Musings on Markets

FEBRUARY 23, 2025

Using this distinction, all interest-bearing debt, short term and long term, clears meets the criteria for debt, but for almost a century, leases, which also clearly meet the criteria (contractually set, limited role in management) of debt, were left off the books by accountants.

Equity 77

Equity EBITDA Risk Premium Gross Debt 77

Musings on Markets

FEBRUARY 12, 2025

While accountants remain focused on balance sheets, with a fixation of bringing intangibles on to the balance and marking everything up to the market, much of the information that we need to assess the value of a business comes from income and cash flow statements.

Equity 74

Equity Start-ups Banking EBITDA 74

Musings on Markets

FEBRUARY 8, 2024

In fact, equity markets have almost always owed their success to their biggest winners, and Henrik Bessimbinder highlighted this reality by documenting that of the $47 trillion in increase in market capitalization between 1926 and 2019, five companies accounted for 22% of the increase in market value.

Marketability 141

Marketability Market Capitalization Start-ups Equity 141

Andrew Stolz

FEBRUARY 4, 2022

In 2019, Terex sold its crane business. The efforts start to pay off as the operating profit achieves a higher level. Both ROIC and ROE could climb up to 20% in 21E. Significant increases in inventories and receivables as sales volume likely to ramp up as shown by the strong backlog. Balance sheet – Terex Corporation.

Start-ups 52

Start-ups Net Debt Beta Equity 52

Musings on Markets

OCTOBER 12, 2023

The effect of impact investing in the inclusionary and exclusionary paths is through the stock price , with the buying (selling) in inclusionary (exclusionary) investing pushing stock prices up (down), which, in turn, decreases (increases) the costs of equity and capital at these firms. in the 1998-2010 time period to 5.95

Market Capitalization 114

Market Capitalization Enterprise Value Start-ups Marketability 114

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 104

Start-ups Marketability Market Capitalization Technology 104