can be just as important as how much you save.

If you’re unsure where to keep your emergency fund, here are some of the best places to consider. We’ll also provide a few options that may be tempting but should be avoided, at least for this particular financial goal.

Key features of an emergency fund account

The best places to keep your emergency savings have a few things in common: Low risk, liquidity, and penalty-free withdrawals. Here’s why those features are so crucial.

Low risk

The purpose of an emergency fund isn’t to build wealth. Rather, it’s to manage potential risks to your financial well-being.

Stashing your money in an account that won’t maximize your return might seem inefficient. However, it’s more important to avoid potential investment losses that could jeopardize your ability to weather financial storms as they arise.

Liquidity

Liquidity refers to how quickly you can convert funds into cash. Because financial emergencies are rarely predictable, your best bet is to store your rainy day fund in an account that offers quick and easy access to your money when you need it.

Penalty-free withdrawals

Some accounts assess penalties if you withdraw your money before your account agreement allows it. These early withdrawal penalties can wipe out any interest you’ve earned and even eat away at your principal balance.

Where to keep your emergency fund

Whether you’re just starting to establish your emergency savings plan or you’ve already saved up some cash, here are some accounts that are best suited for holding that money.

1. High-yield savings account (HYSA)

As their name suggests, high-yield savings accounts offer more significant interest rates than traditional savings accounts. In some cases, you can earn as much as 5% APY (or more) on your balance.

High-yield savings accounts are particularly beneficial because they’re highly liquid — your money is just a quick transfer away. Plus, there’s no possibility of losing any of your principal balance to investment losses. And HYSAs typically don’t have minimum deposit requirements.

That said, some of the best high-yield savings accounts come from financial institutions that don’t offer checking accounts. If you choose such an account, transferring your money can take a few days.

See our picks for the 10 best high-yield savings accounts available today>>

2. Money market account

Money market accounts function as a hybrid between checking accounts and savings accounts. They often offer interest rates that are comparable to what you’d get with a high-yield savings account, and may also provide a debit card and/or paper checks for easier access to your money.

However, some money market accounts may charge a monthly fee unless you maintain a minimum balance. Additionally, interest rates may be tiered based on your balance, which can limit your earning potential. In general, these accounts are best suited for those with a bigger balance and the ability to meet any requirements to get monthly fees waived.

See our picks for the 10 best money market accounts available today>>

3. Penalty-free or short-term CD

A certificate of deposit (CD) is a type of account that requires you to keep your money on deposit for the entire term. During that time, your interest rate is guaranteed. CD terms can range from a few months to several years.

The drawback is that most CDs charge penalties if you withdraw your money before the account matures. So if you experience a financial emergency, you could lose out on interest and even some of your principal deposit if you need to pull out money early.

The exception is penalty-free CDs, which give you more leeway in accessing your funds fee-free. However, no-penalty CDs typically offer much lower interest rates compared to standard CDs, high-yield savings accounts, and money market accounts.

Alternatively, you could consider a short-term CD of less than a year. While there’s still a risk of needing to withdraw money before maturity, penalties tend to be lower on shorter-term CDs.

See our picks for the best CD accounts and rates on the market>>

4. Cash management account

Many brokerage firms offer cash management accounts (CMAs) that you can use to store uninvested funds.

Although they differ from traditional bank accounts, CMAs may offer some of the same features you’d get with a checking or savings account, such as a debit card, mobile deposit, and ATM access. They may also offer high interest rates and more deposit insurance than a traditional bank account.

Keep in mind, though, that some CMAs offer less flexible access to your money than others, and moving money from one to your bank account can take a few days.

Where not to put your emergency fund

The following accounts may be well suited for other financial goals, but they tend to be less effective when it comes to your emergency fund. Here’s why.

1. Long-term CD

As with short-term CDs, long-term CDs require you to lock up your money for a set period of time, which can be several years in the future.

While long-term CDs may sometimes offer higher returns, you’re more likely to need your money at some point during a period of multiple years rather than a handful of months. What’s more, early withdrawal penalties tend to increase with longer terms.

2. Savings bond

Savings bonds are a type of debt security issued by the U.S. government, meaning that they’re considered to be extremely low risk. Depending on the type of bond you choose, you may be able to invest anywhere from $25 to $10,000.

However, you can’t cash in a savings bond until you’ve held it for at least a year, and if you do so before the five-year mark, you’ll lose three months’ worth of interest. It can also take a couple of days to complete the process.

3. Stock market

The stock market may be one of the best places to put your money to build wealth over time, but you can expect stock prices to be incredibly volatile in the short term.

If you experience a financial emergency during a down period, you’ll have less money to meet your needs than if you had kept the funds in a safer investment.

Additionally, it can take a few days for the cash to settle after selling off an investment, and then a few days after that to move the money to your bank account. You’ll also have to consider potential taxes on any gains.

