Reynolds Holding

MAY 25, 2023

1] The 1929 Crash and ensuing Great Depression led President Roosevelt and Congress to set up the Federal Deposit Insurance Corporation [2] and SEC. [3] 3] When I started at Goldman Sachs, there was lore about how the firm barely survived the crash, in part due to a closed-end fund, Goldman Sachs Trading Corp.

Banking 40

Banking Treasury Marketability Start-ups 40

Musings on Markets

JULY 1, 2022

In 2022, as bond rates have risen, stock prices have fallen, and crypto has imploded, even true believers are questioning what the bottom for markets might be, and when we will get there. As inflation has taken center stage, markets have gone into retreat globally, and across asset classes. Risk Capital: What is it?

Marketability 88

Marketability Risk Premium Start-ups Equity 88

Reynolds Holding

APRIL 10, 2024

Yet other proposals have included an expansion of public insurance for corporate deposits ( Heider et al., The 2023 experience showed how supervisors failed to take timely and concrete steps to help viable banks slipped towards insolvency because the supervisors worried about triggering uncontainable runs ( Cecchetti and Schoenholtz, 2023 ).

Banking 59

Banking Going Concern Value Dividends Marketability 59

Value Scout

DECEMBER 15, 2022

Founded in 1850, Gibson Greeting Cards became a corporation in 1895; it was acquired first by CIT Financial Corporation in 1964, then by RCA in 1980. RCA decided to sell Gibson Greeting Cards to Wesray Corporation; its price was $81 million. GE Credit Corporation purchased 2.3 The Deal Details. Top Reasons Behind LBOs.

Equity 52

Equity Finance Dividends Compliance 52

Musings on Markets

OCTOBER 12, 2023

Impact Investing: The What, The Why and the How! In the last two decades, this age-old investing behavior has come under the umbrella of impact investing, with several books on how to do it right, academic research on how it is working (or not), and organizations dedicated to advancing its mission.

Market Capitalization 82

Market Capitalization Enterprise Value Start-ups Marketability 82

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 76

Banking Equity Start-ups Treasury 76

Musings on Markets

AUGUST 5, 2023

That said, I don't blame you, if are confused not only about how I estimate this premium, but what it measures. How, you may ask, can equity risk premiums be that divergent, and does that imply that anything goes? What is it? What is it? The risk premium that you demand has different names in different markets.

Risk Premium 78

Risk Premium Equity Start-ups Treasury 78

Brian DeChesare

SEPTEMBER 14, 2022

For example, if you work in Debt Capital Markets or Leveraged Finance or a closely related area such as corporate banking , technically, you are a “credit analyst.”. The same applies if you’re working in sales & trading on a fixed income trading desk, such as corporate bonds.

Finance 74

Finance Banking Corporate Finance Start-ups 74

Musings on Markets

MARCH 19, 2022

Consequently, I will concentrate this post on how this crisis is playing out in markets, and the effects it has had, so far, on businesses and investments, and whether these effects are likely to be transient or permanent. Ukraine, a part of the Soviet Union, has had its shares of ups and downs, and its economic footprint is even smaller.

Start-ups 100

Start-ups Risk Premium Equity Market Capitalization 100

Musings on Markets

FEBRUARY 4, 2023

The India Rising story hit some turbulence last week, as one of its biggest corporate success stories, the Adani Group, was hit with a report from Hindenburg Research, an investing group that specializes in targeting and shorting companies that it believes have dubious accounting and business practices.

Start-ups 100

Start-ups Market Capitalization Equity Marketability 100

Musings on Markets

SEPTEMBER 14, 2021

More than ever, I believe that ESG is not just a mistake that will cost companies and investors money, while making the world worse off, but that it create more harm than good for society. Goodness is in the eyes of the beholder, and what you perceive to be a grevious corporate sin may not even register on my list, as a problem.

