The Curious Engineer

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Musings on Markets

aswathdamodaran.blogspot.com

A blog about markets, finance and all things money related.

Society / politics / economy

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685 from 17 Sep 2008 to 28 Oct 2026
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2026 25

  1. The Anthropic Prospectus Arrives: My (but not the) IPO valuation!
  2. From Eyeballs to Annual Run Rates (ARR): Buzzy Pricing Metrics and the Anthropic Trade!
  3. Stock Prices, Earnings and Cashflows: The AI Effect plays through!
  4. Interest Rates and Stock Prices: An Old Debate Flares up!
  5. The Scaling and Profitability Trade off: Venture Capital's Weakest Link!
  6. AI's Bar Mitzvah Moment: From Hype & Hope to Business Questions!
  7. The Situational Awareness Blow-up: The Collateral Damage from Investing Conviction!
  8. Information Timing and Release: The Gaming of Guidance!
  9. Country Risk: Drivers, Measures and Investment Implications - The 2026 Edition!
  10. SpaceX, OpenAI and Anthropic: The S&P 500 Inclusion Question and Investment Consequences!
  11. Revisiting the SpaceX Valuation: A Post-Prospectus Update!
  12. An Ode to Restraint: Lessons from the Tim Cook Legacy
  13. To a Trillion(s) Dollars and beyond: A SpaceX IPO Odyssey!
  14. Oil, War and the Global Economy: The Market's Narrative in March 2026
  15. Finding your investing lodestar: In Search of an Investment Philosophy
  16. The Price of Risk: An Equity Risk Premium Monologue!
  17. AI Scenarios: From Doomsday Destruction to Do-Nothing Bots!
  18. Data Update 8 for 2026: Time for Harvesting - Dividends and Buybacks
  19. Data Update 7 for 2026: Debt and Taxes
  20. Data Update 6 for 2026: In Search of Profitability!
  21. Data Update 5 for 2026: Risk and Hurdle Rates
  22. Data Update 4 for 2026: The Global Perspective!
  23. Data Update 3 for 2026: The Trust Deficit - Bonds, Currencies, Gold and Bitcoin!
  24. Data Update 2 for 2026: Equities get tested, and pass again!
  25. Data Update 1 for 2026: The Push and Pull of Data!

2025 23

  1. Trillion Dollar Market Caps: Fairy Tale Pricing or Business Marvels?
  2. A Golden Year (2025): Gold's Price Surge - The Signal in the Noise!
  3. A “Fairly Highly Valued” Market: A Fed Chair Opines on Stocks, but should we listen?
  4. The Imitation Game: Defending against AI's Dark Side!
  5. Country Risk 2025: The Story behind the Numbers!
  6. To Bitcoin or not to Bitcoin? A Corporate Cash Question!
  7. The (Uncertain) Payoff from Alternative Investments: Many a slip between the cup and the lip?
  8. Sovereign Ratings, Default Risk and Markets: The Moody's Downgrade Aftermath!
  9. The Greed & Fear Tango: The Markets in April 2025!
  10. Buy the Dip: The Draw and Dangers of Contrarian Investing!
  11. Anatomy of a Market Crisis: Tariffs, Markets and the Economy!
  12. Investing Politics: Globalization Backlash and Government Disruption!
  13. Data Update 9 for 2025: Dividends and Buybacks - Inertia and Me-tooism!
  14. Data Update 8 for 2025: Debt, Taxes and Default - An Unholy Trifecta!
  15. Return on Equity, Earnings Yield and Market Efficiency: Back to Basics!
  16. Data Update 7 for 2025: The End Game in Business!
  17. Data Update 6 for 2025: From Macro to Micro - The Hurdle Rate Question!
  18. Data Update 5 for 2025: It's a small world, after all!
  19. DeepSeek crashes the AI Party: Story Break, Change or Shift?
  20. Data Update 4 for 2025: Interest Rates, Inflation and Central Banks!
  21. Data Update 3 for 2025: The times they are a'changin'!
  22. Data Update 2 for 2025: The Party Continued (for US Equities)
  23. Data Update 1 for 2025: The Draw (and Danger) of Data

