Global Finance

SEPTEMBER 23, 2024

Those that closed a deal often paid way too much, or at least passed the companies along to public markets at inflated valuations. SPAC sponsors raise their own money on markets, promising to invest it in one or more targets within a fixed term. Shares in electric vehicle maker Lucid Motors, whose $4.4

Valuation 104

Valuation Concentration Leverage Investments 104

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.

Marketing 98

Marketing Treasury Currencies Valuation 98

Barry Ritholtz

FEBRUARY 7, 2024

He co-hosts the Behind the Markets podcast with Wharton finance Professor Jeremy Siegel and has helped update and revise Siegel’s Stocks for the Long Run: The Definitive Guide to Financial Market Returns & Long-Term Investment Strategies. Dividends come from earnings, and so those are sort of anchors to valuation.

Investments 118

Investments Valuation Construction Marketing 118

Barry Ritholtz

AUGUST 1, 2023

After a monstrous 68% recovery from the March 2020 pandemic low, and another nearly 30% gain in 2021, markets decided to have one of their all-too-regular spasms. The wisdom of the crowd is why the efficient markets work most of the time, but it really helps to be aware when the crowd turns into an unthinking mob of hooligans.

Forecasting 98

Forecasting Concentration Valuation Economics 98

Musings on Markets

OCTOBER 6, 2023

A few days ago, I valued Instacart ahead of its initial public offering , and noted that the reception that the stock gets will be a good barometer of where risk capital stands in the market, right now. There is another measure that you can use to see the futility, at least so far, of accounting attempts to value intangibles.

Valuation 125

Valuation Profit and Loss Accounting Investments 125

CFO News Room

JANUARY 17, 2023

As the world’s attention is focused on the war in the Ukraine, it is the human toll, in death and injury, that should get our immediate attention, and you may find a focus on economics and markets to be callous. The Market Reaction. Bond Markets and Default Risk. Equity Markets and Equity Risk Premiums. The Lead In.

Economics 130

Economics Valuation Treasury Forecasting 130

Musings on Markets

SEPTEMBER 9, 2024

In parallel, I also noted that investors have to change the way they value and price companies, to reflect where they are in the life cycle, and how different investment philosophies lead you to concentrated picks in different phases of the life cycle. First, the companies are familiar names.

Valuation 132

Valuation Construction Manufacturing Marketing 132

Musings on Markets

OCTOBER 4, 2021

In this post, I will look at the levers that drive Paytm's value, and you can make your judgments on where you think this offering will lead in terms of valuation and pricing. In the decade since, that has changed, as the smart phone market has exploded to reach hundreds of millions of Indians in 2020.

Valuation 95

Valuation Profit and Loss Investments Numbers 95

PYMNTS

JANUARY 21, 2021

21) that Ant’s valuation may fall all the way to $108 billion due to antitrust concerns. That could happen under Chinese regulators’ proposals to curb market concentration in the country’s online payments market, Ant, best known for its Alipay payments service, calls itself a financial technology company (FinTech).

Valuation 56

Valuation Concentration Banking Marketing 56

Future CFO

MARCH 23, 2023

This applies particularly when liquidity is tightening sharply and when unrealised valuation losses on asset holdings could be realised if a deposit run forced banks to sell assets, the credit rating agency said. Support for smaller banks may be more variable, the firm noted.

Banking 52

Banking Valuation Concentration Risk Management 52

Musings on Markets

MARCH 19, 2022

As the world's attention is focused on the war in the Ukraine, it is the human toll, in death and injury, that should get our immediate attention, and you may find a focus on economics and markets to be callous. The increase in default spreads was not restricted to foreign markets, as fear also pushed up spreads in the corporate bond market.

Economics 100

Economics Valuation Treasury Forecasting 100

E78 Partners

JANUARY 5, 2024

Engage Third Parties Early: Engage valuation firms and appraisers early in the process, as these experts can help support audit preparation and reduce hassles later on. Additionally, remember to tackle valuation early and reach out to auditors for guidance on non-recurring or unusual transactions.

Auditing 59

Auditing Valuation Concentration Reconciliations 59

Barry Ritholtz

OCTOBER 2, 2024

 At The Money: Finding Overlooked Private Investments , with Soraya Darabi, TMV (October 02, 2024) The Efficient Market Hypothesis informs us that stock markets reflect all of the information known about any company. Inefficient markets can lead to unexpectedly better returns. Typically the, the valuations are.

