Musings on Markets
MAY 7, 2023
In this post, I will begin by looking at how to value banks and follow up with an examination of investor views of banking have changed, by looking at pricing, before examining divergences in how banks are priced in the market today. All Equity, All the time!
Musings on Markets
MAY 20, 2022
In my last post , I discussed how inflation's return has changed the calculus for investors, looking at how inflation affects returns on different asset classes, and tracing out the consequences for equity values, in the aggregate. The former is short hand for the small cap premium and the latter is the proxy for the value factor in returns.
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Musings on Markets
MARCH 25, 2021
The first quarter of 2021 has been, for the most part, a good time for equity markets, but there have been surprises. Those rates stayed low through the rest of 2020, even as equity markets recovered and corporate bond spreads fell back to pre-crisis levels. to close to zero, and the ten-year T.Bond rate declining to close to 0.70%.
Musings on Markets
JANUARY 27, 2022
Corporate Bonds: No Shortage of Risk Capital In my last post, I chronicled the movement in the equity risk premium, i.e. the price of risk in the equity market, during 2021, but the bond market has its own, and more measurable, price of risk in the form of corporate default spreads.
Equilest
NOVEMBER 25, 2023
Understanding the Concept: In essence, FCFF encapsulates the cash that can be distributed to both debt and equity holders after meeting operational needs and capital expenditures. The resulting value represents the cash available to all contributors of capital—both debt and equity. What is Free Cash Flow to Equity?
Musings on Markets
JANUARY 19, 2022
In this post, I will begin with a historical assessment of stock returns in the recent past, then move on to evaluate the returns that investors can expect to make, given how they are priced at the start of 2022, and end with a do-it-yourself valuation of the index right now. The year that was.
Musings on Markets
MARCH 19, 2022
In this section, I will begin by looking at the bond market effects and then move on to equities and other asset classes, starting by looking at the localized reaction (for Ukranian and Russian securities) and then the global ripple effects. As Russian equities have imploded, the ripple effects again are being felt across the globe.
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