Barry Ritholtz

JULY 21, 2023

Or is anything economic Phil Gramm touches simply destined to be a dumpster fire of lies, foolishness, and incompetency? For the record, Census published its first study on the valuation of so-called “in-kind transfer benefits” in 1982. Call it ” ‘ America’s Enormous Math Mistake’s Mistake.

Math 98

Math Construction Valuation Economics 98

Musings on Markets

SEPTEMBER 9, 2024

That said, it was a healthy and profitable company during that decade, with solid unit economics (as reflected in its high gross margin) and profitability (its operating margin was higher in the last decade than in prior periods).

Valuation 132

Valuation Construction Manufacturing Marketing 132

PYMNTS

JULY 7, 2020

But Linville said America’s current economic woes should serve as a wakeup call for banks, forcing them to become more customer-centric and design more intuitive and sophisticated models of interaction — particularly when it comes to credit. Valuations are going to come down, and folks are going to be looking for different kinds of deals.”.

Banking 89

Banking Valuation Construction B2B 89

Musings on Markets

JULY 22, 2021

Zomato: Story and Valuation With the lead in on Zomato's history and business model, I can start constructing a story and valuation for the company, with the recognition that the biggest part of the story is in its macro elements. There are, however, other facts about the unit economics that lend to optimism on the story.

Marketing 99

Marketing Valuation Profit and Loss Advertising 99

PYMNTS

OCTOBER 5, 2020

Lalamove works with last-mile delivery tracking, with multiple categories of industries, including catering, eCommerce, manufacturing and construction, the release stated. Lalamove became a unicorn , meaning its valuation rose above $1 billion, in 2019.

Construction 52

Construction Valuation Manufacturing eCommerce 52

Musings on Markets

AUGUST 5, 2023

I will try to steer away from models and economic jargon in this section, simply because they do little to advance understanding and much to muddy the waters. In much of valuation, especially in the appraisal community, historical risk premiums remain the prevalent standard for measuring equity risk premiums, and there are a few reasons.

Treasury 97

Treasury Valuation Investments Corporate Finance 97

CFO News Room

NOVEMBER 5, 2022

I have written about the firm many times, over that period, starting with a valuation that I did of the company in 2012, just ahead of it going public. As economic growth has slowed and concerns about a recession have risen, revenue growth has dropped at all of the companies in this space has declined.

Marketing 130

Marketing Advertising Profit and Loss Investments 130

Barry Ritholtz

JULY 20, 2023

The popular investment may suffer from an economic dip and other changes in the financial scene, critics warn. PIMCO ) • What Could Derail Private Credit’s Momentum? PIMCO ) • What Could Derail Private Credit’s Momentum? New York Times ) • Why is LinkedIn so cringe?

Construction 40

Construction Valuation Investments Economics 40

Musings on Markets

NOVEMBER 4, 2022

I have written about the firm many times, over that period, starting with a valuation that I did of the company in 2012, just ahead of it going public. As economic growth has slowed and concerns about a recession have risen, revenue growth has dropped at all of the companies in this space has declined.

Advertising 105

Advertising Profit and Loss Investments Marketing 105

PYMNTS

NOVEMBER 23, 2017

Or to put it another way, with valuations stretched across bourses and asset classes outside China, wouldn’t it follow that there would be a rush into this new open market? So, with the caps uncapped, it follows that Western firms and companies will be operating in environments where investment pickings might be relatively slim.

Marketing 51

Marketing Banking Investments Construction 51

Musings on Markets

MARCH 25, 2021

The first has been the steep rise in treasury rates in the last twelve weeks, as investors reassess expected economic growth over the rest of the year and worry about inflation. In the first quarter of 2021, we continued to see evidence of economic growth, bolstered by a stimulus package of $1.9 Riskfree rate will rise.

Investments 52

Investments Treasury Economics Valuation 52

PYMNTS

JANUARY 29, 2019

It hurts their credit rating, it impacts the entire half of their economic life.”. Instead, Allred explained, the school is built around filling gaps in employment, meaning places where there are worker shortages are usually where Lambda starts its program construction efforts.

Education 46

Education Startups Construction Valuation 46

PYMNTS

APRIL 29, 2016

And Alibaba gets the boon of having a finance arm that now has an implied valuation of $60 billion. . a sovereign wealth fund, and China Construction BankCorp., Throwing money at growth for growth’s sake leads to sky high valuations. . But s ky high valuations led to euphoria, and then despair, eventually.

