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Market Resilience or Investors In Denial? A Mid-year Assessment for 2023!

Musings on Markets

Exacerbating the pain, corporate default spreads rose during the course of 2022: While default spreads rose across ratings classes, the rise was much more pronounced for the lowest ratings classes, part of a bigger story about risk capital that spilled across markets and asset classes.

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Data Update 3: Inflation and its Ripple Effects!

Musings on Markets

Inflation numbers have been coming in high now, for more than a year, but for much of the early part of 2021, bankers, investors and politicians seemed to be either in denial or casually dismissive of its potential for damage.

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Data Update 1 for 2021: A (Data) Look Back at a Most Forgettable Year (2020)!

Musings on Markets

I spent the first week of 2021 in the same way that I have spent the first week of every year since 1995, collecting data on publicly traded companies and analyzing how they navigated the cross currents of the prior year, both in operating and market value terms.

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Data Update 1 for 2023: Setting the table!

Musings on Markets

These assertions may very well be true, but cheap and expensive, at least in pricing terms, is relative, and looking at the data can help you detect rules of thumb that work from those that do not. I do report on a few market-wide data items especially on risk premiums for both equity and debt. Price to Book 3.

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Inflation and Investing: False Alarm or Fair Warning?

Musings on Markets

As we approach the mid point of 2021, financial markets, for the most part, have had a good year so far. Source Data The two estimates move together much of the time, but the consumer expectations are consistently higher, and at the end of April 2021, the consumer survey was forecasting inflation of 3.2%, about 1.1%

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The Zomato IPO: A Bet on Big Markets and Platforms!

Musings on Markets

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 service was initiated in 2017 and it had 1.5

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Data Update 2 for 2022: US Stocks kept winning in 2021, but…

Musings on Markets

Leading into 2021, the big questions facing investors were about how quickly economies would recover from COVID, with the assumption that the virus would fade during the year, and the pressures that the resulting growth would put on inflation.