Start-ups 99

Start-ups Marketability Firm Value 99

Brian DeChesare

JANUARY 5, 2022

Municipal Bonds: 1% [Down 1%]. I’ll be completely honest with you: I did not pay much attention to the financial markets or my portfolio in 2021. But that’s not because they were “boring.”. Next, the SPAC craze began, and just as I predicted , most performed poorly by the end of the year. Real Estate – Owned Properties: 4% [Up 4%].

Start-ups 52

Start-ups Marketability Equity Banking 52

Musings on Markets

FEBRUARY 11, 2023

In the month since, I have added two more data updates, one on US equities and one on interest rates , but my attention was drawn away by other interesting stories. Thus, I took a detour to value Tesla , around the time of their most recent earnings report on January 26, and added a second post to respond to the pushback that I got.

Risk Premium 76

Risk Premium Start-ups Equity Marketability 76

Musings on Markets

JANUARY 27, 2021

As stock and bond markets went through these gyrations, it should come as no surprise that the same forces were playing out in other markets as well. Commodities : A commodity derives its value from being an input into a process to produce a item (product or service) that consumers need or want.

Start-ups 52

Start-ups Marketability Equity Treasury 52

Musings on Markets

FEBRUARY 27, 2023

All that said, businesses around the world have borrowed money though time to fund their operations, sometimes for good reasons and sometimes for bad, and over time, these businesses have also faced cycles of too much debt leading to painful cleansing.

Equity 52

Equity EBITDA Start-ups Net Debt 52

Musings on Markets

JULY 25, 2023

The other is pragmatic , since it is almost impossible to value a company or business, without a clear sense of how risk exposure varies across the world, since for many companies, either the inputs to or their production processes are in foreign markets or the output is outside domestic markets.

Risk Premium 52

Risk Premium Equity Start-ups Risk-free Rate 52

Brian DeChesare

JANUARY 18, 2023

Finance” could refer to dozens of careers: corporate finance at normal companies , credit analysis , commercial or corporate banking , private wealth management , investment banking , private equity , equity research , hedge funds , venture capital , and even roles like commercial real estate and risk management in the middle office.

Finance 119

Finance Start-ups Banking Corporate Finance 119

Musings on Markets

MAY 11, 2021

In my last post, I looked at the Biden Administration's proposal to increase corporate taxes, to provide funding for an infrastructure bill, and concluded that while there is room for raising corporate taxes, it would be more efficient and fairer to do so by reducing the tax credits and deductions in the code, than by raising the tax rate.

Dividends 52

Dividends Start-ups Risk Premium Treasury 52

Musings on Markets

FEBRUARY 8, 2022

Investors all talk about risk, but there seems to be little consensus on what it is, how it should be measured, and how it plays out in the short and long term. It is uncertainty about whether and how much that devaluation will be, arising from shifting inflation expectations or market-induced noise, that is risk.

Risk Premium 67

Risk Premium Beta Start-ups Equity 67

Musings on Markets

JANUARY 9, 2021

I spent the first week of 2021 in the same way that I have spent the first week of every year since 1995, collecting data on publicly traded companies and analyzing how they navigated the cross currents of the prior year, both in operating and market value terms. So, why bother?

Risk Premium 52

Risk Premium Market Capitalization Equity Start-ups 52

Brian DeChesare

AUGUST 10, 2022

How do I move around? The first one about becoming pigeonholed is more valid, but it depends on your experience and how quickly you move around. buying or selling one specific oil field rather than an entire company), and they tend to hire people with technical backgrounds , such as reservoir engineers, to assess these assets.

Banking 82

Banking EBITDA Dividends Equity 82

Andrew Stolz

MARCH 13, 2020

All investment instruments in the financial markets face risks in terms of the constant fluctuation in prices, which increase the Investor exposure to such risks. Derivatives were primarily introduced to reduce such risks. Over the past decade, the world has entered into a new phase of increased globalization and liberalization.

