Beta Book Book Value 
Equidam
APRIL 26, 2025
Key value drivers include intangible assets like intellectual property, the strength and experience of the founding team, the perceived size of the market opportunity, network effects, brand recognition, and, critically, the projected ability to generate significant cash flows in the future.
Musings on Markets
JANUARY 10, 2025
Beta & Risk 1. Standard Deviation in Equity/Firm Value 2. Book Value Multiples 3. Employee Count & Compensation I nvesting Principle Financing Principle Dividend Principle Hurdle Rate Project Returns Financing Mix Financing Type Cash Return Dividends/Buyback s 1. Return on Equity 1. Debt Details 1. Buybacks 2.
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Musings on Markets
JANUARY 5, 2024
Beta & Risk 1. Standard Deviation in Equity/Firm Value 2. Book Value Multiples 3. Working capital needs Thus, I compute pricing multiples based on revenues (EV to Sales, Price to Sales), earnings (PE, PEG), book value (PBV, EV to Invested Capital) or cash flow proxies (EV to EBITDA). Return on Equity 1.
Musings on Markets
JANUARY 31, 2024
Looking at accounting returns, broken down by sector, for US and global companies, here is what 2023 delivered: In both the US and globally, technology companies deliver the highest accounting returns , but these returns are skewed by the accounting inconsistencies in capitalizing R&D expenses.
Brian DeChesare
SEPTEMBER 13, 2023
Distressed Debt Hedge Funds Definition: Distressed debt hedge funds buy and sell debt that is trading at a steep discount to face value, such as 40%+, and make money by betting on changes in the price of this debt or using it to gain influence in a restructuring or bankruptcy process.
Musings on Markets
JANUARY 6, 2023
For example, I have seen it asserted that a stock that trades at less than book value is cheap or that a stock that trades at more than twenty times EBITDA is expensive. Price to Book 3. Standard deviations in equity and firm value 4. Cost of Equity 1. PE & PEG 2. Standard deviation in stock price 2. Cost of Debt 2.
Musings on Markets
JULY 22, 2021
It affects my cash flows, but its effect on value is dwarfed by changes in assumptions about market size and share. The second is the cost of capital, a number that most valuation classes and books (including mine) belabor to the point of diminishing returns.
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