2024 20

  1. For the fun of it: An Open House for my Spring 2025 Classes
  2. The Siren Song of Sustainability: The Theocratic Trifecta's Third Leg!
  3. The Wisdom and Madness of Crowds: Market Prices as Political Predictors!
  4. The Sugar Daddy Effect? Assessing Corporate venture capital, Sovereign funds and Green Energy!
  5. Breaking up Big Tech: Cui Bono?
  6. Just do it! Brand Name Lessons from Nike'sTroubles!
  7. Fed up with Fed Talk? Fact-checking Central Banking Fairy Tales!
  8. Dealing with Aging: Updating the Intel, Walgreens and Starbucks Stories!
  9. The Power of Expectations: Nvidia's Earnings and the Market Reaction!
  10. Beat your Bot: Building your moat against AI
  11. The Corporate Life Cycle: Managing, Valuation and Investing Implications!
  12. Country Risk: My 2024 Data Update
  13. Catastrophic Risk: Investing and Business Implications
  14. The Seven Samurai: How Big Tech Rescued the Market in 2023!
  15. Data Update 5 for 2024: Profitability - The End Game for Business?
  16. Data Update 4 for 2024: Danger and Opportunity - Bringing Risk into the Equation!
  17. Data Update 3 for 2024: Interest Rates in 2023 - A Rule-breaking Year!
  18. Data Update 2 for 2024: A Stock Comeback - Winning the Expectations Game!
  19. The School Bell Rings: Time for Class!
  20. Data Update 1 for 2024: The data speaks, but what does it say?

2023 25

  1. The Difference Makers: Key Person(s) Valuation
  2. Tesla in November 2023 : Story twists and turns, with value consequences!
  3. Good Intentions, Perverse Outcomes: The Impact of Impact Investing!
  4. Invisible, yet Invaluable: Valuing Intangibles in the Birkenstock IPO!
  5. Market Bipolarity: Exuberance versus Exhaustion!
  6. Putting the (Insta)cart before the (Grocery) horse: A COVID Favorite's Reality Check!
  7. A Business Upended: Streaming disrupts the Entertainment Business!
  8. Toys for Billionaires: Sports Franchises as Trophy Assets!
  9. In Search of Safe Havens: The Trust Deficit and Risk-free Investments!
  10. The Price of Risk: With Equity Risk Premiums, Caveat Emptor!
  11. Country Risk: A July 2023 Update!
  12. Market Resilience or Investors In Denial? A Mid-year Assessment for 2023!
  13. AI's Winners, Losers and Wannabes: An NVIDIA Valuation, with the AI Boost!
  14. Good (Bad) Banks and Good (Bad) Investments: At the right price...
  15. Breach of Trust: Decoding the Banking Crisis
  16. Data Update 7 for 2023: Dividends, Buybacks and Cash Flows
  17. Data Update 6 for 2023: A Wake up call for the Indebted?
  18. Data Update 5 for 2023: The Earnings Test
  19. Data Update 4 for 2023: Country Risk - Measures and Implications
  20. Control, Complexity and Politics: Deconstructing the Adani Affair!
  21. Disagreements and First Principles: The Pushback on my Tesla Valuation
  22. Data Update 3 for 2023: Inflation and Interest Rates
  23. Tesla in 2023: A Return to Reality, The Start of the End or Time to Buy?
  24. Data Update 2 for 2023: A Rocky Year for Equities!
  25. Data Update 1 for 2023: Setting the table!

