Musings on Markets

MAY 20, 2022

Historical Data: 1930-2019 To see how this framework works in practice, let's start by looking at the performance of US stocks, across the decades, and look at the returns on stocks, broadly categorized based on market capitalization and price to book ratios.

Price to Book 96

Price to Book Dividends Beta Equity 96

Musings on Markets

FEBRUARY 27, 2023

Note that this framework applies for all businesses, from the smallest, privately owned businesses, where debt takes the form of bank loans and even credit card borrowing and equity is owner savings, the largest publicly traded companies, where debt can be in the form of corporate bonds and equity is shares held by public market investors.

Equity 52

Equity EBITDA Start-ups Net Debt 52

Musings on Markets

FEBRUARY 16, 2024

Its impact is not just financial, but emotional and physical, and it predates markets. Dealing with catastrophic risk It is undeniable that catastrophic risk affects the values of businesses, and their market pricing, and it is worth examining how it plays out in each domain. 4 & 5 Uninsurable Risk.

Risk Premium 74

Risk Premium Start-ups Beta Marketability 74

Musings on Markets

JANUARY 5, 2024

Thus, looking at only the companies in the S&P 500 may give you more reliable data, with fewer missing observations, but your results will reflect what large market cap companies in any sector or industry do, rather than what is typical for that industry.

Dividends 98

Dividends Risk Premium Equity Book Value 98

Musings on Markets

NOVEMBER 1, 2023

That attention has worked in the company's favor over much of its lifetime, as it has gone from a start-up to one of the largest market cap companies in the world, disrupting multiple businesses in the process.

Start-ups 114

Start-ups Marketability Market Capitalization Equity 114

Musings on Markets

JANUARY 6, 2023

Counter made-up numbers : It remains true that people (analysts, market experts, politicians) often make assertions based upon either incomplete or flawed data, or no data at all. Data universe : In my sample, I include all publicly traded firms with market capitalizations that exceed zero, traded anywhere in the world.

Risk Premium 52

Risk Premium Dividends EBITDA Start-ups 52

Appraisal Rights

JUNE 5, 2017

With regard to beta, the court found fault with both side’s approach. Nevertheless, it found supply-side ERP appropriate as the “default” method in recent Delaware chancery cases, unless a party provided a compelling reason to use historical ERP. Conclusion.

Beta 40

Beta Risk Premium Capital Structure Discounted Cash Flow 40