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 in the first six months of 2023, 97.2%

Marketability 95

Marketability Risk Premium Start-ups Treasury 95

Musings on Markets

JANUARY 19, 2022

Using S&P's sector classification, I take a look at how each one did in 2022, looking at the percent changes in market capitalization: In contrast to 2020, when technology and consumer discretionary firms ran well ahead of the pack, the best performing sectors in 2021 were energy and real estate, two of the biggest laggards in 2020.

Risk Premium 80

Risk Premium Risk-free Rate Start-ups Equity 80

IVSC

FEBRUARY 7, 2022

Searching for stocks with low price-to-book ratios was a good indication of a potential bargain. However, book values are no longer so informative as lots of intangibles are missing from the balance sheet, and some intangibles that are on the balance sheet, including many acquired intangibles and goodwill, are very hard to interpret.

Discounted Cash Flow 252

Discounted Cash Flow Intangible Assets Marketability Price to Book 252

Musings on Markets

JANUARY 6, 2023

I also report on pricing statistics, again broken down by industry grouping, with equity (PE, Price to Book, Price to Sales) and enterprise value (EV/EBIT, EV/EBITDA, EV/Sales, EV/Invested Capital) multiples. Standard deviation in stock price 2. Price to Book 3. High-Low Price Risk Measure 5.

Risk Premium 52

Risk Premium Dividends EBITDA Start-ups 52

Musings on Markets

MAY 24, 2021

There are a few arguing that the shift to a technology-based economy has removed inflationary pressures permanently, pointing to the last decade where inflation fears never came to fruition. Conversely, the decades where value underperformed growth were 1990-99 and 2010-19, when inflation was much lower than expected.

Treasury 55

Treasury Start-ups Risk Premium Price to Book 55

Musings on Markets

DECEMBER 10, 2023

That may explain why Berkshire's stock price was unaffected by Munger's passing. Are markets building in the recognition that Berkshire Hathaway's future will be in the hands of someone other than the two legendary leaders?

Key Person Discount 113

Key Person Discount Start-ups Price to Book Marketability 113

Equilest

AUGUST 6, 2023

Key Financial Ratios: Ratios such as Price-Earnings Ratio (P/E), Price-to-Book Ratio (P/B), and Debt-to-Equity Ratio provide valuable insights into the company's performance and market position. Understanding the company's financial health is fundamental to valuation.

Discounted Cash Flow 40

Discounted Cash Flow Business Valuation Precedent Transaction Analysis Comparable Company Analysis 40

Musings on Markets

JULY 22, 2021

It would be churlish on my part to take issue with the bloat and selective disclosure in Zomato's prospectus, since they are following the script that other technology companies around the world have written for going public, but it is frustrating to read through 420 pages, and still be left in the dark on key numbers.

Marketability 86

Marketability Start-ups Equity Price to Book 86

Musings on Markets

FEBRUARY 4, 2023

You see similar movements in the price to book, where the stock has gone from trading under book value to 6.7 times book value, and the enterprise value, which was less than revenue in 2016-21 to 2.71 times revenues in the most recent two years.

Start-ups 100

Start-ups Market Capitalization Marketability Equity 100