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Historical Data: 1930-2019 To see how this framework works in practice, let's start by looking at the performance of US stocks, across the decades, and look at the returns on stocks, broadly categorized based on marketcapitalization and price to book ratios.
The various problems facing the company led the court to embrace the respondents’ theory that SWS would continue to face an uphill climb given its relatively small size, which prevented it from scaling its substantial regulatory, technological, and back-office costs. With regard to beta, the court found fault with both side’s approach.
It was after one of these downturns in 2019, when the stock hit $180 (with a market cap of $32 billion), that I bought Tesla for the first time , albeit labeling it as my corporate teenager, an investment that would frustrate me because it would get in the way of its own potential.
That, for instance, is the only way to explain why older telecom companies, which developed a practice of borrowing large amounts during their time as monopoly phone businesses, continue that practice, even as their business have evolved into intensely competitive, technology businesses. at least with technology companies).
Data universe : In my sample, I include all publicly traded firms with marketcapitalizations that exceed zero, traded anywhere in the world. Cost of Capital 3. For market data , where the updating is continuous, that is data as of the January 1, 2023. Cost of Equity 1. PE & PEG 2. Standard deviation in stock price 2.
Not surprisingly, the company listings are across the world, and I look at the breakdown of companies, by number and market cap, by geography: As you can see, the market cap of US companies at the start of 2025 accounted for roughly 49% of the market cap of global stocks, up from 44% at the start of 2024 and 42% at the start of 2023.
While much of the discussion of this measure gets mired in the capital asset pricing model, and the supposed adequacies and inadequacies of beta, I think that too much is made of it, and that the model is adaptable enough to allow for other measures of relative risk. Corporate Default Risk , i.e,
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