Musings on Markets

OCTOBER 12, 2023

Impact Investing: The What, The Why and the How! That generic definition is not only broad enough to cover a wide range of impact investing actions and motives, but has also been with us since the beginning of time. That is the question that I hope to address in this post. In the course of the post, I will work with two presumptions.

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Market Capitalization Enterprise Value Start-ups Marketability 82

Brian DeChesare

JANUARY 3, 2024

The markets in 2023 were almost a complete reversal of 2022, and hardly anyone – me included – saw it coming. Gold did well (up around 13%), but I had 10% or less in it the whole time. When the markets rallied after the initial COVID sell-off in March 2020, I put more cash into equities and real estate.

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Marketability Start-ups Equity Dividends 59

Musings on Markets

FEBRUARY 11, 2023

A few weeks ago, I posted my first data update pulling together what I had learned from looking at the data in 2023, and promised many more on the topic. 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.

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Musings on Markets

AUGUST 25, 2023

The time is ripe now to talk about how professional sports, in its many variations around the world, has blown a financial gasket, as you see teams sold for prices that seem out of sync with their financial fundamentals and players signed on contracts that equate to the GDP of a small country.

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Appraiser Newsroom

APRIL 30, 2023

For our vacationing friends (as well as others traveling on business), our advice is simple: If you want to buy gems or jewelry away from home, especially on a cruise, do so because you’ve fallen in love with the piece or as a memento of your vacation, but never buy jewelry for the purpose of “investment.” million by 2027.

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Musings on Markets

JANUARY 8, 2022

To start the year, I returned to a ritual that I have practiced for thirty years, and that is to take a look at not just market changes over the last year, but also to get measures of the financial standing and practices of companies around the world. Happy New Year, and I hope that 2022 brings you good tidings!

Risk Premium 91

Risk Premium Start-ups Market Capitalization Corporate Finance 91

Audit Board

JANUARY 4, 2023

In the meantime, California, Colorado, Connecticut, Utah, and Virginia have passed their own comprehensive consumer privacy laws that go into effect in 2023. In the meantime, California, Colorado, Connecticut, Utah, and Virginia have passed their own comprehensive consumer privacy laws that go into effect in 2023.

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Appraiser Newsroom

NOVEMBER 9, 2022

Why many are turning to a new service to protect against economic headwinds and a potential downturn. 2023 is shaping up to be a pivotal year for retail jewelers. The last time the jewelry market faced a recession it took seven years for jewelry consumption and jewelry retailer sales to recover. [1] By Warren H. 1] Danziger, P.

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Appraisal Start-ups Banking Marketability 52

Reynolds Holding

FEBRUARY 15, 2024

I’ll leave it to you if you’ll be watching Her tomorrow with your Valentine. It’s being used for natural language processing, translation software, recommender systems, radiology, robotics, and your virtual assistant. By a show of hands, how many of you have been using AI to summarize your readings or research? Good afternoon.

Finance 45

Finance Start-ups Marketability Technology 45

Musings on Markets

MAY 7, 2023

While differentiating between good and bad banks can be straightforward, it does not follow that buying good banks and selling bad banks is a good investment strategy, since its success depends entirely on what the market is incorporating into stock prices. All Equity, All the time!

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Banking Price to Book Dividends Book Value 63

Musings on Markets

APRIL 21, 2022

I am not a prolific user of social media platforms, completely inactive on Facebook and a casual lurker on LinkedIn, but I do use Twitter occasionally, and have done so for a long time, with my first tweet in April 2009, making me ancient by Twitter standards. My forecasted revenues for 2023 of $11.2 by December 26, 2013.

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Musings on Markets

MAY 5, 2023

In March 2023, the fall of Silicon Valley Bank shocked investors not only because it was unforeseen, but also because of the speed with which it unfolded. That failure has had a domino effect, with Signature Bank falling soon after, followed by Credit Suisse in April 2023 and by First Republic last week.

Banking 76

Banking Equity Start-ups Treasury 76

Reynolds Holding

APRIL 10, 2023

If you have a pet, you may wonder why pet-food prices have increased so much recently, 15.1 percent year-over-year in January 2023, according to the Federal Reserve Bank of Minneapolis. If you have a pet, you may wonder why pet-food prices have increased so much recently, 15.1 whose boards share three members. In the U.S.,

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Marketability Banking Finance Technology 78

Viking Mergers

OCTOBER 1, 2022

Whether you’re looking for a business or a buyer, the Charleston, South Carolina, area should be on your shortlist. Now is a great time to consider buying or selling a business in the Charleston area, especially in these top industries: #1 Home Services. In fact, the industry is experiencing an influx in demand.

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Technology Marketability 26

Reynolds Holding

SEPTEMBER 12, 2023

Protecting the Public for 90 Years For 90 years, the federal securities laws and the SEC’s work to oversee them have played a crucial role for the public both in good times and in times of stress. The SEC is the cop on the beat watching out for your constituents. Thank you for inviting me to testify today.

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Reynolds Holding

APRIL 23, 2023

That statute covers intermediaries, such as exchanges and broker-dealers, as well as requires ongoing disclosures by companies trading on the stock exchanges. Rayburn later had an important hand as Majority Leader in the passage of the Investment Company Act and Investment Advisers Act of 1940. Sam Rayburn and the U.S.

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Musings on Markets

NOVEMBER 1, 2023

Some of that attention comes from the company's products and innovations, but much of it comes from having Elon Musk as a CEO, a man who makes himself the center of every news cycle. I was planning to start this post by telling you that Tesla was back in the news, but that would be misleading, since Tesla never leaves the news.