2022 20

  1. A Return to Teaching: The Spring 2023 Edition
  2. META Lesson 3: Tell me a story!
  3. META Lesson 2: Accounting Inconsistencies and Consequences
  4. META Lesson 1: Corporate Governance
  5. Earnings and Cash Flows: A Primer on Free Cash Flow
  6. Reaping the Whirlwind: A September 2022 Inflation Update!
  7. A Zomato 2022 Update: Value, Pricing and the Gap
  8. Country Risk: A 2022 Mid-year Update!
  9. Risk Capital and Markets: A Temporary Retreat or Long Term Pull Back?
  10. A Follow up on Inflation: The Disparate Effects on Company Values!
  11. In Search of a Steady State: Inflation, Interest Rates and Value
  12. Elon's Twitter Play: Valuation and Corporate Governance Consequences
  13. ESG's Russia Test: Trial by Fire or Crash and Burn?
  14. Russia in Ukraine: Let Loose the Dogs of War!
  15. Data Update 5 for 2022: The Bottom Line!
  16. Back to Earth or Temporary Setback? Revisiting the FANGAM Stocks
  17. Data Update 4 for 2022: Risk = Danger + Opportunity!
  18. Data Update 3 for 2022: Inflation and its Ripple Effects!
  19. Data Update 2 for 2022: US Stocks kept winning in 2021, but…
  20. Data Update 1 for 2022: It is Moneyball Time!

2021 23

  1. Back in the Classroom: Time to Teach!
  2. Managing across the Corporate Life Cycle: CEOs and Stock Prices!
  3. Tesla's Trillion Dollar Moment: A Valuation Revisit!
  4. The Billionaire Tax: The Worst Tax Idea Ever?
  5. Triggered Disclosures: Escaping the Disclosure Dilemma
  6. The Indian Smartphone Revolution: Paytm's Coming of Age IPO!
  7. The ESG Movement: The "Goodness" Gravy Train Rolls On!
  8. China's Tech Crackdown: Its about Control, not Consumers or Competition!
  9. A DIY (Do-It-Yourself) Valuation of Zomato
  10. The Zomato IPO: A Bet on Big Markets and Platforms!
  11. Disclosure Dilemma: When more (data) leads to less (information)!
  12. The Rise of SPACs: IPO Disruptors or Blank Check Distortions?
  13. Inflation and Investing: False Alarm or Fair Warning?
  14. Investor Taxes and Stock Prices: Threading the Needle!
  15. The Corporate Tax Burden: Facts and Fiction
  16. Interest Rates, Earning Growth and Equity Value: Investment Implications
  17. Data Update 4 for 2021: The Hurdle Rate Question!
  18. The Price-Value Feedback Loop: A Look at GME and AMC!
  19. The Storming of the Bastille: The Reddit Crowd targets the Hedge Funds!
  20. Data Update 3 for 2021: Currencies, Commodities, Collectibles and Cryptos
  21. Data Update 2 for 2021: The Price of Risk!
  22. Marking Time: A new year, a fresh semester and its class time!
  23. Data Update 1 for 2021: A (Data) Look Back at a Most Forgettable Year (2020)!

2020 30

  1. The Sharing Economy come home: The IPO of Airbnb!
  2. A Viral Market Update XIV: A Wrap on the COVID market, premature or not!
  3. Value Investing III: Requiem, Rebirth or Reinvention?
  4. Value Investing II: Tough times for Value Investing - Passing Phase or a Changed World?
  5. Value Investing I: The Back Story
  6. Sounding good or Doing good? A Skeptical Look at ESG
  7. Illusion, Perception and Reality: Stock Splits and Index Inclusions
  8. A Viral Market Update XIII: The Strong (FANGAM) get stronger!
  9. From Class Rooms to Class Zooms: Teaching during COVID times!
  10. A Viral Market Update XII: The Resilience of Private Risk Capital
  11. A Viral Market Update XI: The Flexibility Premium
  12. A Viral Market Update X: A Corporate Life Cycle Perspective
  13. A Viral Market Update IX: A Do-it-Yourself S&P 500 Valuation
  14. A Viral Market Update VIII: A Crisis Test - Value vs Growth, Active vs Passive, Small Cap vs Large!
  15. A Viral Market Update VII: Mayhem with Multiples
  16. A Viral Market Meltdown VI: The Price of Risk
  17. A Viral Market Meltdown V: Back to Basics!
  18. A Viral Market Meltdown IV: Investing for a post-virus Economy
  19. Data Update 7 for 2020: Debt Delusions and Reality
  20. Data Update 6 for 2020: Profitability, Returns and the value of Growth
  21. A Viral Market Meltdown III: Pricing or Value? Trading or Investing?
  22. A Viral Market Meltdown Part II: Clues in the Debris!
  23. Data Update 5: Relative Risk and Hurdle Rates
  24. A Viral Market Meltdown: Fear or Fundamentals?
  25. Data Update 4: Country Risk and Currency Questions!
  26. Data Update 3 for 2020: The Price of Risk!
  27. A Do-it-yourself (DIY) Valuation of Tesla: Of Investment Regrets and Disagreements!
  28. An Ode to Luck: Revisiting my Tesla Valuation
  29. Data Update 2 for 2020: Retrospective on a Disruptive Decade
  30. Data Update 1 for 2020: Setting the table

