Musings on Markets

DECEMBER 10, 2023

We will then follow up with a framework for thinking about how key people can affect the value of a business, with practical suggestions on valuing and pricing key people. We will end with a discussion of how enterprises try, with mixed effects, to build protections against the loss of key personnel.

Key Person Discount 129

Key Person Discount Start-ups Price to Book Marketability 129

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 next section, I look at stock returns for companies in different price to book deciles, in a simplistic assessment of the value premium. in the last 20 years.

Price to Book 78

Price to Book Start-ups Book Value Marketability 78

Musings on Markets

FEBRUARY 18, 2025

I pointed to the flaw in the logic, but the comments thereafter suggested such deep confusion about what returns on equity or capital measure, and what comprises an efficient market, that I think it does make sense to go back to basics and see if some of the confusion can be cleared up. YouTube Video

Equity 52

Equity Book Value Marketability Start-ups 52