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The Siren Song of Sustainability: The Theocratic Trifecta's Third Leg!

Musings on Markets

With ESG, for instance, the end game when it was initiated was making the world a better place (doing good ), which evolved to generating alpha (excess returns for investors), on to being a risk measure before converting on a disclosure requirement. September 2021) ESG's Russia Test: Trial by Fire or Crash and Burn?

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Marketplace Valuation: Beyond GMV to Real Value Creation

Equidam

As marketplaces increasingly dominate the venture landscape—with approximately 27 deals in H2 2024 versus just 25 in H1 2023 and dollar volume recovering to $81M in H2 vs $70M in H1 of 2024 —founders and investors desperately need better frameworks for determining what these businesses are truly worth.

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Tanzania: East Africa’s New Powerhouse

Global Finance

billion in 2023. million Official languages: English and Swahili GDP per capita (2023): $1,224 GDP growth (2024, projected): 5.4% million Official languages: English and Swahili GDP per capita (2023): $1,224 GDP growth (2024, projected): 5.4% Total FDI stock hit about $20 billion in 2023 from $18.6 Inflows rose by 6.3%

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Price vs Value (Part 2): The Financialisation of Startup Investing

Equidam

In 2022–2023, the IPO window essentially shut, leaving overvalued unicorns in limbo. For instance, Noname Security, a cybersecurity startup, had raised at a unicorn valuation in 2021 but sold in 2023 for around $450 million – a clear markdown from its once billion-dollar price tag. Use data, but stay grounded in reality.

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Appetite For Alternative Assets Grows In Private Banking

Global Finance

According to a 2023 report from consulting firm Bain & Co, ultra-high-net-worth investors and family offices with more than $30 million in assets already have 22% of their wealth invested in alternatives. trillion at the end of 2023 to $29.22 trillion by the end of 2029.

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Data Update 1 for 2025: The Draw (and Danger) of Data

Musings on Markets

Not surprisingly, the company listings are across the world, and I look at the breakdown of companies, by number and market cap, by geography: As you can see, the market cap of US companies at the start of 2025 accounted for roughly 49% of the market cap of global stocks, up from 44% at the start of 2024 and 42% at the start of 2023.

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Do Activists Beat the Market?

Harvard Corporate Governance

Posted by Mary Ann Deignan, Rich Thomas, and Kathryn Night, Lazard, on Tuesday, August 1, 2023 Editor's Note: Mary Ann Deignan is Head of Capital Markets Advisory, and Rich Thomas and Kathryn Night are Managing Directors in the Capital Markets Advisory group at Lazard. This post is based on a Lazard memorandum by Ms. Deignan, Mr. Thomas, Ms.