Musings on Markets

DECEMBER 10, 2023

Key Person(s): Pricing effects It is true that markets are pricing mechanisms, not instruments for reflecting value, at least in the short term, and it should come as no surprise then that the effects of a key person are captured in pricing premiums or discounts, sometime arbitrary, and sometimes based upon data.

Key Person Discount 129

Key Person Discount Start-ups Price to Book Marketability 129

Musings on Markets

JANUARY 26, 2025

In my first two data posts for 2025, I looked at the strong year that US equities had in 2024, but a very good year for the overall market does not always translate into equivalent returns across segments of the market. trillion in market cap just in 2024 , and that over the last five (ten) years, the sector has added $11.3

Price to Book 78

Price to Book Start-ups Book Value Marketability 78

Musings on Markets

FEBRUARY 18, 2025

The second was a comment that I made on a LinkedIn post that had built on my implied equity premium approach to the Indian market but had run into a roadblock because of an assumption that, in an efficient market, the return on equity would equate to the cost of equity.

Equity 52

Equity Book Value Marketability Start-ups 52