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Musings on Markets

AUGUST 5, 2023

As part of that obsession, since September 2008, I have estimated an equity risk premium for the S&P 500 at the start of each month, and not only used that premium, when valuing companies during that month, but shared my estimate on my webpage and on social media. What is it?

Risk Premium 78

Risk Premium Equity Start-ups Treasury 78

Musings on Markets

SEPTEMBER 11, 2023

On August 31, Disney pulled its television channels from Spectrum (owned by Charter, the second largest cable company in the US, after Comcast) after a dispute about payments for carrying these channels. It has been an unsettling summer for anyone with a stake in the movie, television and broadcasting businesses.

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Start-ups Market Capitalization Marketability Technology 77

Brian DeChesare

APRIL 12, 2023

Over time, investment banking recruiting has become more impersonal with developments like HireVue interviews , online tests, and recruiters conducting the initial screens. People often complain about how it’s impossible to make a “good first impression” in a pre-recorded video or when speaking to a hapless recruiter.

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Musings on Markets

MARCH 8, 2023

This is the last of my data update posts for 2023, and in this one, I will focus on dividends and buybacks, perhaps the most most misunderstood and misplayed element of corporate finance. To illustrate the heat that buybacks evoke, consider two stories in the last two weeks where they have been in the news.

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Musings on Markets

OCTOBER 6, 2023

The resulting debate among accountants about how to bring intangibles on to the books has spilled over into valuation practice, and many appraisers and analysts are wrongly, in my view, letting the accounting debate affect how they value companies.

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Musings on Markets

JANUARY 26, 2023

I don't own a Tesla, and have only driven someone else's Tesla, but as readers of this blog know, I valued Tesla for the first time in 2014, and I keep returning to the scene of the crime. Thus, almost everything I know and practice, when valuing young and start-up companies, I learned in the process of valuing Amazon in the 1990s.

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Start-ups Marketability Risk Premium Equity 80

Brian DeChesare

MARCH 22, 2023

Why did UBS just acquire CS for less than $1.00 And what should you do if you have an internship or full-time offer at CS or UBS? With the number of emergency / news-related articles on this site lately – two in a row! it’s starting to feel a lot like 2008. But a spin-off, divestiture, restructuring, or another major event is likely.”

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Banking Start-ups Corporate Finance Marketability 95

Musings on Markets

SEPTEMBER 19, 2023

At that time, there were some who were suggesting that the company could go public at $50 billion or more, and pricing it on that basis, but reality has caught up with both the company and investors, and this IPO represents vastly downgraded expectations for the company’s future.

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Musings on Markets

JANUARY 17, 2024

Heading into 2023, US equities looked like they were heading into a sea of troubles, with inflation out of control and a recession on the horizon. In that post, I noted that if inflation subsided quickly, and the economy stayed out of a recession, stocks had upside, and that is the scenario that played out in 2023.

Risk Premium 77

Risk Premium Start-ups Equity Treasury 77

Musings on Markets

JUNE 23, 2023

The first is that my portfolio has held up well this year, in a market that has been top-heavy and tech-driven, and one big reason is that it contains both NVIDIA and Microsoft, two companies that have benefited from the AI story. I will start this post with a couple of confessions. From High Growth to Maturity!

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IVSC

NOVEMBER 30, 2022

Stephanie began her time at Bloomberg in 2016 as BVAL’s Chief Operating Officer and subsequently became the product’s Global Head of Markets Research and Analysis before leading the business globally. Prior to joining Bloomberg, Stephanie spent over 20 years on the buy- and sell-sides.

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Musings on Markets

FEBRUARY 2, 2023

I wrote about my most recent valuation of Tesla just over a week ago , and as has always been the case when I value this company, I have heard from both sides of the Tesla divide. Based at least on the reactions, I have realized that some may be misreading my story and valuation, ore reacting just to a picture in a tweet.

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Start-ups Risk-free Rate Market Capitalization Marketability 99

Brian DeChesare

MAY 17, 2023

And just as tech and TMT investment banking have become the most desirable groups on the sell-side, tech private equity has reached a similar status on the buy-side. The lines between different strategies have blurred over time, and many firms have multiple funds that target companies at different stages.

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Brian DeChesare

MARCH 13, 2023

Why bank regulations , including those passed after the 2008 financial crisis, failed to prevent this. Then, the bank lends these funds to companies and individuals and charges interest on these loans. If you are currently breathing oxygen, you’ve undoubtedly seen the stories about Silicon Valley Bank’s collapse over the past few days.

Banking 119

Banking Start-ups Equity Treasury 119

Reynolds Holding

APRIL 3, 2024

By hearing about issues significant to the Enforcement program, you all are better able to counsel your clients. But before we get to the “what,” I’d like to discuss the “why” of our work. Whether you’re here in person or participating virtually from around the country, or even overseas, I thank you for joining us.

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Start-ups Marketability Compliance 45

Reynolds Holding

MAY 9, 2023

There is reason to believe the SEC’s new universal proxy Rule 14a-19 will result in more stockholder nominees being elected to the boards of public companies. Second, the new rule eliminates the need for activists to mail their own proxy card. This paves the way for a low-cost alternative to a traditional proxy fight.

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IT Valuations

MARCH 1, 2021

Candidly, this is probably one of the most challenging things for tech companies to master. Before we get into the subject of Sales and Marketing, you should know that Sales and Marketing impacts the value of your business by as much as 20%. But how they accomplish this differs significantly. Let’s define a healthy sales process.

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Technology Marketability 40

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.

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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.

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