Musings on Markets

JULY 17, 2023

I am not a market prognosticator for a simple reason. I am just not good at it, and the first six months of 2023 illustrate why market timing is often the impossible dream, something that every investor aspires to be successful at, but very few succeed on a consistent basis. That pessimism was not restricted to market outlooks.

Marketability 98

Marketability Risk Premium Start-ups Treasury 98

Musings on Markets

JANUARY 6, 2023

Data universe : In my sample, I include all publicly traded firms with market capitalizations that exceed zero, traded anywhere in the world. In January 2023, I ended up with 47,913 publicly traded firms in my sample , with the pie chart below providing a geographic breakdown. Standard deviation in stock price 2.

Risk Premium 52

Risk Premium Dividends Start-ups EBITDA 52

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 91

Banking Price to Book Dividends Book Value 91

Musings on Markets

JANUARY 19, 2022

I do believe that too much is often made of these differences, as it is generally more the rule than the exception that markets, when they are up strongly, get the bulk of that rise from a small sub-set of stocks or sectors. The results are similar if you break stocks down based upon price to book ratios or revenue growth rates.

Risk Premium 99

Risk Premium Risk-free Rate Start-ups Equity 99

Musings on Markets

FEBRUARY 4, 2023

Given the historical roots of the biggest Indian family groups, the Adani Group has been a recent entrant, not making the top ten list (in terms of either operating metrics like revenues or market-based numbers like market capitalization or enterprise value) as recently as ten years ago, and barely making the top ten list five or six years ago.

Start-ups 100

Start-ups Market Capitalization Equity Marketability 100

Musings on Markets

JANUARY 26, 2025

I follow up by looking at companies broken down by market capitalization, with an eye on whether the much-vaunted small cap premium has made a comeback. In the process, I also look how much the market owes its winnings to its biggest companies, with the Mag Seven coming under the microscope. The Value Premium?

Price to Book 76

Price to Book Start-ups Book Value Marketability 76