Marketability 52

Marketability Banking Equity 52

Reynolds Holding

FEBRUARY 15, 2024

By a show of hands, how many of you have been using AI to summarize your readings or research? To the faculty in the room, how do you feel about this show of hands? Finance is about the pricing and allocation of money and risk throughout the economy. Good afternoon. Yes, she responds, with 8,316 others. Douglas come to the SEC.

Finance 45

Finance Start-ups Marketability Technology 45

Value Scope

SEPTEMBER 24, 2020

The notion that we can come together and we can get our regulator to focus on an amorphous set of qualities other than the long-term financial value of a corporation, I think we’re fooling ourselves,” said Commissioner Peirce on CNBC’s Squawk on the Street. . Click to Download: ESG A Valuation Framework. What does this really mean?

Intangible Assets 130

Intangible Assets Alpha Beta Marketability 130

Brian DeChesare

MAY 24, 2023

Event-Driven Hedge Funds Definition: Event-driven hedge funds bet on specific corporate actions, such as M&A deals, divestitures, spin-offs, bankruptcies, and business reorganizations, and they profit based on changes in the value of a company’s debt or equity after the action. revenue and 11.5x

Equity 64

Equity Start-ups EBITDA Banking 64

Musings on Markets

MARCH 25, 2021

The answers are not academic, since they cut to the heart of how stockholders will do over the rest of the year, and whether value investors will finally be able to mount a comeback. Those rates stayed low through the rest of 2020, even as equity markets recovered and corporate bond spreads fell back to pre-crisis levels.

Equity 52

Equity Risk-free Rate Treasury Start-ups 52

Reynolds Holding

MAY 4, 2023

It is a common refrain, mostly on the political right, that considering environmental, social, and governance (“ESG”) factors when investing is probably illegal. [1] Investing to advance a societal goal constitutes a mixed motive, a fiduciary violation. [2] And well-run companies become good stocks to own.” [5]

Systematic Risk 117

Systematic Risk Finance Marketability Equity 117

Brian DeChesare

JANUARY 19, 2022

Portfolio Company Exits – PE firms are better at buying companies than selling them or taking them public. According to some, you do almost no modeling or technical work in this group, and it’s one of the easier jobs in IB, similar equity or debt capital markets. So what’s the difference?”. There are many other differences as well.

Private Equity Firm 72

Private Equity Firm Banking Equity Finance 72

Brian DeChesare

JUNE 1, 2022

Utility companies might generate their own power, but they could also buy some from power companies, and they focus on the transmission and distribution steps. That is still true for the average company in the industry: it is more defensive than something like technology or financial institutions.

Banking 93

Banking Equity Book Value Capital Structure 93

Valutico

SEPTEMBER 22, 2023

How Do I Value a Business? Company Valuation Methods—Complete List and Guide Whether you’re an investor, a potential buyer, or a business owner, knowing which valuation methods to apply is extremely important. In this article we explore some of the main valuation methods, including when to adopt them.

Intangible Assets 52

Intangible Assets Discounted Cash Flow Book Value EBITDA 52

Musings on Markets

DECEMBER 2, 2020

Setting the Table As with any valuation, the first step in valuing Airbnb is trying to understand its history and its business model, including how it has navigated the economic consequences of the COVID.

Start-ups 52

Start-ups Marketability Equity Market Capitalization 52

Reynolds Holding

MAY 11, 2022

Thus, the role of security based swaps in the market jitters in 1998, 2008, and 2021 help inform how I think about security-based swaps. Thank you for the kind introduction. It’s good to be back with the International Swaps and Derivatives Association (ISDA) again. More than a decade later, we’ve continued to see the relevance of this market.

Marketability 45

Marketability Banking Compliance Treasury 45

Reynolds Holding

OCTOBER 5, 2022

The number of securities lawsuits filed since January has remained steady compared to the first half of 2021. We have already seen many notable developments in securities law this year. SPAC and crypto-related filings continue to be a focus of plaintiffs’ attorneys, even as the nature of these suits continues to evolve. A. Filing Trends.

Start-ups 72

Start-ups Marketability Equity Compliance 72