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.
Musings on Markets
MARCH 19, 2022
In addition to being traded on the MICEX, the Russian exchange, these companies all have listings in foreign markets (Yandex has a US listing and the other three are listed on the London Exchange). A few weeks ago, I posted my valuation of the FANGAM stocks and noted that only one of them was under valued, at the prices prevailing then.
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Musings on Markets
JANUARY 9, 2021
Consider, for instance, an investor who picks stocks based upon price to book ratios, who finds a stock trading at a price to book ratio of 1.5. While some of the companies in this data trace their existence back decades, there is a healthy proportion of younger companies, many in emerging markets and new industries.
Musings on Markets
MARCH 25, 2021
While some of this reversal is to be expected in any market, there are questions about whether it has anything to do with rising rates, as well as whether there may be light at the end of the tunnel for some investor groups who were left out of the market run-up in the last decade.
Musings on Markets
JULY 17, 2023
In my second data update post from the start of this year , I looked at US equities in 2022, with the S&P 500 down almost 20% during the year and the NASDAQ, overweighted in technology, feeling even more pain, down about a third, during the year. trillion below their values from the start of 2022. that was lost last year.
Musings on Markets
JANUARY 19, 2022
I do believe that too much is often made of these differences, as it is generally more the rule than the exception that markets, when they are up strongly, get the bulk of that rise from a small sub-set of stocks or sectors. The results are similar if you break stocks down based upon price to book ratios or revenue growth rates.
Musings on Markets
JANUARY 6, 2023
Data universe : In my sample, I include all publicly traded firms with market capitalizations that exceed zero, traded anywhere in the world. Standard deviation in stock price 2. Price to Book 3. Cost of Capital 3. High-Low Price Risk Measure 5. EV/Sales and Price/Sales 5. Cost of Equity 1.
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