Musings on Markets

MARCH 19, 2022

Russia was also a leading exporter of these commodities, with a disproportionately large share of its oil and gas production going to Europe; in 2021, Russian gas accounted to 45% of EU gas imports. Ukraine is also primarily a natural resource producer, especially iron ore, albeit on a smaller scale.

Start-ups 100

Start-ups Risk Premium Equity Market Capitalization 100

Musings on Markets

JANUARY 27, 2022

Inflation numbers have been coming in high now, for more than a year, but for much of the early part of 2021, bankers, investors and politicians seemed to be either in denial or casually dismissive of its potential for damage.

Risk-free Rate 99

Risk-free Rate Treasury Price to Book Start-ups 99

Musings on Markets

NOVEMBER 9, 2021

In 2021, looking at the company, I feel more convinced than I was a few years that it is, at its core, an automobile company, and while it will continue to derive revenues from batteries and perhaps even software, its pathway to becoming a trillion dollar market cap company still runs through the "car company" story.

Start-ups 101

Start-ups Dividends Marketability Market Capitalization 101

Musings on Markets

JANUARY 6, 2023

When valuing or analyzing a company, I find myself looking for and using macro data (risk premiums, default spreads, tax rates) and industry-level data on profitability, risk and leverage. Data universe : In my sample, I include all publicly traded firms with market capitalizations that exceed zero, traded anywhere in the world.

Risk Premium 52

Risk Premium Dividends Start-ups EBITDA 52

Musings on Markets

FEBRUARY 2, 2023

A few of you did take issue with the fact that the growth rate that I used for the first five years dropped from 35%, in my November 2021 valuation , to 24%, in my most recent one. There is not much room to maneuver on either number, since half of all US companies have costs of capital between 7.3%

Start-ups 99

Start-ups Risk-free Rate Market Capitalization Marketability 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 Interest Rates Story To me the biggest story of markets in 2021 has been the rise of interest rates, especially at the long end of the maturity spectrum. for 2021 and inflation of 2.2%

Equity 52

Equity Risk-free Rate Treasury Start-ups 52

Reynolds Holding

FEBRUARY 23, 2025

In the United States, the cost of capital is lower than elsewhere. NYU Business School Professor Damoradans widely used valuation data, for example, currently shows the United States as having among the lowest equity risk premiums in the world. [3] 4] Building on a foundation of independence, U.S. financial advisors, and U.S.

Systematic Risk 45

Systematic Risk Marketability Equity Risk Premium 45