Musings on Markets

FEBRUARY 27, 2022

In this post, I will look at corporate profitability, in all its different dimensions, and how companies across the globe, and across industries, measured up in the most recent years. In 2021, companies recovered entirely from the damage done in 2021, at least in the aggregate, with earnings in 2021 higher than 2019 earnings, by almost 33%.

Start-ups 82

Start-ups Equity Book Value Marketability 82

Musings on Markets

JANUARY 17, 2024

While stocks had their ups and downs during the year, they ended the year strong, and recouped, at least in the aggregate, most of the losses from 2022. Stocks ended the year well, with November and December both delivering strong up movements, and while this left investors feeling good about the year, it was a rocky year.

Risk Premium 75

Risk Premium Start-ups Equity Treasury 75

Musings on Markets

JANUARY 9, 2021

The second was that, starting mid-year in 2020, equity markets and the real economy moved in different directions, with the former rising on the expectations a post-virus future, and the latter languishing, as most of the world continued to operate with significant constraints.

Risk Premium 52

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Musings on Markets

SEPTEMBER 9, 2024

Second, they have all been in the news in the last few weeks, with Starbucks getting a new CEO, Walgreens announcing that they will be shutting down hundreds of their stores and Intel coming up in the Nvidia conversation, often as a contrast.

Start-ups 107

Start-ups Marketability Market Capitalization Equity 107

Musings on Markets

NOVEMBER 4, 2022

As we get deeper into earnings season for the third quarter of 2022, the biggest negative surprises are coming from technology companies, with the tech giants leading the way. I have written about the firm many times, over that period, starting with a valuation that I did of the company in 2012, just ahead of it going public.

Start-ups 99

Start-ups Market Capitalization Marketability Dividends 99

Musings on Markets

JULY 17, 2023

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. Markets, as is their wont, live to surprise, and the first six months of 2023 has wrong-footed the experts (again).

Marketability 96

Marketability Risk Premium Start-ups Treasury 96

Musings on Markets

JANUARY 6, 2023

In my last post, I talked about the ritual that I go through every year ahead of my teaching each spring, and in this one, I will start on the first of a series of posts that I make at the start of each year, where I look at data, both macro and company-level. That is not true!

Risk Premium 52

Risk Premium Dividends EBITDA Start-ups 52

Musings on Markets

APRIL 20, 2021

The Biden Administration's $ 2 trillion infrastructure plan, announced with fanfare a few weeks ago, has opened up a debate about not only what comprises infrastructure, but also about how to pay for it. Not surprisingly. It thus weights bigger companies more than smaller companies. billion in accrual taxes and $15.98

Start-ups 52

Start-ups Debt Financing Finance Equity 52

Musings on Markets

FEBRUARY 4, 2023

The Lead In As noted in the introductory paragraph, I start from a position of ignorance about the Adani Group, and it thus made sense to fill in that gap. First, they are infrastructure businesses , requiring large up-front investments and having long gestation periods, with regulatory and government oversight.

Start-ups 100

Start-ups Market Capitalization Marketability Equity 100