Musings on Markets

JANUARY 12, 2021

Last week, was my data week, where I download and analyze data on all publicly traded companies, listed anywhere in the world, and I will post extensively on what the numbers look like after a most tumultuous year. As we approach the turn of the calendar year, I have my own set of rituals that prepare me for the new year.

Valuation 52

Valuation Corporate Finance Finance Investments 52

PYMNTS

AUGUST 31, 2020

Wish’s filing follows a number of startups, including Snowflake, Palantir Technologies and Asana, seeking opportunities amid a crush of investors, Reuters reported. Led by General Atlantic, a New York growth equity firm, the round boosted Wish’s valuation to $11.2

eCommerce 56

eCommerce Concentration Valuation Startups 56

Barry Ritholtz

SEPTEMBER 3, 2024

Heather comes from with a fascinating background, having previously been in a number of other places, most notably Morningstar, and, and she has a very specific approach to investment management and thinking about stock selection. They do a number of things at Diamond Hill that many other investment shops don’t.

Investments 57

Investments Valuation Concentration Marketing 57

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. As Paytm's product suite has expanded, its numbers reflect both its strengths and weaknesses, with four key statistics tracking its expansion.

Valuation 75

Valuation Profit and Loss Investments Numbers 75

PYMNTS

JANUARY 12, 2020

Sujith Narayanan and Sumit Gwalani, both co-founders of Google Pay India — formerly called Google Tez — said the seed funding brings the neo-bank startup epiFi to a valuation of roughly $50 million. Last year digital payments topped 1 billion transactions in October from over 100 million people and those numbers have been steady ever since.

Concentration 40

Concentration Startups Valuation Financial Systems 40

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. Valuation is at risk, and valuations are high. Ostensibly, valuation is underpinned by fundamentals.

Valuation 40

Valuation Concentration Currencies Retail 40

CFO News Room

JANUARY 17, 2023

Consequently, I will concentrate this post on how this crisis is playing out in markets, and the effects it has had, so far, on businesses and investments, and whether these effects are likely to be transient or permanent. I revisited my valuation of the index, with the updated values: Spreadsheet to value the S&P 500.

Economics 130

Economics Valuation Treasury Forecasting 130

Barry Ritholtz

AUGUST 20, 2024

And so in the 1990s, I developed the, the late 1980s, early 1990s, I developed a skillset around valuation, in particular discounted cash flow or residual income type models, along with a couple of peers out of the consulting industry. It’s, it’s double concentrated risk. 00:18:19 [Speaker Changed] Right?

Concentration 67

Concentration Valuation Marketing Investments 67

Musings on Markets

JULY 17, 2023

That has not happened either, as employment numbers have stayed strong, housing prices have (at least up till now) absorbed the blows from higher mortgage rates and the economy has continued to grow. In the process, the implied equity risk premium, which peaked at 5.94% on January 1, 2023, is back down to 5% at the start of July 2023.

Marketing 96

Marketing Treasury Currencies Valuation 96

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

From there, the latest highlights also feature a number of other interesting advisor technology announcements, including: DPL Partners launches a new advisor-matching solution to solve for the inbound demand of consumers increasingly seeking out a new crop of no-commission annuity products. next-generation investors with smaller balances).

Planning 130

Planning Technology Valuation Communication 130

Musings on Markets

DECEMBER 2, 2020

Setting the Table As with any valuation, the first step in valuing Airbnb is trying to understand its history and its business model, including how it has navigated the economic consequences of the COVID. In addition, growth in the experiences business will also push this metric upwards, since Airbnb keeps a 20% share of those revenues.

Profit and Loss 52

Profit and Loss Valuation Investments Numbers 52

Musings on Markets

MARCH 19, 2022

Consequently, I will concentrate this post on how this crisis is playing out in markets, and the effects it has had, so far, on businesses and investments, and whether these effects are likely to be transient or permanent. to 25% for the Eurozone.

Economics 100

Economics Valuation Treasury Forecasting 100

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. Second part of our framework is valuation fundamental work. So that’s, that’s number one.

