2020 Market Capitalization Risk-free Rate 
Musings on Markets
JANUARY 27, 2022
Conversely, the percent of investors expecting deflation has dropped to a vanishing low number, suggesting that Cathie Wood has little company, in her contention that deflation is the real danger to markets and economies.
Musings on Markets
NOVEMBER 9, 2021
My two most recent valuations were in June 2019 and January 2020, and I am going to go back to them, not just because they are recent, but because they led to investment decisions on my part. Between June 2019 and January 2020, the stock went on a tear, as the stock price more than tripled, and I revisited my Tesla valuation.
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Musings on Markets
JANUARY 21, 2023
It is the nature of stocks that you have good years and bad ones, and much as we like to forget about the latter during market booms, they recur at regular intervals, if for no other reason than to remind us that risk is not an abstraction, and that stocks don't always win, even in the long term. Stocks: The What Next?
Musings on Markets
JANUARY 5, 2024
Since I am lucky enough to have access to databases that carry data on all publicly traded stocks, I choose all publicly traded companies, with a market price that exceeds zero, as my universe, for computing all statistics. will reflect the most recent quarterly accounting filing.
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). The year that was.
Musings on Markets
MARCH 25, 2021
To understand the story and put it in context, I will go back more than a decade to the 2008 crisis, and note how in its aftermath, US treasury rates dropped and stayed low for the next decade. Coming in 2020, the ten-year T.Bond rate at 1.92% was already close to historic lows. for 2021 and inflation of 2.2%
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. It is also why I report only aggregated data on industries, rather than company-level data.
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