Musings on Markets

JANUARY 21, 2023

It is the nature of stocks that you have good years and bad ones, and much as we like to forget about the latter during market booms, they recur at regular intervals, if for no other reason than to remind us that risk is not an abstraction, and that stocks don't always win, even in the long term. Stocks: The What?

Equity 96

Equity Risk Premium Start-ups Dividends 96

Musings on Markets

JULY 17, 2023

I am not a market prognosticator for a simple reason. 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.

Marketability 98

Marketability Risk Premium Start-ups Treasury 98

Brian DeChesare

FEBRUARY 22, 2023

Sell-Side Definition: In the finance industry, “buy-side firms” raise money from institutions and wealthy individuals and invest on their behalf, profiting from management fees, performance fees, or both; “sell-side firms” earn money from commissions charged to facilitate deals and to sell, market, and trade equity, debt, and other securities.

Finance 130

Finance Marketability Banking Corporate Finance 130

IVSC

SEPTEMBER 12, 2024

He leads a team of quants, focusing on the valuations of complex securities and instruments issued by start-up companies to venture capital and private equity investors. Kwan Eng is a Chartered Valuer and Appraiser, and a Certified International Treasury Management professional.

Intangible Assets 130

Intangible Assets Corporate Finance Treasury Business Valuation 130

Brian DeChesare

JANUARY 4, 2023

Any discussion of the financial markets in 2022 needs to acknowledge one important fact upfront: it was the worst year for stocks and bonds since at least 1871. Meanwhile, disasters kept emerging in the riskiest parts of the market, such as crypto (see: FTX , Celsius, etc.), Treasuries: 19% [Up 19%]. Short-Term U.S.

Marketability 98

Marketability Start-ups Treasury Dividends 98

Musings on Markets

JANUARY 30, 2023

If 2022 was an unsettling year for equities, as I noted in my second data post, it was an even more tumultuous year for the bond market. As a result, treasury bond investors faced one of their worst years in history, losing close to a fifth of their principal, as bonds were repriced.

Treasury 97

Treasury Start-ups Risk Premium Equity 97

Musings on Markets

MAY 6, 2022

The nature of markets is that they are never quite settled, as investors recalibrate expectations constantly and reset prices. Clearly, we are not in one of those time periods, as markets approach bipolar territory, with big moves up and down.

Risk Premium 102

Risk Premium Treasury Start-ups Equity 102

Simply Treasury

JULY 12, 2021

Nevertheless, there has been much less innovation for servicing (larger) companies, despite the potential of this market. Large MNCs are today using big ERPs, customized to their needs, integrated, or interfaced to many other IT treasury solutions dedicated to certain tasks. Treasury system needs is a huge pound.

Treasury 52

Treasury Finance Marketability Technology 52

Harvard Corporate Governance

NOVEMBER 11, 2022

Governance and the Decoupling of Debt and Equity: The SEC Moves. Tags: Antitrust , Common ownership , Institutional Investors , Market efficiency , Ownership , Securities regulation. Lawsuit Against Meta Invokes Modern Portfolio Theory To Protect Diversified Shareholders. Top 5 SEC Enforcement Developments. federal courts.

Compliance 189

Compliance Banking Treasury Marketability 189

Musings on Markets

SEPTEMBER 27, 2022

By the start of 2022, the window for early action had closed and for much of this year, inflation has been the elephant in the room, driving markets and forcing central banks to be reactive, and its presence has already induced me to write three posts on its impact.

Risk Premium 99

Risk Premium Treasury Start-ups Equity 99

Benzinga

JANUARY 17, 2024

Market-implied probabilities of a rate cut by the Fed in March have declined to as low as 50%, down from over 70% at the beginning of the week, following recent hawkish statements from the Fed officials and stronger-than-expected economic data. Another day of losses shook up Wednesday’s stock trading session on Wall Street.

Marketability 98

Marketability Treasury Technology Equity 98

Musings on Markets

JANUARY 27, 2022

By the end of 2021, it was clear that this bout of inflation was not as transient a phenomenon as some had made it out to be, and the big question leading in 2022, for investors and markets, is how inflation will play out during the year, and beyond, and the consequences for stocks, bonds and currencies.

Risk-free Rate 99

Risk-free Rate Treasury Price to Book Start-ups 99

Musings on Markets

SEPTEMBER 20, 2024

The big story on Wednesday, September 18, was that the Federal Reserve’s open market committee finally got around to “cutting rates”, and doing so by more than expected. The market seemed to initially be disappointed in the action, dropping after the Fed’s announcement on Wednesday, but it did climb on Thursday.

