EBITDA Market Capitalization Treasury 
Musings on Markets
MARCH 19, 2022
The table below summarizes the market cap change, by region of the world: It is no surprise that Eastern Europe and Russia, which are in the eye of the hurricane, have seen the most damage to equities, but other than the Middle East, every other equity market in the world is down, with the US, EU and China shedding significant market capitalization.
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. The former is short hand for the small cap premium and the latter is the proxy for the value factor in returns.
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Musings on Markets
DECEMBER 2, 2020
Cost of Capital & Failure Risk : For the cost of capital, I will assume that Airbnb’s cost of capital will be 6.50%, close to the cost of capital of hotel companies, to start the valuation, but over time, it will rise to 7.23%, reflecting an expected increase in the treasury bond rate from current levels to 2% in 2031.
Musings on Markets
JANUARY 10, 2025
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.
Musings on Markets
FEBRUARY 6, 2025
It is for this reason that I chose to compute returns differently, using the following constructs: I included all publicly traded stocks in each market, or at least those with a market capitalization available for them. I converted all of the market capitalizations into US dollars , just to make them comparable.
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