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Data Update 6 for 2023: A Wake up call for the Indebted?

Musings on Markets

In fact, at a zero percent tax rate, the optimal debt ratio, if you define it as the mix that minimizes cost of capital is zero. Cash generating capacity : Debt payments are serviced with operating cash flows, and the more operating cash flows that firms generate, as a percent of their market value, the more that they can afford to borrow.

Equity 52
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Russia in Ukraine: Let Loose the Dogs of War!

Musings on Markets

Slicing the data based on sector yields the following: Against, there are no surprises, with energy being the only sector to post positive returns and with consumer discretionary and technology generating the most negative returns.

Start-ups 100
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Buy the Dip: The Draw and Dangers of Contrarian Investing!

Musings on Markets

For the market, it is often built on papers (or books) that look at the historical data on what equity markets have delivered as returns over long periods, relative to what you would have made investing elsewhere.

Start-ups 136