Musings on Markets

MAY 7, 2023

Consequently, you can only value the equity in a bank, and by extension, the only pricing multiples you can use to price banks are equity multiples (PE, Price to Book etc.).

Banking 82

Banking Price to Book Dividends Book Value 82

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

JULY 17, 2023

It is true that economic activity has leveled off and housing prices have declined a little, relative to a year ago, but given the rise in rates in 2022, those changes are mild. If anything, the economy seems to have settled into a stable pattern, albeit at the high levels that it reached in the second half of 2021.

Marketability 98

Marketability Risk Premium Start-ups Treasury 98

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

Andrew Stolz

JANUARY 12, 2022

In 2021, it sold more than 100,000 battery electric vehicles (BEV). The company missed its 2021 sales target by 4% amid the chip crisis. Book value is the value attributable to shareholders in case the company sells all its assets and repays its liabilities (also called liquidation value). Fuel cell electric vehicles (FCEV).

EBIT 52

EBIT Price to Book Book Value Liquidation Value 52

Musings on Markets

JANUARY 19, 2022

Leading into 2021, the big questions facing investors were about how quickly economies would recover from COVID, with the assumption that the virus would fade during the year, and the pressures that the resulting growth would put on inflation.

Risk Premium 98

Risk Premium Risk-free Rate Start-ups Equity 98

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. Data Update 2 for 2021: The Price of Risk!

Risk Premium 52

Risk Premium Market Capitalization Equity Start-ups 52