Musings on Markets
MAY 7, 2023
The notion of computing a cost of capital for a bank is fanciful and fruitless, and any attempt to compute an enterprise value for a bank is destined to end in failure. Note the differences between the bank FCFE and bank dividend discount models. Note the differences between the bank FCFE and bank dividend discount models.
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. Dividends and Potential Dividends (FCFE) 1. Dividend yield & payout 3. Buybacks 2.
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Musings on Markets
JANUARY 9, 2021
Challenge rules of thumb and conventional wisdom : Investing has always had rules of thumb on how and when to invest, ranging from using historical PE or CAPE ratios to decide if markets are over valued, to simplistic rules (eg. buy stocks that trade at less than book value or trade at PEG ratios less than one) for individual stocks.
Musings on Markets
JULY 17, 2023
In the table below, I list the ten worst performing and best performing industry groups, based purely on market capitalization change in the first half of 2023: Download market performance in 2023, by industry The worst performing industry groups are in financial services and energy, with oilfield services companies being the worst impacted.
Musings on Markets
FEBRUARY 4, 2023
Download data Again, the steep drop off in invested capital that you see in 2015 is just a reflection of the restructuring of the company that year, as the invested capital in Adani Ports and Power was removed from the mix.
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