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 52

Risk Premium Market Capitalization Equity Start-ups 52

Musings on Markets

JANUARY 27, 2022

I also looked at how inflation plays out on equity sub-groupings, on two dimensions, the first being market capitalization and the second being price to book, with the former becoming a stand-in for the vaunted small cap premium and the latter for the value versus growth question.

Risk-free Rate 99

Risk-free Rate Treasury Price to Book Start-ups 99

Musings on Markets

JULY 17, 2023

That said, this has been a decade of unpredictability, starting with the first quarter of 2020, where COVID ravaged stocks, and I don't think it makes much sense to take charts from 2008 or 2001 or earlier and extrapolating from those. US Equities in 2023: Into the Weeds! trillion in the first six months of 2023, 97.2%

Marketability 98

Marketability Risk Premium Start-ups Treasury 98

Andrew Stolz

JANUARY 12, 2022

Hyundai has fallen from one of the most profitable carmakers to below-average profitability in 2020. Mainly from fierce price competition, higher labor costs and the recent chip shortage. A price-to-book ratio of less than 1x indicates that the market values the net assets less than the balance sheet suggests.

EBIT 52

EBIT Price to Book Liquidation Value Book Value 52

Musings on Markets

JULY 22, 2021

Revenues did drop in 2020, as COVID restrictions put a crimp on the restaurant business, but the quarterly data suggests that business is coming back. That number was 23.13% in FY 2020, but dropped to 21.03% in FY 2021, as shut downs put a crimp on business.

Marketability 99

Marketability Start-ups Equity Price to Book 99

Musings on Markets

MAY 24, 2021

As the economy climbs back from the shutdown in 2020, there are some who argue that the monetary and fiscal stimuli of the last year, unprecedented though they may be in size and scale, will not cause inflation because the economy has substantial excess capacity. Louis estimates for inflation rates exceeding 2.5%

Treasury 56

Treasury Start-ups Risk Premium Price to Book 56

Musings on Markets

MAY 7, 2023

Consequently, you can only value the equity in a bank, and by extension, the only pricing multiples you can use to price banks are equity multiples (PE, Price to Book etc.).

Banking 86

Banking Price to Book Dividends Book Value 86