Advertising 40

Advertising Valuation Sales Construction 40

PYMNTS

MAY 18, 2018

The scale of the proposed transaction, and therefore the quantum of its economics, is wholly different from those we’ve already signed,” the executive said, noting that Kroger was in the best position to be successful in the U.S. In the middle of it all, the company is looking to raise $10 billion with an implied valuation of $160 million.

Construction 40

Construction Benchmarking Retail Valuation 40

Barry Ritholtz

JULY 24, 2023

The fact that you’ve got declining risk appetite, declines are prolonged, deep and valuations mean revert. The second, and what’s interesting about that period, is the fact that valuations actually peaked in 1961. MIAN: Valuations are ebb and flow. RITHOLTZ: So let’s take a couple of examples. Let me explain.

Marketing 52

Marketing Construction Valuation Investments 52

Barry Ritholtz

DECEMBER 19, 2023

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 was there that we learned a unique and differentiated approach to portfolio construction and invest in where the output was an on uncorrelated alpha return stream.

Healthcare 64

Healthcare Investments Construction Concentration 64

Barry Ritholtz

AUGUST 29, 2023

So I was a mile deep on a subject matter of bond indexing, but now I had the opportunity to lead an equity indexing group, the entire fixed income team, our investment strategy team that does research for our clients around portfolio construction, those types of things. So a variety of risk meetings, a variety of economic meetings.

Investments 52

Investments Benchmarking Valuation Construction 52

Cube Software

MAY 11, 2023

They're constructed to answer specific questions relevant to one or more of the financial statements. This is always important to do, but especially now in the midst of economic uncertainty. Normally, these are concerned with a company's present situation - you build on historical data to create financial statements.

GAAP 40

GAAP Financial Planning and Analysis (FP&A) Profit and Loss Accounting Principles 40

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. 00:04:02 That’s what value add software was originally. That’s really bad.

Concentration 69

Concentration Valuation Marketing Investments 69

Barry Ritholtz

OCTOBER 24, 2022

So I leave the Bureau of Labor Statistics and I move into economic consulting. And how do we think about them from a valuation perspective? You said earlier, valuations were historically high both stocks and bonds late 2021, right about now, what are we? That’s very funny. NORTON: Right. And so you can think of that.

Investments 52

Investments Valuation Benchmarking Marketing 52

PYMNTS

APRIL 11, 2016

That’s where a little history — and a lot of economics — can help. When all you hear about are the success stories and unicorns and multi-billion dollar IPOs with scant revenue streams to support the valuations, it’s easy to ignore how long it’s taken successful platforms to scale. Four: A platform’s work is never done.

Leverage 45

Leverage Construction Accounting Valuation 45

Barry Ritholtz

OCTOBER 17, 2023

A degree in mathematics from Oxford, a doctorate in mathematical epidemiology and economics from Cambridge. And you do a lot of work with infinity [Barry Ritholtz] : 00:03:29 [Speaker Changed] And then economics, which is a little bit squishier. What made you add economics to your, to your graduate degree? What is that?

Investments 52

Investments Valuation Numbers Math 52

Barry Ritholtz

MARCH 5, 2024

So I switched to be an economics major. I graduated economics with, with a lot of coursework in accounting and finance. What happened over the last year and a half or so is rates went up and valuations went down. How does this affect how you think about putting portfolios together, constructing portfolios?

Mergers and Acquisitions (M&A) 59

Mergers and Acquisitions (M&A) Credit Risk Investments Banking 59

Barry Ritholtz

FEBRUARY 13, 2023

Now, we’re shifting to more international places like China, Europe, et cetera, that are really growing, and that valuations are cheaper. RIEDER: And all of a sudden, you change the economic paradigm so darn fast. Think about the incredible growth of U.S. technology, that was something to ride for a while. RIEDER: Yeah.

Mergers and Acquisitions (M&A) 59

Mergers and Acquisitions (M&A) Investments Marketing Education 59

Barry Ritholtz

SEPTEMBER 26, 2023

So you have almost a doubling of the interest coupon paid by some of these businesses against the backdrop of c ovid 19 inflation and some of the economic pressures that come with, with those factors. And if they don’t, we’re happy to own them at the valuation that we are creating that company act. Tell us about that.

