Musings on Markets

JANUARY 5, 2024

I have also developed a practice in the last decade of spending much of January exploring what the data tells us, and does not tell us, about the investing, financing and dividend choices that companies made during the most recent year. Beta & Risk 1. Insider, CEO & Institutional holdings 2. Aggregate operating numbers 3.

Dividends 106

Dividends Risk Premium Equity Book Value 106

Brian DeChesare

DECEMBER 6, 2023

There are only a few dozen large funds in this category worldwide, but they’ve greatly impacted the markets and finance careers. Beta-Neutral Portfolios: For example, if the S&P 500 goes up or down by 5%, your team’s portfolio should move by ~0%. Up or Out: You’ll be fired if you do very poorly (i.e.,

Start-ups 104

Start-ups Beta Marketability Comps 104

Musings on Markets

JANUARY 31, 2024

In this post, I start by looking at the end game for businesses, and how that choice plays out in investment rules for these businesses, and then examine how much businesses generated in profits in 2023, scaled to both revenues and invested capital. The End Game in Business If you start a business, what is your end game?

Equity 82

Equity Book Value Start-ups Corporate Finance 82

Brian DeChesare

AUGUST 31, 2022

But before delving into the best candidates for these roles, typical trades, careers, and more, let’s start with the basic definitions: What is a Convertible Arbitrage Hedge Fund? If the stock price goes up or down by 10%, but the volatility stays the same, you might not earn or lose anything on the trade.

Banking 89

Banking Risk-free Rate Equity Start-ups 89

Brian DeChesare

SEPTEMBER 13, 2023

The catalysts could be anything from quarterly earnings announcements to covenant breaches to announcements of M&A deals, financings, or strategic reviews. So, I would expect distressed performance to improve, especially as companies start to feel the effects of higher rates.

Equity 103

Equity Banking EBITDA Start-ups 103

Musings on Markets

JANUARY 12, 2021

I also start thinking about my passion, which is teaching, the spring semester to come, and the classes that I will be teaching, repeating a process that I have gone through every year since 1984, my first year as a teacher. Face up to uncertainty, rather than avoid or deny it : Uncertainty is a feature of investing/ business, not a bug.

Corporate Finance 52

Corporate Finance Start-ups Finance Marketability 52

Lighter Capital

JUNE 20, 2024

His Challenges As a Caregiver Were Not Unique Tavis and his wife were living in the Dallas Fort-Worth area when his mom, who lived in a different suburb, started showing early signs of dementia. As his mom’s condition worsened, so did the bills and charges that accumulated when she picked up the phone.

Beta 59

Beta Start-ups Finance Equity 59

Global Finance

SEPTEMBER 5, 2024

Global Finance ’s sixth annual list of the world’s best innovation labs highlights the power of collaboration. DeLorean] didn’t start as an anti-fraud solution. Innovations from the lab include products to speed up and automate loan paperwork and a single-dashboard solution for monitoring AML processes—including sanctions screening.

Banking 52

Banking Finance Technology Start-ups 52

Musings on Markets

JANUARY 6, 2023

In my last post, I talked about the ritual that I go through every year ahead of my teaching each spring, and in this one, I will start on the first of a series of posts that I make at the start of each year, where I look at data, both macro and company-level. That is not true!

Risk Premium 52

Risk Premium Dividends Start-ups EBITDA 52

Valutico

APRIL 25, 2023

We performed a detailed linear regression analysis, considering the betas and credit spread of listed companies, regressed against their ESG scores, for the universe of listed companies globally. Upon entering this step, you have the choice to start or skip the ESG assessment. Who is ValutECO for?

Discounted Cash Flow 52

Discounted Cash Flow Beta Alpha Equity 52

Valutico

APRIL 25, 2023

We performed a detailed linear regression analysis, considering the betas and credit spread of listed companies, regressed against their ESG scores, for the universe of listed companies globally. Upon entering this step, you have the choice to start or skip the ESG assessment. Who is ValutECO for?

Discounted Cash Flow 52

Discounted Cash Flow Beta Alpha Equity 52

Brian DeChesare

MAY 24, 2023

“Event-driven hedge funds” is one of the more confusing labels in finance. But, as usual, I want to start with the definitions and fund types: What is an “Event-Driven Hedge Fund”? Translating that to English: “We can grow more quickly and get higher margins without CMS, so our multiples will increase, and our share price will go up.”

Equity 64

Equity Start-ups EBITDA Banking 64

Brian DeChesare

JULY 27, 2022

Credit Hedge Fund Definition: Credit hedge funds buy and sell fixed-income securities, such as high-yield bonds, distressed bonds, structured credit, and their derivatives; they profit by setting up trades that reduce one type of credit risk while betting on mispriced securities whose prices are likely to change in the future.

Equity 52

Equity Start-ups Private Equity Firm Beta 52

Brian DeChesare

JULY 19, 2023

I’ll answer both questions here, but I want to start with a few definitions: What is a Long-Only Hedge Fund? But this is extremely difficult because very few sizable companies have negative Betas – and when they do, it’s usually due to an anomaly or special situation. lower intensity).