Valuation 62

Valuation Investments Economics Marketing 62

Barry Ritholtz

OCTOBER 24, 2022

So there are a number of us heading in out of college into the BLS. And how do we think about them from a valuation perspective? NORTON: Within Morningstar Investment Management, we are very much high conviction investors probably — RITHOLTZ: Meaning concentrated portfolio? I was on the Producer Price Index.

Investments 52

Investments Valuation Benchmarking Marketing 52

Barry Ritholtz

DECEMBER 19, 2023

They run long short across each of these, and they’ve put up some pretty impressive numbers over the past couple of years. And when they look at a sector, they want to be long, the very best stocks at the best valuations they can, and short the worst stocks at the worst valuations. It’s beta neutral, market neutral.

Healthcare 62

Healthcare Investments Construction Concentration 62

CFO News Room

NOVEMBER 8, 2022

So, last year, valuations were high, interest rates were low. And I said, “Look, you’ve got to look at where we are with valuations, and you have to look at where the 10-year Treasury is at. And so, that can move the numbers, as well. And so, that can move the numbers, as well. Is it at 1.5%? Cean: Correct.

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Restructuring Planning Marketing Accounting 130

Musings on Markets

JANUARY 9, 2021

To illustrate, consider a practice in valuation, where analysts are trained to add a small cap premium to discount rates for smaller companies, on the intuition that they are riskier than larger companies. In closing, I also want to dispense with the notion that data is objective and that numbers-focused people have no bias.

Valuation 52

Valuation Currencies Numbers Corporate Finance 52

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. In a reflection of the times, there have been two developments.

Investments 83

Investments Currencies Treasury Hurdle Rate 83

Barry Ritholtz

DECEMBER 6, 2022

And I did the math, and I think at that point in time, roughly speaking, assets in ETS were roughly just 10 percent, 12 percent of assets in mutual funds and I was pretty convinced that that number was to increase significantly. I was employee number 10. RITHOLTZ: Which is really a pretty big number. billion dollars in AUM.

Investments 62

Investments Marketing Numbers Risk Management 62

Barry Ritholtz

DECEMBER 12, 2023

And because my mother and grandmother were looking at these trying to figure out what was going on, I was curious about the sea of numbers. And 00:28:03 [Speaker Changed] That’s an amazing number. Low price stock has historically had some very large concentrated positions. If it’s a cyclical low Yeah.

Benchmarking 104

Benchmarking Concentration Investments Profit and Loss 104

Barry Ritholtz

JUNE 13, 2023

And so we go back to the basics of what our job should be, risk underwriting, risk assessment, asset prices are different from asset valuation. I mean the valuation is the future cash flow discounted at a risk-free rate plus a risk premium. RITHOLTZ: So let’s talk a little bit about valuations relative to risk and reward.

Investments 57

Investments Banking Entertainment Valuation 57

Barry Ritholtz

AUGUST 15, 2023

Or at least the top, pick a number, 30, 40%. I don’t remember the number. ” 29, 87, 74, just pick any 50 plus percent number and certainly 2000 and ’08, ’09, a major index gets cut in half. So you’re talking about an average of a large number. What’s the valuation? Less, 20, 30%?

Investments 52

Investments Benchmarking Marketing Treasury 52

Musings on Markets

FEBRUARY 4, 2023

Given the historical roots of the biggest Indian family groups, the Adani Group has been a recent entrant, not making the top ten list (in terms of either operating metrics like revenues or market-based numbers like market capitalization or enterprise value) as recently as ten years ago, and barely making the top ten list five or six years ago.

Investments 100

Investments Valuation Auditing Restructuring 100

Barry Ritholtz

MARCH 26, 2024

There’s Saunders is not spelled with a z There’s no numbers added to it. If 00:34:44 [Speaker Changed] You, so wait, gimme those numbers again. You still get these, you know, cap driven concentration problems in the market like last year. Pretty, pretty good numbers. But, but the big ones he really nailed.