2019 27

  1. The Market is Huge! Revisiting the Big Market Delusion
  2. A Teaching Manifesto: An Invitation to my Spring 2020 classes
  3. Regime Change and Value: A Follow up Post on Aramco
  4. A coming out party for the world's most valuable company: Aramco's long awaited IPO!
  5. The Softbank-WeWork End Game: Savior Economics or Sunk Cost Problem?
  6. Disrupting the IPO Process: Challenging the Banker-run Going-Public Model!
  7. IPO Lessons for Public Market Investors
  8. US Equities: Resilient Force or Case Study in Denial?
  9. Insights on VC Pricing: Lessons from Uber, WeWork and Peloton!
  10. Runaway Story or Meltdown in Motion? The Unraveling of the WeWork IPO
  11. From Shareholder wealth to Stakeholder interests: CEO Capitulation or Empty Doublespeak?
  12. Country Risk: A Mid-year 2019 Update
  13. Meatless Future or Vegan Delusions? The Beyond Meat Valuation
  14. Tesla's Travails: Curfew for a Corporate Teenager?
  15. Uber's Coming out Party: Personal Mobility Pioneer or Car Service on Steroids?
  16. Lyft Off? The First Ride Sharing IPO!
  17. The Perils of Investing Idol Worship: The Kraft Heinz Lessons!
  18. January 2019 Data Update 9: The Pricing Game
  19. January 2019 Data Update 8: Dividends and Buybacks - Fact and Fiction
  20. January 2019 Data Update 7: Debt, neither poison nor nectar!
  21. January 2019 Data Update 6: Profitability and Value Creation!
  22. January 2019 Data Update 5: Hurdle Rates and Costs of Financing
  23. January 2019 Data Update 4: The Many Faces of Risk!
  24. Back to Class: A Teaching Manifesto!
  25. January 2019 Data Update 3: Playing the Numbers Game!
  26. January 2019 Data Update 2: The Message from Bond Markets!
  27. January 2019 Data Update 1: A reminder that equities are risky, in case you forgot!