Banking 124

Banking Treasury Start-ups Marketability 124

Reynolds Holding

OCTOBER 21, 2024

What GameStop put on display was how much has changed—in technology and business models—since 2005 when we last comprehensively updated our equity market rules. The markets have moved to overwhelmingly trade electronically, with transaction volume in listed equities tripling in the last 17 years. [3]

Equity 45

Equity Marketability Start-ups Treasury 45

Musings on Markets

JANUARY 17, 2024

Heading into 2023, US equities looked like they were heading into a sea of troubles, with inflation out of control and a recession on the horizon. Energy, one of the few survivors of the 2022 market sell-off, had a bad year, as did utilities and consumer staples. increase in market capitalization.

Risk Premium 79

Risk Premium Start-ups Equity Treasury 79

Benzinga

JUNE 20, 2024

NYSE: CPAY ) disclosed a definitive agreement to acquire GPS Capital Markets, LLC for an undisclosed amount. Headquartered in Salt Lake City, Utah, GPS Capital Markets offers cross-border and treasury management solutions to upper-middle market companies in the U.S. Corpay, Inc.

Marketability 59

Marketability Treasury Equity 59

Musings on Markets

AUGUST 15, 2023

During 2022, the US treasury did not default, but an investor in a 10-year US treasury bond would have earned a return of -18% on his or her investment, as bond prices dropped. and how much to hold in investments with guaranteed returns over their time horizon (cash, treasury bill and treasury bonds).

Risk-free Rate 98

Risk-free Rate Risk Premium Treasury Start-ups 98

Biz Equity

MARCH 2, 2023

In the second half of the year, transaction activity slowed, reflecting lukewarm market sentiment as interest rates and inflation climbed casting doubt on future profits. treasury is paying a higher interest rate than long-term U.S. treasuries. Overall, the 2023 general economic outlook for the United States is bleak.

Treasury 98

Treasury Marketability Banking 98

Reynolds Holding

JANUARY 4, 2023

On December 27, 2022, Treasury released Notices 2023-7 and 2023-2 (the “Notices”). The Notices are intended to provide interim guidance until proposed Treasury Regulations are promulgated. Future Mark-to-Market Guidance. Mark-to-Market Financial Statement Items. Until such time, Taxpayers can rely on the Notices.

Treasury 45

Treasury Dividends Marketability Finance 45

Brian DeChesare

FEBRUARY 28, 2024

While everyone seems to know about equity research and trading stocks, fixed income research gets far less attention. Equity Research vs. Fixed Income Research Common Myths What Do You Do as a Fixed Income Research Analyst or Associate? Also, it can be quantitative or fundamental – or both! – closer to the work at a quant fund ).

Equity 59

Equity Banking Start-ups Finance 59

Musings on Markets

JULY 13, 2022

Country Risk: Equity Risk For equity investors, the price of risk is captured by the equity risk premium, and equity risk premiums will vary across countries. That increase in interest rates is not restricted to the US dollar, as local currency government bond rates have risen around the world.

Risk Premium 103

Risk Premium Risk-free Rate Start-ups Equity 103

Brian DeChesare

JANUARY 3, 2024

The markets in 2023 were almost a complete reversal of 2022, and hardly anyone – me included – saw it coming. This result is disappointing because it ends my 4-year streak of matching or beating the market, and it’s all because of my bad decisions. and far too little in equities.

Marketability 59

Marketability Start-ups Equity Dividends 59

Reynolds Holding

APRIL 26, 2022

Fixed Income Markets. bond markets. The fixed income markets may not, on the surface, seem like the most cinematic part of the financial system. And yet, bonds are far from the “dullest” market in the world. The $23 trillion Treasury marketis the base upon which so much of our capital markets are built.

Marketability 45

Marketability Treasury Banking Compliance 45

Musings on Markets

MAY 5, 2023

The overarching questions for us all are whether this crisis will spread to the rest of the economy and market, as it did in 2008, and how banking as a business, at least in the US, will be reshaped by this crisis, and while I am more a dabbler than an expert in banking, I am going to try answering those questions.

Banking 98

Banking Equity Start-ups Treasury 98

Reynolds Holding

JULY 10, 2022

In standard public equity securities, even the most naïve investor is protected, first, by the market price – you pay only for what you get – and, second, by the comfort that nothing else is required of an individual investor to realize the full value of the security. securities markets – not SPACs.