Investments 57

Investments Marketing Concentration Economics 57

CFO News Room

FEBRUARY 5, 2023

Given the historical roots of the biggest Indian family groups, the Adani Group has been a recent entrant, not making the top ten list (in terms of either operating metrics like revenues or market-based numbers like market capitalization or enterprise value) as recently as ten years ago, and barely making the top ten list five or six years ago.

Marketing 130

Marketing Investments Auditing Profit and Loss 130

Barry Ritholtz

AUGUST 16, 2022

And if you’re able to do that in a diverse number of markets and asset classes, while managing risk in the markets that aren’t trending, you know, that’s in general how trend following works. Maybe we’ll get down to 4% or 5%, but that’s the number the Fed doesn’t like. TROPIN: Correct. TROPIN: Yeah.

Profit and Loss 119

Profit and Loss Foreign Exchange Valuation Investments 119

Barry Ritholtz

NOVEMBER 4, 2024

I said a number of dis drive companies, pc, I mean, we did actually invest in Compact during that period. They’re a number of technologists that are now interested in healthcare. And where we’ve made the least number of investments, the fewest number of investments is in hospital systems because Epic owned it.

Healthcare 52

Healthcare Investments Numbers Marketing 52

Barry Ritholtz

DECEMBER 14, 2022

I was thinking any number of things and mostly that I didn’t really know what I wanted to be when I grew up, but I was not kind of at all informed by, you know, gender norms that people asked me a lot about now, in particular how do you know a woman, how did you think about ending up in this thing? MCCARTHY: Yeah, absolutely.

Mergers and Acquisitions (M&A) 62

Mergers and Acquisitions (M&A) Investments Construction Concentration 62

PYMNTS

AUGUST 13, 2018

This ignores the fact that the processing rails for this system — bitcoin — is concentrated in a handful of miners in China and the exchanges used to turn bitcoin into the real money that people can spend are routinely hacked. Uber invested in Lime in July as part of a $335 million capital raise that valued the company at $1.1

Banking 44

Banking Transportation Investments Accounting 44

Barry Ritholtz

APRIL 11, 2023

 The transcript from this week’s, MiB: Aswath Damodaran: Valuations, Narratives & Academia , is below. You’re known as the dean of valuation. He said, oh, dean of valuation, it’s easier to say. So let’s start with the question, what led you to focus on valuation? RITHOLTZ: Right. And I said, why?

Valuation 117

Valuation Education Finance Numbers 117

Barry Ritholtz

FEBRUARY 20, 2024

’cause L-I-B-O-R was probably the most important number, certainly in credit, maybe in all of finance. Number one, the economy’s a lot stronger than they thought it was gonna be. We just had a giant number, a giant upside surprise in payrolls. He said, oh, it’d take at least two or three weeks, really?

Treasury 57

Treasury Marketing Banking Economics 57

CFO News Room

NOVEMBER 5, 2022

We also have a number of articles on taxes and end-of-year planning: The importance for advisors of understanding current RMD rules to ensure their clients take the proper distributions (and avoid a 50% penalty in the process!). While private valuations have soared in recent years, public markets continue to be less kind to RIAs.

Mergers and Acquisitions (M&A) 130

Mergers and Acquisitions (M&A) Profit and Loss Investments Securities 130

Barry Ritholtz

FEBRUARY 12, 2024

And since that happened, I don’t know, about four or five years ago, the fund has been putting up great numbers, outperforming doing really, really well. And since we’re looking for narratives as opposed, and then do valuation work second as opposed to cheap, we don’t screen. Is that a fair statement?

Investments 115

Investments Marketing Numbers Entertainment 115

CFO News Room

DECEMBER 12, 2022

Melbourne University epidemiologist Professor Nancy Baxter said the rising number of infections was due to waning immunity, but underreporting was camouflaging the prevalence of sickness. ‘We December 5: • California data point (1): 1/ SARS-CoV-2 concentrations are skyrocketing in wastewater across California.

Concentration 130

Concentration Accounting Numbers Healthcare 130