Equity 52

Equity Beta Banking Start-ups 52

Musings on Markets

JANUARY 28, 2024

In this post, I look at risk, a central theme in finance and investing, but one that is surprisingly misunderstood and misconstrued. I do believe that, in finance, we have significant advances in understanding what risk, I also think that as a discipline, finance has missed the mark on risk, in three ways. What is risk?

Risk Premium 123

Risk Premium Beta Start-ups Equity 123

Value Scope

SEPTEMBER 24, 2020

It started sometime last year, during the fourth quarter. The second inflection point was triggered by the “Fundamental Reshaping of Finance” open letter to CEOs on January 14, 2020, by BlackRock Chairman and Chief Executive Officer Larry Fink. “In Adjustments to Beta can accomplish this.

Intangible Assets 130

Intangible Assets Alpha Beta Marketability 130

Musings on Markets

OCTOBER 25, 2021

The graph below, from the Pew Research Center, is a good starting point, since it highlight the shift in the share of aggregate US income flowing to upper, middle and lower income households. Put simply, if stocks are up 20% in 2021 and down in 2022, would taxpayers get refunds on their taxes paid in 2021?

Start-ups 99

Start-ups Marketability Beta Appraisal 99

Valutico

AUGUST 17, 2022

Valutico has once again made finance professional’s lives easier by announcing the launch of the Venture Capital (VC) method for valuing start-ups, available for the first time within its online platform. . One difficulty with valuing start-ups is that they have less financial history behind them.

Start-ups 52

Start-ups EBIT Weighted Average Cost of Capital Discounted Cash Flow 52

Brian DeChesare

AUGUST 10, 2022

But before delving into the exit opportunities and the long-term outlook, let’s start with the fundamentals: Oil & Gas Investment Banking Defined. Integrated Oil & Gas can also work, but at the large banks, you’ll mostly advise huge corporations on prospective asset deals and the occasional financing. Energy Services.

Banking 98

Banking Dividends EBITDA Equity 98

Musings on Markets

FEBRUARY 27, 2023

That may reflect the concern that once a person or entity starts borrowing to fund its needs, it is easy to overuse debt, and risk its wellbeing in the process. The "Right" Financing Mix Is there an optimal mix of debt and equity for a business?

Equity 52

Equity EBITDA Start-ups Net Debt 52

Brian DeChesare

NOVEMBER 9, 2022

People usually start this discussion by comparing S&T exits to investment banking exit opportunities and saying that S&T exit options are “worse.”. Of all the hedge fund strategies , global macro is the best fit for most traders because: It matches up directly with popular desks like rates trading , FX, and commodities.

Banking 93

Banking Equity Start-ups Marketability 93

Brian DeChesare

JUNE 29, 2022

Similar to private equity firms, they operate on longer time frames, influence companies’ operations and finances, and might catalyze major changes, such as spin-offs or acquisitions. And similar to long/short equity hedge funds , they target undervalued and misunderstood companies and profit when the rest of the market catches up.

Private Equity Firm 52

Private Equity Firm Equity Start-ups Banking 52

Law 360 M&A

JUNE 30, 2025

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Compliance 52

Compliance Start-ups Banking Beta 52

Law 360 M&A

JUNE 24, 2025

ADVERTISEMENT Analysis A Midyear Review: Healthcare Dealmaking Trends Of 2025 By Yeji Jesse Lee ( June 24, 2025, 2:50 PM EDT) -- The beginning of 2025 coincided with the start of a new presidential administration in the U.S., and subsequently a period of macroeconomic uncertainties that shook up dealmaking across industries.

Start-ups 52

Start-ups Compliance Banking Beta 52

Law 360 M&A

JUNE 18, 2025

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Start-ups 52

Start-ups Compliance Banking Beta 52

Law 360 M&A

JUNE 9, 2025

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Start-ups 52

Start-ups Compliance Banking Beta 52

Law 360 M&A

JUNE 27, 2025

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Compliance 52

Compliance Start-ups Banking Beta 52

Law 360 M&A

JUNE 6, 2025

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Start-ups 52

Start-ups Compliance Banking Beta 52

Brian DeChesare

APRIL 30, 2025

Join in a bad market, and you might close 0 deals and learn very little except how to start a podcast or Substack on becoming a VC influencer. But there is one lower Beta alternative: Corporate venture capital (CVC). Yes, its very speculative, but it also never comes up in traditional VC.

Start-ups 59

Start-ups Finance Corporate Finance Marketability 59

Equidam

APRIL 22, 2025

Venture Capital (VC) Financing: This is perhaps the most common context. 23] , [24] , [25] This average serves as a starting point, which is then adjusted upwards or downwards based on the specific startup’s relative strengths and weaknesses across several key criteria. [21] 23] A higher MRP increases the discount rate.

Discounted Cash Flow 64

Discounted Cash Flow Terminal Value Marketability EBITDA 64