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Please DO NOT (a) mark your question 'Private,' (b) send homework or test questions, (c) ask for investment advice, or (d) try to elicit free business consulting advice from me. I will not respond to any such questions. (a) and (b) would make me a participant in cheating, and (c) puts me in the position of breaking U.S. law. (d) asks me to cheat my family so I can give away advice that other clients are paying for.

[I had to add (d) after a businessman who said he was not seeking "investment advice" turned out to be seeking exactly that--CAPITAL investment advice about purchasing cost-saving equipment for his business. Investment advice is investment advice is investment advice.

Finally, I was a full-time academic for five years. That means that I can spot  test and homework questions several time zones away. Therefore, please do not demean yourself by submitting such questions to me or to anyone else. Those who do so are cheating, pure and simple, and I WILL call you out publicly if I believe you are doing so. If you have a question about a specific concept or something like that that will help YOU answer such questions, by all means, send it to me. But don't ask me to help you cheat. I have a zero-tolerance policy where cheating and dishonesty are concerned.
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Warren D. Miller, CFA, ASA, CMA, CPA

Expertise

My in-depth knowledge of economics is confined to three sub-disciplines: Austrian economics, industrial organization, and evolutionary economics. Other questions dealing with macroeconomics, the traditional neoclassical paradigm, labor economics, environmental economics, agricultural economics, health economics, and so on should go to those who have the appropriate expertise. N.B.: I DO NOT ANSWER QUESTIONS MARKED 'PRIVATE' because I believe that knowledge should be shared, not hoarded. I also believe that such questions are likely to come those trying to cheat. Similarly, as one who was a full-time academic for half a decade, I can recognize test and homework questions several time zones away. Therefore, please do not demean yourself by submitting such questions to me. Those who do so are cheating, pure and simple, and I WILL call you out publicly if I believe you are doing so. I have a zero-tolerance policy where cheating and dishonesty are concerned. In addition, please don't imitate the businessman who posted a request for help in August 2008. He expressly denied that he was seeking "investment advice" and said that his query was for, and I quote, "educational and informational purposes." Later, he allowed as how his questions related to the possible purchase of a $500K piece of equipment. I said I thought he had misrepresented himself. Bottom line: high-end business consulting is how I make my living. I am the sole support for my family. Please respect that fact and don't try to get for free what our clients pay for. If your company is big enough to have a sophisticated problem, it's big enough to pay for the kind of expert advice we provide. Beckmill Research, LLC, is a 95-octane firm. We're small, but we've been at this for nearly 18 years. We know what we're doing. Finally, please DO NOT ask for investment advice. I am not licensed to provide such advice. If you want such advice, check with your financial planner or other financial adviser.

Experience

I work with Austrian economics (which is different in major respects from the traditional neoclassical model), industrial organization (which is about industry structure, conduct, and performance), and evolutionary economics (almost, but not quite, the economic analog of its biological counterpart) everyday in my work. I appraise closely-held businesses, provide exit-planning services, and offer high-level strategic analysis, advice, and clients to CEOs and owners of mid-sized businesses. Understanding, applying, and writing about these disciplines is an essential part of how I have made my living since 1993.

Organizations
CFA Institute, Strategic Management Society, American Society of Appraisers, Institute of Management Accountants, Academy of Management, Culver Legion

Publications
CFA Magazine, Strategic Finance, Valuation Strategies, Value Examiner, Journal of Advanced Property Economics, Harvard Business Review, American Fly Fisher, CFA Digest, CPA Expert, and Business Valuation Review, among others

Education/Credentials
MBA - Oklahoma State (1991) BBA - U. of Oklahoma (1975) Chartered Financial Analyst designation (2006) Accredited Senior Appraiser (2006) Certified Management Accountant (1992) Certified Public Accountant (1992)

Past/Present Clients
Confidential

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