Musings on Markets

MAY 20, 2022

In general, higher and more volatile inflation has negative effects on all financial assets, from stocks to corporate bonds to treasury bonds, and neutral to positive effects on gold, collectibles and real assets. The former is short hand for the small cap premium and the latter is the proxy for the value factor in returns.

Price to Book 103

Price to Book Dividends Beta Equity 103

Musings on Markets

MAY 5, 2023

The overarching questions for us all are whether this crisis will spread to the rest of the economy and market, as it did in 2008, and how banking as a business, at least in the US, will be reshaped by this crisis, and while I am more a dabbler than an expert in banking, I am going to try answering those questions.

Banking 98

Banking Equity Start-ups Treasury 98

Musings on Markets

JANUARY 21, 2023

No matter how you slice it, there is no denying that 2022 was the worst year for US equity investors since 2008, and the magnitude of the damage is even more staggering, if you consider it in market value terms. trillion in market capitalization, but for balance, it is also worth noting that US equities are still holding on to a gain of $6.9

Equity 95

Equity Risk Premium Start-ups Dividends 95

Musings on Markets

FEBRUARY 8, 2025

The first is, of course, the riskfree rate , a number that varies across time (as you saw in post on US treasury rates in data update 4 ) and across currencies (in my post on currencies in data update 5).

Risk Premium 74

Risk Premium Beta Start-ups Equity 74

Reynolds Holding

SEPTEMBER 1, 2022

Treasury Wine Estates. Treasury Wine Estates is one of the world’s largest wine companies, listed on the Australian Securities Exchange (ASX: TWE) and as an ADR in the US (OTC: TSRYY). Of note: previously, in 2017, Treasury Wine settled a separate shareholder class action for AUD $49 million. Court: Supreme Court of Victoria.

Treasury 45

Treasury Marketability Market Capitalization Compliance 45

Musings on Markets

JANUARY 9, 2021

While the universe of companies is diverse, with approximately half of all firms from emerging markets, it is more concentrated in market capitalization, with the US accounting for 40% of global market capitalization at the start of the year.

Risk Premium 52

Risk Premium Market Capitalization Equity Start-ups 52

Benzinga

MARCH 16, 2023

Enhanced capital markets profile : The proposed Transaction will result in a greater combined market capitalization and an expanded institutional investor base. Shareholders are also expected to benefit from enhanced trading liquidity and a more robust treasury following completion of the Transaction.

Treasury 40

Treasury Market Capitalization Marketability 40

Reynolds Holding

APRIL 4, 2022

The SEC’s remit is overseeing the capital markets and our three-part mission: protecting investors, facilitating capital formation, and maintaining fair, orderly, and efficient markets. There’s no reason to treat the crypto market differently just because different technology is used.

Marketability 65

Marketability Start-ups Banking Compliance 65

Reynolds Holding

NOVEMBER 28, 2022

Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”); and. broker-dealers to the U.S.

Compliance 45

Compliance Marketability Banking Treasury 45

Global Finance

MAY 8, 2024

The group’s market capitalization in 2023 was at a 17-year high, valuing the enterprise at around the same level in dollar terms as Goldman Sachs. Net operating profits across the group in the year to September rose 16% to ¥1.8 MUFG demonstrated a solid commitment to shareholders last year. increase in fee income.

Banking 52

Banking Dividends Start-ups Finance 52

Reynolds Holding

OCTOBER 21, 2024

As a result of these events, market participants of all stripes called for shortening the settlement cycle. [21] The equities, corporate bonds, and municipal markets successfully moved to T+1 (aligning with the Treasury markets, which had already been at T+1). 21, 2010) (“Concept Release on Equity Market Structure”). [6]

Equity 45

Equity Marketability Start-ups Treasury 45

Benzinga

NOVEMBER 13, 2023

I have no doubt that the union of Marathon's experienced team and well advanced Valentine Project based in Canada, with Calibre's production assets, robust treasury, free cash flow, flawless track record in execution and high impact exploration opportunities will unlock significant value for the shareholders of both companies.

Equity 40

Equity Treasury Market Capitalization Marketability 40

Musings on Markets

DECEMBER 2, 2020

Cost of Capital & Failure Risk : For the cost of capital, I will assume that Airbnb’s cost of capital will be 6.50%, close to the cost of capital of hotel companies, to start the valuation, but over time, it will rise to 7.23%, reflecting an expected increase in the treasury bond rate from current levels to 2% in 2031.

Start-ups 52

Start-ups Marketability Equity Market Capitalization 52

Musings on Markets

MARCH 19, 2022

The table below summarizes the market cap change, by region of the world: It is no surprise that Eastern Europe and Russia, which are in the eye of the hurricane, have seen the most damage to equities, but other than the Middle East, every other equity market in the world is down, with the US, EU and China shedding significant market capitalization.

Start-ups 100

Start-ups Risk Premium Equity Market Capitalization 100

Musings on Markets

JANUARY 19, 2022

In a post at the start of 2021 , I argued that while stocks entered the year at elevated levels, especially on historic metrics (such as PE ratios), they were priced to deliver reasonable returns, relative to very low risk free rates (with the treasury bond rate at 0.93% at the start of 2021). from its level at the start of the year.