2018 35

  1. Is there a signal in the noise? Yield Curves, Economic Growth and Stock Prices!
  2. Investing Whiplash: Looking for Closure with Apple and Amazon!
  3. The GE End Game: Bataan Death March or Turnaround Play?
  4. An October Surprise? Making Sense of the Market Mayhem!
  5. High and higher: The Money in Marijuana!
  6. Amazon and Apple at a Trillion $: A Follow-up on Uncertainty and Catalysts!
  7. Apple and Amazon at a Trillion $: Looking Back and Looking Forward!
  8. Trillion Dollar Toppers: Market Triggers, Value Drivers and Pricing Catalysts!
  9. Deja Vu In Turkey: Currency Crisis and Corporate Insanity!
  10. The Privatization of Tesla: Stray Tweet or Game Changing News
  11. Country Risk: A Midyear Update for 2018
  12. Share Count Confusion: Dilution, Employee Options and Multiple Share Classes!
  13. Twists and Turns in the Tesla Story : A Boring, Boneheaded Update!
  14. User and Subscriber Businesses: The Good, the Bad and the Ugly!
  15. Walmart's India (Flipkart) Gambit: Growth Rebirth or Costly Facelift?
  16. Amazon: Glimpses of Shoeless Joe?
  17. Alphabet Soup: Google is Alpha, but where are the Bets?
  18. Netflix: The Future of Entertainment or House of Cards?
  19. The Facebook Feeding Frenzy: Time for a Pause!
  20. Come easy, go easy: The Tech Takedown!
  21. Spotify Loose Ends: Pricing, User Value and Big Data!
  22. Stream On: An IPO Valuation of Spotify!
  23. Damodaran Online: There is an App for that!
  24. Interest Rates and Stock Prices: It's Complicated!
  25. Testing Times: Market Turmoil and Investment Serenity
  26. January 2018 Data Update 10: The Price is Right!
  27. January 2018 Data Update 9: Dividends, Stock Buybacks and Cash Holdings
  28. January 2018 Data Update 8: Debt and Taxes
  29. January 2018 Data Update 7: Growth and Value
  30. January 2018 Data Update 6: A Cost of Capital Primer
  31. January 2018 Data Update 5: Country Risk Update
  32. January 2018 Data Update 4: The Currency Conundrum
  33. January 2018 Data Update 3: Taxing Questions on Value
  34. January 2018 Data Update 2: The Buoyancy of US Equities
  35. January 2018 Data Update 1: Numbers don't lie, or do they?

2017 28

  1. Bitcoin Backlash: Back to the Drawing Board?
  2. The Bitcoin Boom: Asset, Currency, Commodity or Collectible?
  3. Deconstructing Amazon Prime: Loss Leader or Value Creator?
  4. Tax Reform, 2017: Promise of Plenty or Poisoned Chalice?
  5. A Tesla 2017 Update: A Disruptive Force and a Debt Puzzle!
  6. The Crypto Currency Debate: Future of Money or Speculative Hype?
  7. Online Teaching: Promise, Pitfalls and Potential!
  8. The Dark Side of Globalization: An Update on Country Risk!
  9. User/Subscriber Economics: Value Dynamics
  10. User/Subscriber Economics: An Alternative View of Uber's Value
  11. Uber's bad week: Doomsday Scenario or Business Reset?
  12. A Tale of Two Markets: Politics and Investing!
  13. A Valeant Update: Damaged Goods or Deeply Discounted Drug Company?
  14. January 2017 Data Update 10: The Pricing Game!
  15. Explaining a Paradox: Why Good (Bad) Companies can be Bad (Good) Investments!
  16. My Snap Story: Valuing Snap ahead of it's IPO!
  17. Apple: The Greatest Cash Machine in History?
  18. January 2017 Data Update 9: Dividends and Buybacks
  19. January 2017 Data Update 8: The Dark and Light Sides of Debt
  20. January 2017 Data Update 7: Profitability, Excess Returns and Governance
  21. January 2017 Data Update 6: A Cost of Capital Update!
  22. January 2017 Data Update 5: A Taxing Year Ahead?
  23. January 2017 Data Update 4: Country Risk Update
  24. January 2017 Data Update 3: Cracking the Currency Code
  25. January 2017 Data Update 2: The Resilience of US Equities!
  26. Almost time for class: My Line Up for the Spring Semester!
  27. Narrative and Numbers: How a number cruncher learned to tell stories!
  28. January 2017 Data Update 1: The Promise and Perils of "Big Data"!

