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Data Update 1 for 2025: The Draw (and Danger) of Data

Musings on Markets

Not surprisingly, the company listings are across the world, and I look at the breakdown of companies, by number and market cap, by geography: As you can see, the market cap of US companies at the start of 2025 accounted for roughly 49% of the market cap of global stocks, up from 44% at the start of 2024 and 42% at the start of 2023.

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Is Radiant Opto-Electronics an Undervalued Dividend Play?

Andrew Stolz

Highlights: End markets mature, no opportunities to grow. Massive dividend yield secured by strong cash generation. Cash machine ensures consistent massive dividend yield. It consistently delivered strong FCFF that were more than sufficient to cover high dividends. The FCF yield shows ROEC’s dividend-paying potential.

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Deja Vu #11: Can Restricted Stock Studies Be Used to Estimate DLOMs for Dividend-Paying Companies?

Chris Mercer

This eleventh post in the Deja Vu series involving restricted stock studies addresses an issue that is rarely mentioned in the context of the studies – of the impact of dividends on restricted stock discounts (RSDs). This 2008 version had information on 477 restricted stock transactions, up from 430 transactions in the 2004 version.

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A Follow up on Inflation: The Disparate Effects on Company Values!

Musings on Markets

Inflation and Value When in doubt about how any action or information plays out in value, I find it useful to go back to value basics, and trace out the effects of that action/information on value drivers. The former is short hand for the small cap premium and the latter is the proxy for the value factor in returns.

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Data Update 1 for 2024: The data speaks, but what does it say?

Musings on Markets

The numbers that I computed opened my eyes to how much perspective on the high, low, and typical values, i.e., the distribution of margins, helped in valuing the company, and how little information there was available, at least at that time, on this dimension.

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The Power of Expectations: Nvidia's Earnings and the Market Reaction!

Musings on Markets

That drop of more than $200 billion in market capitalization in response to what looked like good news, at least on the surface, puzzled market observers, though, as is their wont, they had found a reason by day end. This can be augmented with other information that is released by the company during the course of the quarter.

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Good Intentions, Perverse Outcomes: The Impact of Impact Investing!

Musings on Markets

Even when you are successful in dissuading these companies from "bad" investments, but may not be able to stop them from returning the cash to shareholders as dividends and buybacks, rather than making "good" investments.