Musings on Markets

MAY 20, 2022

In general, higher and more volatile inflation has negative effects on all financial assets, from stocks to corporate bonds to treasury bonds, and neutral to positive effects on gold, collectibles and real assets. I then examine how equities have performed in the less than five months of 2022, where inflation has returned to the front pages.

Price to Book 102

Price to Book Dividends Beta Equity 102

Musings on Markets

JULY 17, 2023

At the start of the year, the consensus of market experts was that this would be a difficult year for markets, given the macro worries about inflation and an impending recession, and adding in the fear of the Fed raising rates to this mix made bullishness a rare commodity on Wall Street.

Marketability 98

Marketability Risk Premium Start-ups Treasury 98

Reynolds Holding

SEPTEMBER 29, 2024

The Treasury Department and the IRS have released long-awaited proposed regulations (the “Proposed Regulations”) on the 15% corporate minimum tax on the book income of certain large corporations (the “CAMT”), more than two years after the CAMT was created as part of the Inflation Reduction Act. [1]

Treasury 45

Treasury Dividends Start-ups Fair Market Value 45

Brian DeChesare

JANUARY 3, 2024

My portfolio did “OK” (up 10% for the year), but it greatly underperformed the S&P 500 , which was up 24%. With better decisions, I could have been up 15 – 20% for the year and slightly above my levels from 2 years ago. Gold did well (up around 13%), but I had 10% or less in it the whole time. Treasuries.

Marketability 59

Marketability Start-ups Equity Dividends 59

Musings on Markets

JANUARY 20, 2021

In this post, I offer an alternative, albeit a more complicated, metric that I believe offers not only a more comprehensive measure of pricing, but also operates as a barometer of the ups and downs in the market.

Risk Premium 52

Risk Premium Risk-free Rate Equity Dividends 52

ThomsonReuters

NOVEMBER 10, 2020

Department of the Treasury and the Internal Revenue Service issued the final regulations regarding the election to exclude high-tax Global Intangible Low-Taxed Income (GILTI) from a U.S. These rules include not only the TCJA GILTI, but also the FDII and BEAT calculations as well as the legacy Subpart F, Foreign Dividends, and U.S.

Dividends 52

Dividends Treasury Start-ups Technology 52

Musings on Markets

JANUARY 19, 2022

In a post at the start of 2021 , I argued that while stocks entered the year at elevated levels, especially on historic metrics (such as PE ratios), they were priced to deliver reasonable returns, relative to very low risk free rates (with the treasury bond rate at 0.93% at the start of 2021). The year that was.

Risk Premium 99

Risk Premium Risk-free Rate Start-ups Equity 99

Reynolds Holding

APRIL 11, 2022

In addition, implementing “side-by-side” programs may be possible whereby a Rule 10b5-1 plan operates alongside a discretionary plan, allowing the company to take advantage of the ability to purchase during blackout periods provided by Rule 10b5-1 without giving up discretion over purchases during open window periods under the discretionary plan.

Banking 45

Banking Marketability Equity Compliance 45

Global Finance

MAY 8, 2024

This was primarily based on revenue growth, which registered a heady 30% rise, allowing the bank to distribute its highest full-year dividend since 2008. The NIM at Japan’s three largest banks hit 56 bps, the highest since the BOJ started its negative interest rate regime in 2012. billion after-tax profit versus $8.3 billion in 2022.

Banking 52

Banking Dividends Start-ups Finance 52

Musings on Markets

MAY 11, 2021

In the weeks since, the administration has come up with its follow-up proposal, this one funded by increases in individual taxes, primarily on the wealthy. It is for this reason that some countries, like the UK and Australia, allow investors to claim a tax credit, for corporate taxes paid, on dividend income.

Dividends 52

Dividends Start-ups Risk Premium Treasury 52

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

Risk Premium Market Capitalization Equity Start-ups 52

Musings on Markets

JANUARY 8, 2022

To start the year, I returned to a ritual that I have practiced for thirty years, and that is to take a look at not just market changes over the last year, but also to get measures of the financial standing and practices of companies around the world. Happy New Year, and I hope that 2022 brings you good tidings! Sometimes, less is more!

Risk Premium 99

Risk Premium Start-ups Market Capitalization Corporate Finance 99

Reynolds Holding

JUNE 20, 2024

market structure, where Treasuries, options, and mutual funds already largely settle in one day. market structure, where Treasuries, options, and mutual funds already largely settle in one day. For institutional investors, it will free up liquidity that might otherwise be trapped for two days. Last month, the U.S.

Treasury 45

Treasury Start-ups Banking Equity 45

Musings on Markets

JANUARY 17, 2025

In my last post , I noted that the US has extended its dominance of global equities in recent years, increasing its share of market capitalization from 42% in at the start of 2023 to 44% at the start of 2024 to 49% at the start of 2025.

Equity 127

Equity Risk Premium Treasury Start-ups 127

Musings on Markets

JANUARY 10, 2025

It is the end of the first full week in 2025, and my data update for the year is now up and running, and I plan to use this post to describe my data sample, my processes for computing industry statistics and the links to finding them. Dividends and Potential Dividends (FCFE) 1. Beta & Risk 1. Return on Equity 1. Buybacks 2.

Risk Premium 119

Risk Premium Dividends Start-ups Corporate Finance 119

Musings on Markets

FEBRUARY 8, 2025

In business financing decisions , the cost of capital becomes an optimizing tool , where businesses look for a mix of debt and equity that reduces the cost of capital , and where matching up the debt (in terms of currency and maturity) to the assets r educes default risk and the cost of capital.

Risk Premium 72

Risk Premium Beta Start-ups Equity 72

Musings on Markets

MARCH 15, 2025

I will start with a couple of confessions. When I started my teaching journey at the University of California at Berkeley in 1984, business education was dollar-centric, with business schools around the world using textbooks and cases written with US data and starring US companies.

Start-ups 90

Start-ups Risk Premium Marketability Equity 90