Risk Premium 99

Risk Premium Risk-free Rate Start-ups Equity 99

Musings on Markets

JANUARY 8, 2022

Regional Breakdown My data sample for 2022 includes every publicly traded firm that is traded anywhere in the world, with a market capitalization that exceeds zero. That said, there will be difference in timeliness on different data variables, largely based upon whether the data comes from the market or from financial statements.

Risk Premium 99

Risk Premium Start-ups Market Capitalization Corporate Finance 99

Musings on Markets

MARCH 25, 2021

The first quarter of 2021 has been, for the most part, a good time for equity markets, but there have been surprises. The first has been the steep rise in treasury rates in the last twelve weeks, as investors reassess expected economic growth over the rest of the year and worry about inflation.

Equity 52

Equity Risk-free Rate Treasury Start-ups 52

Musings on Markets

JANUARY 17, 2025

In my last post , I noted that the US has extended its dominance of global equities in recent years, increasing its share of market capitalization from 42% in at the start of 2023 to 44% at the start of 2024 to 49% at the start of 2025.

Equity 129

Equity Risk Premium Treasury Start-ups 129

Musings on Markets

MAY 3, 2025

of the overall market capitalization of all US companies at the start of 2025, lost $2.34 trillion (about 13.19%) in market capitalization in the first quarter of 2025. Focusing just on US equities, technology companies, which accounted for 29.4% trillion that they lost in the first week of the month.

Marketability 95

Marketability Start-ups Treasury Risk Premium 95

Reynolds Holding

JUNE 8, 2025

The market also features alternative stablecoin types, including algorithmic ones like Ethena (USDe) and Tron (USDD), and the crypto-collateralized Dai (DAI), although these represent smaller market capitalizations. Blockchain transactions are inherently traceable, and recent reports indicate that less than 0.25

Treasury 45

Treasury Finance Compliance Banking 45

Musings on Markets

MARCH 15, 2025

Disruption's Winners and Losers The obvious winners from disruption are the disruptors, but since many of them scaled up with unformed business models, the payoff is less in the form of profits, and more in terms of their market capitalizations, driven by investors dazzled by their potential.

Start-ups 132

Start-ups Risk Premium Marketability Equity 132

Global Finance

APRIL 5, 2025

The move, pending approval, aligns with other foreign banks capitalizing on relaxed foreign ownership regulations in China. billion), driven by record fee income from wealth management, higher treasury customer sales, and increased trading volume. billion market capitalization. billion implied market capitalization.

Banking 52

Banking Equity Market Capitalization Marketability 52

Equidam

APRIL 22, 2025

10] Initial Public Offerings (IPOs): While the ultimate pricing of an IPO is determined by public market demand and conditions, pre-IPO valuations set by late-stage private rounds guide expectations and internal planning. [11] Its components, derived from the Capital Asset Pricing Model (CAPM), move with broader economic trends. [23]

Discounted Cash Flow 64

Discounted Cash Flow Terminal Value Marketability EBITDA 64

Global Finance

MAY 2, 2025

.” Joaquin Sastre Ibanez, Boerse Stuttgart Digital Two major pension funds in the US have already made significant investments in spot bitcoin ETFs: The State of Michigan Department of the Treasury and the State of Wisconsin Investment Board. The latter has committed more than $300 million to IBIT, BlackRocks spot bitcoin ETF.

Banking 84

Banking Treasury Finance Start-ups 84

Reynolds Holding

JULY 25, 2023

Treasury Secretary Yellin has publicly signaled formal U.S. Moreover, fossil fuel energy companies have comprised 5-10 percent of the market capitalization of the S&P 500 in recent years and a higher percentage of specialized market indices. [5] These U.S. EU differences are vast.

Equity 40

Equity Start-ups Marketability Systematic Risk 40

Musings on Markets

FEBRUARY 6, 2025

It is for this reason that I chose to compute returns differently, using the following constructs: I included all publicly traded stocks in each market, or at least those with a market capitalization available for them. I converted all of the market capitalizations into US dollars , just to make them comparable.

Risk Premium 69

Risk Premium Start-ups Enterprise Value Equity 69

Reynolds Holding

MAY 20, 2025

Four weeks ago today, I was sworn in by Secretary of the Treasury Scott Bessent in the Oval Office with President Donald Trump; my family was by my side. The SEC will remain vigilant in our important role to ensure that investors have confidence to participate in the markets. Thank you for inviting me to testify today. [1]

Treasury 59

Treasury Technology Start-ups Marketability 59

Reynolds Holding

FEBRUARY 24, 2025

It is not clear how market capitalization would be calculated in this contexte.g., The GENIUS Act would direct the Federal Reserve and Department of Treasury to create and implement reciprocal arrangements with other jurisdictions with substantially similar regulatory regimes (e.g., Transition provisions. Rehypothecation.

Banking 45

Banking Treasury Market Capitalization Marketability 45

Reynolds Holding

JUNE 3, 2025

On April 22, I was sworn in by Secretary of the Treasury Scott Bessent in the Oval Office with President Donald Trump; my family was by my side. The SEC will remain vigilant in our important role to ensure that investors have confidence to participate in the markets. Thank you for inviting me to testify today. [1]

Technology 59

Technology Start-ups Marketability Treasury 59