Treasury 99

Treasury Marketability Equity Market Capitalization 99

Reynolds Holding

OCTOBER 24, 2022

In 1975, largely to address fixed commissions and other anticompetitive practices by market intermediaries, Congress amended the Securities Exchange Act of 1934. [1] Why does competition in our capital markets matter? It promotes innovation and efficiency in the middle of the markets. Why Competition Matters. It helps the U.S.

Treasury 56

Treasury Marketability Equity Finance 56

Brian DeChesare

MARCH 13, 2023

Banks’ lending activities are constrained by: Regulatory Capital – All banks must maintain a certain amount of common shareholders’ equity to absorb unexpected losses on loans and other assets. These are marked to market value and do affect the bank’s common equity and regulatory capital ratios, such as its CET 1 Ratio.

Banking 123

Banking Start-ups Equity Treasury 123

Value Scope

JANUARY 13, 2021

What is the market “at the well” valuation? What does it mean to make oil or natural gas “marketable”? It is true that oil and gas production involves complexities that other businesses do not have, and the gathering, processing, transportation, and marketing processes and costs can be opaque. What are the production costs?

Fair Market Value 130

Fair Market Value Discounted Cash Flow Treasury Marketability 130

Musings on Markets

MAY 20, 2022

In my last post , I discussed how inflation's return has changed the calculus for investors, looking at how inflation affects returns on different asset classes, and tracing out the consequences for equity values, in the aggregate.

Price to Book 102

Price to Book Dividends Beta Equity 102

Brian DeChesare

JUNE 15, 2022

First, note that these terms apply only to investment banks and related finance firms (private equity firms, hedge funds, etc.). Saying that you work in “the front office” of a technology company or a marketing firm makes little sense – or, at least, it means something different from the definitions in this article.

Banking 98

Banking Treasury Start-ups Finance 98

Musings on Markets

JANUARY 24, 2024

In my last post, I looked at equities in 2023, and argued that while they did well during 2023, the bounce back were uneven, with a few big winning companies and sectors, and a significant number of companies not partaking in the recovery.

Treasury 52

Treasury Risk Premium Start-ups Risk-free Rate 52

Global Finance

JUNE 6, 2024

Its new generative AI tool analyzes and summarizes the minutes and announcements from the Monetary Policy Committee of Brazil’s central bank and the Federal Open Market Committee of the US Federal Reserve. Not only can market risk be better monitored, but market costs can be saved for participants: about $30 million so far, estimates CCDC.

Banking 109

Banking Treasury Technology Compliance 109

Reynolds Holding

APRIL 4, 2022

Today, you’ve invited me to talk about the roughly $2 trillion crypto markets. The dot-com bubble burst, though, created significant tremors in our markets. There’s no reason to treat the crypto market differently just because different technology is used. has the greatest capital markets because investors have faith in them.

Marketability 65

Marketability Start-ups Banking Compliance 65

Reynolds Holding

MAY 9, 2022

government raised money from the public through “Liberty Bonds,” marketed on posters featuring Uncle Sam. Americans turned to our capital markets to support the war efforts. These statutes created requirements and regulations around disclosure, registration, exchanges, and broker-dealers, and established the SEC to oversee the markets.

Marketability 45

Marketability Treasury Start-ups Banking 45

Simply Treasury

NOVEMBER 2, 2020

How to best choose your IT treasury solution in a complex and competitive environment? The strategic and key role of treasury teams has increased steadily over last decade. At treasury level, the central technology is the calculation and processing power of Treasury Management Systems (i.e. Tech dependency of Treasury.

Treasury 52

Treasury Technology Start-ups Finance 52

Andrew Stolz

AUGUST 4, 2020

Government Treasury bond can be considered the (nominal) risk-free rate. There is still a risk that the coupons payments a Treasury bondholder earns are reinvested at different, prevailing interest rates. Treasury Bill. The general flexibility of the capital market due to supply and demand. Anticipated rate of inflation.

Risk-free Rate 52

Risk-free Rate Treasury Equity Marketability 52

Reynolds Holding

OCTOBER 23, 2022

The bank still wishes to develop efficient and liquid financial markets in Africa for the effective mobilization and allocation of financial resources to the continent’s key sectors, including infrastructure. However, bond markets in Africa remain largely underdeveloped, with corporate bond markets non-existent or in their infancy.

Marketability 45

Marketability Banking Treasury Finance 45