2016 48

  1. Active Investing: Seeking the Elusive Edge!
  2. Active Investing: Rest in Peace or Resurgent Force?
  3. Myth 5.5: The Terminal Value ate my DCF!
  4. Myth 5.4: Negative Growth Rates forever? Impossible!
  5. Myth 5.3: Growth is good, more growth is better!
  6. Myth 5.2: As g-> r...To Infinity and Beyond!
  7. Myth 5.1: If you don't believe in forever, you cannot do a DCF
  8. Faith, Feedback and Fear: Ready for the Valeant Test?
  9. Family Feuds: The Promise and Peril of Family Group Companies!
  10. The Trump Effect on Markets: A Financial (not a Political) Analysis!
  11. Myth 4.5: DCFs break down with near-zero risk free rates!
  12. Myth 4.4: The D(discount) rate is a receptacle for your hopes and fears
  13. Myth 4.3: The D cannot change (over time) in a DCF
  14. Myth 4.2: It's all about D in the DCF
  15. Myth 4.1: If you don't like betas (or modern portfolio theory),you cannot do a DCF!
  16. Deutsche Bank: A Greek Tragedy at a German Institution?
  17. Venture Capital: It is a pricing, not a value, game!
  18. Fairness Opinions: Fix them or Flush them!
  19. Keystone Kop Valuations: Lazard, Evercore and the TSLA/SCTY Deal
  20. The School Bell Rings! It's Time for Class!
  21. Mean Reversion: Gravitational Super Force or Dangerous Delusion?
  22. Superman and Stocks: It's not the Cape (CAPE), it's the Kryptonite(Cash flow)!
  23. The Bonfire of Venture Capital: The Good, Bad and Ugly Side of Cash Burn!
  24. The Ride Sharing Business: Is a Bar Mitzvah moment approaching?
  25. Investing and Valuation Lessons from the Renaissance
  26. May you live in "exciting" times! An Updated Picture of Country Risk
  27. Tesla: It's a story stock, but what's the story?
  28. The Brexit Effect: The Signals amidst the Noise
  29. Icahn exits, Buffett enters, Whither Apple? Value and Price Effects of Big Name Investing
  30. DCF Myth 3.2: If you don't look, its not there!
  31. DCF Myth 3.1: The Margin of Safety - Tool for Action or Excuse for Inaction?
  32. DCF Myth 3: You cannot do a valuation, when there is too much uncertainty!
  33. Valeant: Information Vacuums, Management Credibility and Investment Value
  34. Negative Interest Rates: Impossible, Unnatural or Just Unusual?
  35. Lazarus Rising or Icarus Falling? The GoPro and LinkedIn Question!
  36. Management Matters: Facebook and Twitter!
  37. The Disruptive Duo: Amazon and Netflix!
  38. Race to the top: The Duel between Alphabet and Apple!
  39. A Violent Earnings Season: Pricing and Value Perspectives
  40. January 2016 Data Update 8: Pricing, with an end of month update
  41. Corporate Finance 101: A Big Picture, Applied Class!
  42. January 2016 Data Update 7: Dividends, Potential Dividends and Cash Balances
  43. January 2016 Data Update 6: Debt, the double edged sword!
  44. January 2016 Data Update 5: Making a case for corporate governance
  45. January 2016 Data Update 4: The Costs of Capital
  46. January 2016 Data Update 3: Country Risk and Pricing
  47. January 2016 Data Update 2: Interest Rates, Exchange Rates and Currencies
  48. January 2016 Data Update 1: The US Equity Markets