Investments 52

Investments Banking Economics Marketing 52

Barry Ritholtz

AUGUST 15, 2023

It’s much more about security selection and a relatively static portfolio construction. SEIDES: Yeah, I wouldn’t measure it in terms of economic returns. What’s the valuation? SEIDES: I would say that’s not really part of my belief system of what a hedge fund is trying to deliver. RITHOLTZ: Right.

Investments 52

Investments Benchmarking Marketing Treasury 52

Barry Ritholtz

SEPTEMBER 5, 2023

And we’d sort of turn that into a valuation business. MILLER: Well actually I thought, leading up to the great financial crisis, I thought to myself, we’re going to be out of business within a couple of years because nobody wanted an independent valuation. What are the, you know, I’d literally have it in my handheld.

Sales 52

Sales Marketing Numbers Construction 52

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 59

Investments Banking Entertainment Marketing 59

Barry Ritholtz

DECEMBER 14, 2022

MCCARTHY: I’d back up actually a little bit further in thinking about how did I get there, because I don’t think it was very obvious actually that I would come out of Yale with an ethics, politics and economics degree — RITHOLTZ: Perfect really, right? But that is a different kind of approach to portfolio construction.

Mergers and Acquisitions (M&A) 64

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

Musings on Markets

SEPTEMBER 1, 2021

For the last two decades, China has been the dominant story for both the global economy and capital markets, as the country's immense growth and infrastructure investments have sustained commodity prices, and altered the balance of world economic power.

Valuation 98

Valuation Economics Marketing Investments 98

Barry Ritholtz

AUGUST 16, 2022

And so that’s a really fertile, constructive environment for us to try and generate returns. But will it be volatile enough for it to be fertile for what we do and constructive for what we do? How do you contextualize the economic data and the broad stamp recession when you’re thinking about managing risk?

Profit and Loss 122

Profit and Loss Foreign Exchange Valuation Investments 122

Barry Ritholtz

OCTOBER 8, 2024

You don’t go for a doctorate in economics. And I think what I’m trying to imply is there’s a lot of informational value that’s already held within the valuations where these equities are trading that you can calculate, you know, a sense of the implied market probability of success for an opportunity for a company.

Healthcare 59

Healthcare Investments Pharmaceutical Profit and Loss 59

Barry Ritholtz

MARCH 14, 2023

You get a BA in Economics from Hamilton College. So what we did was we figured out the economic rationale, the macroeconomic influences about why growth and value work at any point in time. Everybody wants to sell a company when they get a good valuation. So we do a lot of valuation work. You get an MBA from NYU.

Quantitative Analysis 64

Quantitative Analysis Investments Valuation Marketing 64

Barry Ritholtz

MARCH 12, 2024

So we could construct trades that had very, very low premiums to sell this volatility to, to basically join the consumer on their side of the trade, which is in essence buying insurance on, on the bonds that were exposed to these great risk. Do you, do you still have any? Sean Dobson : I have one in my office now. That’s awesome.

Profit and Loss 59

Profit and Loss Investments Marketing Securities 59

Barry Ritholtz

MARCH 26, 2024

You get a BA in economics and poli sci from the University of Delaware. And it had to do with the discipline of the models that he used and how he segmented economic liquidity, investor liquidity, and then technicals and and breath conditions and understood how they melded together. What was the original career plan?

Investments 59

Investments Marketing Concentration Economics 59

Global Finance

MARCH 3, 2025

Standout transactions in 2024 include a loan to LG Energy to construct a plant in Poland for the manufacture of batteries used in electric vehicles. Pulp and paper technologies provider Valmet has embraced circular economic principles in a big way. A 3 billion Hong Kong dollar (about $385.7 billion Taiwan dollar (about $1.9

Finance 90

Finance Construction Banking Benchmarking 90

Barry Ritholtz

DECEMBER 20, 2022

It’s just a fascinating conversation about looking at the world from both bottoms up and top-down, as well as thinking about what valuations are like, how likely are macro events, the impact you’re getting not just the return on capital, but as famously said in fixed income, a return of your capital. RITHOLTZ: Really quite fascinating.

Restructuring 64

Restructuring Investments Marketing Banking 64