Investments 72

Investments Valuation Startups Concentration 72

Musings on Markets

JANUARY 12, 2021

I end the class with a corporate finance version of valuation, where I tie inputs into value (cash flows, growth and risk) to investment, financing and dividend decisions. Valuation : It is unfortunate, but for most people, the vision that comes to mind when I say that I teach valuation is excel spreadsheets and high profile company names.

Valuation 52

Valuation Corporate Finance Finance Investments 52

PYMNTS

NOVEMBER 15, 2019

Tan said he anticipates additional markets will turn a profit in the next 12 months and some are already making money. We continue to see more markets getting … more profitable in many other cities, across the next 12 months.” . Grab had a $14 billion valuation in March and in 2018 acquired Uber’s share of the Southeast Asia market.

Concentration 50

Concentration Valuation Startups Technology 50

PYMNTS

MARCH 31, 2016

The fact remains that venture capital firms are in the midst of raising money at a level not seen in a decade and a half, and yet, as The Wall Street Journal noted this week, the valuations of some of the highest fliers in the land of startups have started to move back toward earth, which brings to mind Icarus and the sun. With hesitation.

Valuation 40

Valuation Concentration Startups eCommerce 40

CFO News Room

DECEMBER 5, 2022

As a result, the ‘traditional’ valuation of an advisory firm wasn’t really 2X revenue; it was 6-8X profits, and when advisory firms can run 25% to 30% profit margins, 7X profits at 28% margins came out to almost exactly 2X revenue. (In When it comes to technology firms, revenue valuation multiples are often much higher.

Planning 130

Planning Technology Valuation Communication 130

PYMNTS

AUGUST 10, 2018

Tax cuts and incitements (last month regulators advocated slashing interest rates for small and mid-sized firms) mean that spending activity is concentrated within China’s borders. Reuters noted Friday that “a glittery stock market run” may be in peril for some of these high-end retailers. Valuation is at risk, and valuations are high.

Valuation 40

Valuation Concentration Currencies Retail 40

PYMNTS

SEPTEMBER 14, 2016

perhaps not surprisingly, given the two transactions just mentioned — represented the bulk of concentration, to the tune of 86 percent of all investment activity. Abbo sees a burgeoning market for connected, low-cost sensors, adaptive systems, a new generation of smart applications and a renaissance in business process reengineering.

Investments 74

Investments Concentration Valuation Technology 74

Barry Ritholtz

SEPTEMBER 3, 2024

And it was a very rigorous program and I learned so much from classes that I never thought I would find exciting, like marketing. Maybe there’s a substantial marketing efficiency there. I think actually if you go public, there tends to be a more of a concentration in owners holding founder 00:17:41 [Speaker Changed] Stock.

Investments 59

Investments Valuation Concentration Marketing 59

Musings on Markets

AUGUST 15, 2023

After the rating downgrade, my mailbox was inundated with questions of what this action meant for investing, in general, and for corporate finance and valuation practice, in particular, and this post is my attempt to answer them all with one post.

Investments 98

Investments Currencies Treasury Hurdle Rate 98

Barry Ritholtz

AUGUST 20, 2024

Why don’t we just have a conversation in the studio about his beef with passive, why he thinks it’s a structural threat to the market? Now, I don’t believe the market structure is subject to the same risks as a single inverse trading instrument, but he makes a really compelling case for this is important.

Concentration 69

Concentration Valuation Marketing Investments 69

Barry Ritholtz

OCTOBER 2, 2024

Transcript: Soraya Darabi on Finding Overlooked Private Investments ATM Soraya Dorabi Private Inefficiencies How efficient are private markets? Inefficient markets can lead to unexpectedly better returns. Areas with less capital and less competition reflect less efficiency and market returns. Typically the, the valuations are.

Investments 52

Investments Valuation Startups Concentration 52

Musings on Markets

DECEMBER 2, 2020

In this post, I will argue that there are good reasons for Airbnb's IPO timing, and make my first attempt at valuing this latest entrant into public markets. By the start of 2020, Airbnb had already become one of the largest players in its market of vacation and travel rentals, a sign of success, but also a crimp on future growth.

Profit and Loss 52

Profit and Loss Valuation Numbers Marketing 52

Musings on Markets

JANUARY 9, 2021

I spent the first week of 2021 in the same way that I have spent the first week of every year since 1995, collecting data on publicly traded companies and analyzing how they navigated the cross currents of the prior year, both in operating and market value terms.

