Musings on Markets
JANUARY 19, 2022
If equity markets surprised us with their resilience in 2020, not just weathering a pandemic for the ages, but prospering in its midst, US equity markets, in particular, managed to find light even in the darkest news stories, and continued their rise through 2021. The year that was.
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%
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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
JANUARY 9, 2021
The second was that, starting mid-year in 2020, equity markets and the real economy moved in different directions, with the former rising on the expectations a post-virus future, and the latter languishing, as most of the world continued to operate with significant constraints.
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. The popular method to find the cost of equity is the Capital Asset Pricing Model (CAPM).
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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