2019 Risk Premium Start-ups 
Musings on Markets
FEBRUARY 23, 2025
It was only in 2019 that the accounting rule-writers (IFRS and GAAP) finally did the right thing, albeit with a myriad of rules and exceptions. When the debt is within reasonable bounds (scaling up with the company), a company can borrow money, and not lower its ratings.
Musings on Markets
JANUARY 21, 2023
I will follow up by looking at the mechanics that connect stock prices to inflation, and examine why the damage from higher inflation can vary across companies and sectors. The Year in Review At the start of 2022, the S&P 500 was at 4766.18, up from 3756.07 at the start of that year. Stocks: The What?
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Musings on Markets
MAY 6, 2022
In most time periods, those recalibrations and resets tend to be small and in both directions, resulting in the ups and downs that pass for normal volatility. Clearly, we are not in one of those time periods, as markets approach bipolar territory, with big moves up and down.
Musings on Markets
JANUARY 5, 2024
First, these categorizations were created close to twenty years ago, when I first started looking a global data, and many countries that were emerging markets then have developed into more mature markets now. Beta & Risk 1. Equity Risk Premiums 2. Return on Equity 1. Debt Ratios & Fundamentals 1. Debt Details 1.
Musings on Markets
JANUARY 26, 2023
Thus, almost everything I know and practice, when valuing young and start-up companies, I learned in the process of valuing Amazon in the 1990s. Just as impressively, the company finally started delivering on its promise of profitability, going from barely making money in 2019 to an operating margin of 16.57% in 2022.
Musings on Markets
NOVEMBER 9, 2021
As I have valued Tesla over the years, I have come to the realization that it is the most 'uncar-like" automobile company in the world, and its uniqueness shows up on two dimensions. Put simply, the company has been able to scale up more quickly, while reinvesting less in capacity, than any other automobile company.
Musings on Markets
JULY 22, 2021
Zomato, an Indian online food-delivery company, was opened up to public market investors on July 14, 2021, and its market debut is being watched for clues by a number of other online ventures in India, waiting in the wings to go public. The Zomato IPO clocks in at 420 pages , much of it designed to bore readers into submission.
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