Musings on Markets

NOVEMBER 4, 2022

Investors, used to a decade of better-than-expected earnings and rising stock prices at these companies, have been blindsided by unexpected bad news in earnings reports, and have knocked down the market capitalization of these companies by hundreds of billions of dollars in the last few weeks.

Start-ups

Musings on Markets

NOVEMBER 1, 2023

I was planning to start this post by telling you that Tesla was back in the news, but that would be misleading, since Tesla never leaves the news. I profited mightily on that investment, but I sold too soon , when Tesla's market capitalization hit $150 billion, and just before COVID put the company on a new price orbit.

Start-ups

Musings on Markets

NOVEMBER 9, 2021

The automobile business has been in trouble for quite a while, struggling with anemic revenue growth in the aggregate, and abysmal profit margins, with even the very best in the group struggling to earn returns that match, let alone beat, their costs of capital. If you are interested, you can see my valuations from 2014 , 2016 and 2017.

Start-ups

Musings on Markets

OCTOBER 4, 2021

Since so much of Paytm’s success has been driven by the rise if smart phone usage among Indian consumers, and the concurrent rise in mobile payments for goods and services, I will start with a review of that rise, before looking at how Paytm has put itself in position to take advantage of that market shift.

Start-ups

Musings on Markets

SEPTEMBER 11, 2023

The strike by screen actors and writers which started in July is now into almost into its third month, with no end in sight, putting at risk the pipeline of movies and shows that were expected to hit theaters and streaming platforms in the next few months.

Start-ups

Valutico

JANUARY 23, 2023

Weekly Valuation – Valutico | 23 January 2023 Link to valuation Source: WeWork, [link] About WeWork WeWork is a leading provider of co-working spaces for businesses of all sizes, from start-ups to large corporations, with a global presence of over 700 offices in more than 35 countries. Which will it be?

Discounted Cash Flow

Musings on Markets

SEPTEMBER 1, 2021

In the last year or so, Chinese tech companies, including shining stars like Alibaba, Tencent and Didi have also woken up to this recognition, and investors have had to readjust their expectations for these companies. The Chinese Tech Decade The rise of technology as an economic force and market driver is not unique to China.

Market Capitalization

Musings on Markets

JANUARY 5, 2024

Since I am lucky enough to have access to databases that carry data on all publicly traded stocks, I choose all publicly traded companies, with a market price that exceeds zero, as my universe, for computing all statistics. Consequently, I do report industry averages for the two fastest growing emerging markets in India and China.

Dividends

Musings on Markets

NOVEMBER 15, 2022

In my first two posts on Facebook, I noted that its most recent earnings report, and the market reaction to it, offers an opportunity for us to talk about bigger issues. Why stories matter in a numbers world If you are a numbers valuation, you start with some advantages.

Start-ups

Musings on Markets

FEBRUARY 27, 2022

In this post, I will look at corporate profitability, in all its different dimensions, and how companies across the globe, and across industries, measured up in the most recent years. In 2021, companies recovered entirely from the damage done in 2021, at least in the aggregate, with earnings in 2021 higher than 2019 earnings, by almost 33%.

Start-ups

Musings on Markets

FEBRUARY 2, 2023

The first of the is as companies scale up, there will be a point where they will hit a growth wall, and their growth will converge on the growth rate for the economy. In short, I am assuming that the price cuts and cost pressures of the fourth quarter are more representative of what Tesla will face in the future, as competition steps up.

Start-ups

Andrew Stolz

JULY 5, 2021

It had to be able to stand up to rigorous scrutiny from finance academics and professionals. It had to be clear whether a company was moving up or down in that ranking. Started with 26,000 companies. It had to be a measure that, if improved, could be shown to increase the value of the business. What is a World Class Company?

Start-ups

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.

Risk Premium

Musings on Markets

DECEMBER 2, 2020

On Monday, November 16, Airbnb filed it’s preliminary prospectus with the SEC, starting the clock on its long awaited initial public offering. In this section, I will start with a brief history of the company, move on to reviewing its financials leading into 2020, and then look at how it has performed in 2020.

Start-ups

Musings on Markets

APRIL 21, 2022

In the years since, those user numbers have grown, as can be seen in the chart below: In keeping with disclosure practices at other user-based companies, in 2017, Twitter also started tracking and reporting the users who were most active on its platform, by looking at daily usage, and counting daily active users (DAU).

Start-ups

Global Finance

MAY 8, 2024

The NIM at Japan’s three largest banks hit 56 bps, the highest since the BOJ started its negative interest rate regime in 2012. The group’s market capitalization in 2023 was at a 17-year high, valuing the enterprise at around the same level in dollar terms as Goldman Sachs. increase in fee income. billion manat (about $5.2

Banking

Reynolds Holding

OCTOBER 21, 2024

The markets have moved to overwhelmingly trade electronically, with transaction volume in listed equities tripling in the last 17 years. [3] 3] A large and growing portion of the market is being transacted off-exchange in the dark markets. equity markets are critical to American families saving for their future.

Equity

Musings on Markets

JUNE 23, 2023

I will start this post with a couple of confessions. The first is that my portfolio has held up well this year, in a market that has been top-heavy and tech-driven, and one big reason is that it contains both NVIDIA and Microsoft, two companies that have benefited from the AI story. Sustained Profitability, with Cycles!

Start-ups

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.

Risk Premium

Musings on Markets

APRIL 20, 2021

The Biden Administration's $ 2 trillion infrastructure plan, announced with fanfare a few weeks ago, has opened up a debate about not only what comprises infrastructure, but also about how to pay for it. Not surprisingly. It thus weights bigger companies more than smaller companies. billion in accrual taxes and $15.98

Start-ups

Musings on Markets

OCTOBER 18, 2024

In a court filing on October 9, 2024, the US Department of Justice (DOJ) let it be known that it was considering a break-up of Alphabet, with the addendum that it would also be pushing for the company to share the data it collects across its multiple platforms with competitors. In oil, it was John D.

Start-ups

Reynolds Holding

JULY 25, 2023

This sort of global governance consensus, concerted follow-up, and concrete action plan does not exist for any other prospective component of ESG and is unlikely to exist because governments differ on social values and differ on trade-offs of social rights for economic development. were approximately 36 billion barrels. Econ & Stats.

Equity

Reynolds Holding

APRIL 23, 2025

Workers could join firms that prevent them from joining competitors (or from starting their own business) engaged in a related line of work. Gross domestic product and market capitalization clearly will be higher if more good ideas come to fruition. 12] Firms could use non-compete agreements and pay premiums jointly.

Marketability

Reynolds Holding

JANUARY 27, 2025

6] As of 2023, publicly traded fintechs represented a market capitalization of $550 billion. [7] As explained by the Federal Reserve: Starting a bank involves a long organization process that could take a year or more, and permission from at least two regulatory authorities. Although this 12.7% 21, 2025). [7] 21, 2025). [8]

Banking