Valuation 52

Valuation Currencies Numbers Corporate Finance 52

Barry Ritholtz

SEPTEMBER 10, 2024

He has a very interesting approach to thinking about market valuations and strategies and when to deploy capital, when to go with the crowd, when to lean against the crowd, and has amassed and excellent track record. I mean, that’s what, that’s what makes markets so exciting to me. I, I love that area.

Valuation 64

Valuation Investments Economics Marketing 64

Barry Ritholtz

FEBRUARY 6, 2024

We hear a lot about Jeremy Grantham thoughts on markets, but much less on how the firm is managed, how this growth came about and the culture as a business. Is that what leads to the lower downside in, in a market dislocation, if you’re buying it right, there’s less room to fall, right? That’s really true.

Valuation 52

Valuation Investments Finance Math 52

Barry Ritholtz

DECEMBER 19, 2023

It’s beta neutral, market neutral. It’s always interesting to speak to a fund manager in the midst of one of the craziest macro periods of the markets that we’ve seen and God knows how long, who doesn’t factor in macro events or the overall market because they’re market neutral and hedged.

Healthcare 64

Healthcare Investments Construction Concentration 64

Barry Ritholtz

OCTOBER 24, 2022

So litigation around unfair competition or the like, a company would pull in our expert witness and I was part of the team to put together the case to explain the market size or the market share or what have you. But it was, I think, a very foundational period for me to just have build that experience in the markets.

Investments 52

Investments Valuation Benchmarking Marketing 52

CFO News Room

NOVEMBER 8, 2022

directly via email: Resources Featured In This Episode: Looking for sample client service calendars, marketing plans, and more? And we’re going to talk about what’s going on in the markets, briefly talk about the portfolio. So, last year, valuations were high, interest rates were low. Cean: Thanks, Michael.

Restructuring 130

Restructuring Planning Marketing Accounting 130

Barry Ritholtz

DECEMBER 6, 2022

I did in 2013 the largest banking transaction that the market had seen since the financial crisis, it was a $2.4 First of all, I think the amount of investors that participate in the financial markets is much smaller than it is in the U.S. We have 200 employees, and we have a local presence in all of the major markets around the world.

Investments 64

Investments Marketing Numbers Risk Management 64

Barry Ritholtz

AUGUST 15, 2023

I didn’t know a whole lot about markets or stocks. ” But I really had an interest in trying to work directly in markets. So I worked at a private equity firm, that middle market private equity firm Yale had money with. SEIDES: But market returns across — RITHOLTZ: The past decade, 2010 to 2020, we were what?

Investments 52

Investments Benchmarking Marketing Treasury 52

Barry Ritholtz

JUNE 13, 2023

And so late 90s, that’s the emergence of the high yield market in Europe, you would print deals like never before. Now, on the positive and the silver lining was that this whole situation started putting a lot of light on, let’s say, the alternative market. Is it just the size of the US market? I think we learned a lot.

Investments 59

Investments Banking Entertainment Marketing 59

Barry Ritholtz

DECEMBER 12, 2023

So again, so it came back out to the market and it held on to all the pieces except Danaher. What’s the most current data point that may not have filtered into the market? They’d say it’s a crap market. So you’re implying that A, there’s a market inefficiency. Many years ago.

Benchmarking 105

Benchmarking Concentration Investments Profit and Loss 105

Barry Ritholtz

DECEMBER 14, 2022

RITHOLTZ: Can I tell you all of us who were in markets and real estate and derivatives and trading, and anything who survived that baptism of fire, people have told me stories that they came through that and that affects you the rest of your career, that colors — it leaves a mark and colors you forever. They react to markets.

Mergers and Acquisitions (M&A) 64

Mergers and Acquisitions (M&A) Investments Construction Concentration 64

Barry Ritholtz

AUGUST 16, 2022

It was an era where, you know, first of all, the markets were really inefficient, right? TROPIN: So it was very fertile to do what we do because markets moved a lot. Commodity markets were moving a lot. It’s much better to be involved in trend following when markets are moving. That’s the equity markets.

Profit and Loss 122

Profit and Loss Foreign Exchange Valuation Investments 122

PYMNTS

AUGUST 13, 2018

but in large developing markets where other established competitors have a healthy head start. It’s far easier to talk about how bitcoin and blockchain are more revolutionary then the internet and watch your stock price — and market cap — double and triple in value. All in the space of just a few months’ time. billion.

Banking 44

Banking Transportation Investments Accounting 44