Musings on Markets

MAY 20, 2022

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 market capitalization and price to book ratios.

Price to Book 102

Price to Book Dividends Beta Equity 102

Musings on Markets

JULY 17, 2023

In my second data update post from the start of this year , I looked at US equities in 2022, with the S&P 500 down almost 20% during the year and the NASDAQ, overweighted in technology, feeling even more pain, down about a third, during the year. trillion below their values from the start of 2022. that was lost last year.

Marketability 98

Marketability Risk Premium Start-ups Treasury 98

Musings on Markets

DECEMBER 10, 2023

In an earlier episode, Nike also lost billions in market capitalizations, when Michael Jordan, an NBA superstar whose name-branded footwear (Air Jordan) had become a game changer for Nike, unexpectedly announced in 1993 , that he would be retiring from basketball, to play baseball.

Key Person Discount 128

Key Person Discount Start-ups Price to Book Marketability 128

Musings on Markets

MARCH 25, 2021

While some of this reversal is to be expected in any market, there are questions about whether it has anything to do with rising rates, as well as whether there may be light at the end of the tunnel for some investor groups who were left out of the market run-up in the last decade.

Equity 52

Equity Risk-free Rate Treasury Start-ups 52

Musings on Markets

MARCH 19, 2022

In addition to being traded on the MICEX, the Russian exchange, these companies all have listings in foreign markets (Yandex has a US listing and the other three are listed on the London Exchange). A few weeks ago, I posted my valuation of the FANGAM stocks and noted that only one of them was under valued, at the prices prevailing then.

Start-ups 100

Start-ups Risk Premium Equity Market Capitalization 100

Musings on Markets

JANUARY 9, 2021

Consider, for instance, an investor who picks stocks based upon price to book ratios, who finds a stock trading at a price to book ratio of 1.5. While some of the companies in this data trace their existence back decades, there is a healthy proportion of younger companies, many in emerging markets and new industries.

Risk Premium 52

Risk Premium Market Capitalization Equity Start-ups 52

Musings on Markets

JANUARY 19, 2022

I do believe that too much is often made of these differences, as it is generally more the rule than the exception that markets, when they are up strongly, get the bulk of that rise from a small sub-set of stocks or sectors. The results are similar if you break stocks down based upon price to book ratios or revenue growth rates.

Risk Premium 99

Risk Premium Risk-free Rate Start-ups Equity 99