Musings on Markets
JANUARY 19, 2022
In a post at the start of 2021 , I argued that while stocks entered the year at elevated levels, especially on historic metrics (such as PE ratios), they were priced to deliver reasonable returns, relative to very low risk free rates (with the treasury bond rate at 0.93% at the start of 2021). The year that was.
IVSC
JUNE 12, 2023
She was also a contributing author to the chapter "Risk-Free Rate" in the fifth edition. Alexander joined the IVSC as Director of Technical Standards (Tangible Assets) in 2019. She is a co-author of the Kroll Valuation Handbook series, now available exclusively online in the Cost of Capital Navigator.
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Andrew Stolz
MARCH 20, 2020
This is a Valuation Master Class student essay by Teeradon Piyakiattisuk from March 19, 2019. A firm uses a mix of equity and debt to minimize the cost of capital. A firm uses a mix of equity and debt to minimize the cost of capital. It can also imply a minimum required rate of return that an investor is willing to hold stock.
Musings on Markets
JANUARY 21, 2023
In this post, I will begin by chronicling the damage done to equities during 2022, before putting the year in historical context, and then examine how developments during the year have affected expectations for the future. Actual Returns Your returns on equities come in one of two forms. Stocks: The What?
Musings on Markets
MAY 6, 2022
Investment Consequences As the storm clouds of higher inflation and interest rates, in conjunction with slower or even negative economic growth, gather, it should come as no surprise that equity markets are struggling to find their footing. At the close of trading on May 5, 2022, the S&P 500 stood at 4147, down 13.3%
Musings on Markets
NOVEMBER 9, 2021
My two most recent valuations were in June 2019 and January 2020, and I am going to go back to them, not just because they are recent, but because they led to investment decisions on my part. In June 2019, Tesla had hit a rough spot, partly due to concerns about production bottlenecks and debt, and partly due to self inflicted wounds.
Musings on Markets
JANUARY 5, 2024
Thus, I have treated leases as debt in computing debt ratios all through the decades that I have been computing this statistic, even though accounting rules did not do so until 2019, and capitalized R&D, even though accounting has not made that judgment yet. Beta & Risk 1. Return on Equity 1. Equity Risk Premiums 2.
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