Musings on Markets

MAY 7, 2023

I also used the banking framework to argue that good banks have stickier deposits, with a higher precent of these deposits being non-interest bearing, that they invest in loans and investment securities on which they earn interest rates that cover and exceed the default risk in these investments. All Equity, All the time!

Banking 63

Banking Price to Book Dividends Book Value 63

Musings on Markets

FEBRUARY 27, 2023

To fund the business, you can either use borrowed money (debt) or owner's funds (equity), and while both are sources of capital, they represent different claims on the business. Even government-owned businesses fall under its umbrella, with the key difference being that equity is provided by the taxpayers.

Equity 52

Equity EBITDA Start-ups Net Debt 52

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

Chris Mercer

AUGUST 1, 2022

Were also bigger and had higher market capitalizations and better operating performance, on average. At least ten of the transactions involved banks, insurance companies, or other financial entities, which are very unlike the remainder of the companies in the non-dividend paying portion of the database.

Dividends 52

Dividends Appraisal Marketability Start-ups 52

Musings on Markets

JULY 17, 2023

While this may seem perverse, the first step in understanding and assessing where we are in markets now is to go back and examine where things stood then. trillion in market value in the first six months in the year , but the severity of last year's decline has still left them $14.4 US Equities in 2023: Into the Weeds!

Marketability 95

Marketability Risk Premium Start-ups Treasury 95

Musings on Markets

FEBRUARY 4, 2023

Given the historical roots of the biggest Indian family groups, the Adani Group has been a recent entrant, not making the top ten list (in terms of either operating metrics like revenues or market-based numbers like market capitalization or enterprise value) as recently as ten years ago, and barely making the top ten list five or six years ago.

Start-ups 100

Start-ups Market Capitalization Marketability Equity 100