4. Retirement plan

Depending on the type of retirement account you have, it’s possible to withdraw funds without incurring a penalty.

For example, some 401(k) plans offer loans where the interest you pay goes back into your account. Also, Roth individual retirement accounts (IRAs) allow you to withdraw your contributions tax- and penalty-free.

However, you may still be penalized with a 401(k) loan if you don’t repay it on time or if you lose your job before completing your repayment. Also, borrowing from your retirement funds might mean that you need to save more money in the future to make up for lost gains.

Bottom line

With so many different financial accounts available, it can be difficult to know where to put your emergency fund to maximize your savings efforts.

While some types of accounts are well suited for other financial goals, it’s important to choose one that covers the three bases of low risk, liquidity, and penalty-free withdrawals. Take your time to research and compare several options to ensure you find the best fit for what you need.

Annaly Capital Management (NYSE: NLY) was one of the first real estate investment trusts (REITs) I ever purchased. The sole reason I bought shares was its alluring dividend yield. It was in the high single digits at the time. I remember thinking that the stock price doesn’t have to rise very much in order to earn an attractive return.

Unfortunately, the stock never gained any value in all my years of owning it. Instead, it steadily eroded as the mortgage REIT issued more shares at lower prices to fund its growth. Making matters worse, Annaly cut its dividend payment several times. My experience with the REIT taught me a valuable lesson: Don’t invest in a stock solely because of its dividend yield.

The higher the yield, the higher the risk

I’ve made a lot of investing mistakes over the years. One that has proven costly more times than I’d care to admit is investing in companies with high dividend yields without considering whether those payouts were sustainable. Instead of seeing a stock with a high yield as a red flag, I often saw it as an opportunity to earn an outsized income stream. While some of those investments have paid off, more often than not, the company with the high-yielding payout eventually cut its dividend payment.

In Annaly’s case, it cut its payout several times over the years:

These reductions have taught me to examine whether a company has the financial strength to maintain its dividend. I’ve learned that three factors help drive a company’s ability to sustain its dividend over the long term:

• Stable and growing earnings: It must operate in an industry where it can produce relatively steady earnings that can increase over time. In Annaly’s case, it has faced earnings headwinds from changes in interest rates. As its earnings declined, the REIT needed to cut its payout.

• An adequate cash-flow cushion: A company must have a reasonable dividend payout ratio (75% or less, depending on the industry). A lower payout ratio gives it a much-needed cushion to be able to weather an unexpected headwind and allows it to retain some cash to fund its growth. Annaly’s high dividend payout ratio forced it to issue new stock to fund its expansion, which weighed on its share price.

• A strong balance sheet: It needs to have a solid financial foundation. The best measures of this are an investment-grade credit rating and a conservative leverage ratio for its industry. While Annaly has traditionally operated with lower leverage, its other shortfalls have doomed its dividend.

Story continues

A data-driven mindset shift

I’ve adjusted my dividend focus over the years due to the costly lessons I’ve learned from my investment in Annaly and the data I’ve come across on dividends. That data shows a powerful correlation between dividend growth and outperformance:

Data source: Ned Davis Research and Hartford Funds. Note: Returns are from 1973-2023.

As that table showcases, dividend cutters like Annaly have historically produced a negative average annual total return. So, instead of getting me most of the way to the attractive return I sought, these companies put me further behind.

Similarly, companies with no change in their dividend policy (i.e., companies that don’t increase their dividends) deliver underwhelming returns (the 6.7% average annual return has underperformed the 7.7% return of an equal-weighed S&P 500 index). So, again, instead of the big yield making it easier to score an attractive return, these stocks have underperformed over the long term.

Dividend growers (and initiators), on the other hand, have delivered meaningful outperformance. They beat dividend non-payers, other dividend stocks, and the average stock in the S&P 500. That’s because these companies are growing their earnings per share to support a rising dividend. Earnings and dividend growth drive the stock price higher over the long run, contributing to higher total returns.

However, the data also shows that a stock’s dividend yield is important. Data from Wellington Management found that companies that paid a high yield (but not the highest) consistently delivered the highest returns. Those stocks tended to have a dividend payout ratio of around 40% compared to the 75% ratio of the highest-yielding stocks.

Focus on dividend growth, not yield

Investing in Annaly Capital Management taught me that buying a stock for its yield alone can prove costly in the long run. Companies with a very high yield typically can’t sustain their payouts forever, let alone grow them, which tends to cause their stock to underperform over the long term.

I’ve learned that a better approach is to focus on companies with higher-yielding dividends — but not the highest yields — that can consistently grow their payouts. They have historically produced the highest total returns over the long term by providing investors with a growing income stream and stock price.

Should you invest $1,000 in Annaly Capital Management right now?

Before you buy stock in Annaly Capital Management, consider this:

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Matt DiLallo has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

Buying Annaly Capital Management Taught Me a Costly Lesson (That Will Pay Dividends in the Future) was originally published by The Motley Fool