2015 50

  1. Intergalactic Finance: Valuing the Star Wars Franchise
  2. The Compressed Tech Life Cycle: The Investor Challenge
  3. The Compressed Tech Life Cycle: The Managerial Challenge
  4. Aging in Dog Years? The Short, Glorious Life of a Successful Tech Company!
  5. The Yahoo! Chronicles! Is this the End Game?
  6. Value and Taxes: Breaking down the Pfizer- Allergan Deal
  7. Runaway Stories and Fairy Tale Endings: The Cautionary Tale of Theranos
  8. Checkmate or Stalemate? Valeant's Fall from Investing Grace
  9. Divergence in the Drug Businesses: Pharmaceuticals and Biotechnology
  10. Winning at a Loser's Game? Control, Synergy and the ABInBev/SABMiller Merger!
  11. The Ride Sharing Business: Playing Pundit
  12. Dream Big or Stay Focused? Lyft's Counter to Uber!
  13. The Ferrari IPO: A Price Premium for the Prancing Horse?
  14. On the Uber Rollercoaster: Narrative Tweaks, Twists and Turns!
  15. Putting a Price Tag on Scandal: Sturm und Drang at Volkswagen!
  16. No Mas, No Mas! The Vale Chronicles (Continued)!
  17. What's in a name? Of Umlauts, The Alphabet and World Peace!
  18. The Fed, Interest Rates and Stock Prices: Fighting the Fear Factor
  19. Big Markets, Over Confidence and the Macro Delusion!
  20. Another Market Crisis? My Survival Manual/Journal!
  21. My Valuation Class: The Fall 2015 Model Preview
  22. Beijing Blunders: Bull in a China Shop!
  23. Storied Asset Sales: Valuing and Pricing "Trophy" Assets
  24. Narrative Resets: Revisiting a Tech Trio (Apple, Facebook and Twitter)
  25. DCF Myth 2: A DCF is an exercise in modeling and number crunching!
  26. Decoding Currency Risk: Pictures of Global Risk - Part IV
  27. Pricing Country Risk - Pictures of Global Risk - Part III
  28. Valuing Country Risk: Pictures of Global Risk - Part II
  29. Groundhog day in Greece, Hijinks in Brazil and Market Chaos in China: Pictures of Global Risk - Part I
  30. Billion-dollar Tech Babies: A Blessing of Unicorns or a Parcel of Hogs?
  31. Cash, Debt and PE Ratios: Cash is an upper and debt is a downer!
  32. The Value and Pricing of Cash: Why low interest rates & large cash balances skew PE ratios
  33. No Light at the end of the Tunnel: Investing in Bad Businesses
  34. Is your CEO worth his (her) pay? The Pricing and Valuing of Top Managers!
  35. The Search for Investment Serenity: The Look Back Test!
  36. The Small Cap Premium: Where is the beef?
  37. Dealing with Low Interest rates: Investing and Corporate Finance Lessons
  38. The GM Buyback: Beyond the Hysteria!
  39. Illiquidity and Bubbles in Private Share Markets: Testing Mark Cuban's thesis!
  40. The Aging of the Tech Sector: The Pricing Divergence of Young and Old Tech Companies
  41. DCF Myth 1: If you have a D(discount rate) and a CF (cash flow), you have a DCF!
  42. How low can you go? Doing the Petrobras Limbo!
  43. Blood in the Shark Tank: Pre-money, Post-money and Play-money Valuations
  44. Discounted Cashflow Valuations (DCF): Academic Exercise, Sales Pitch or Investor Tool?
  45. The Dance of the Disrupted: Observations from the front lines
  46. The X Factor in Value: Excess Returns in Theory and Practice
  47. Putting the D in the DCF: The Cost of Capital
  48. The Tax Story in 2015: Myths, Misconceptions and Reality Checks
  49. Country Risk, Return and Pricing: The Global Landscape in January 2015
  50. An ERP Retrospective: Looking back (2014) and Looking forward (2015)

2014 44

  1. The Oil Price Shock: Primary, Secondary and Collateral Effects
  2. Up, up and away! A crowd-valuation of Uber!
  3. Go where it is darkest: When company, country, currency and commodity risk collide!
  4. Twitter's Bar Mitzvah! Is Social Media coming of age?
  5. Focus Pocus: Is breaking up a cure for corporate attention deficit disorder?
  6. HP's Break Up : Value Enhancement, Pricing Game or Management Hype?
  7. "If you build it (revenues), they (profits) will come": Amazon's Field of Dreams!
  8. Corporate Breakups: Value and Pricing Effects
  9. Go Pro: Camera or Smartphone? Social Media or Electronics? Price or Value?
  10. The Walking Dead: Blackberry, Yahoo and the Zombie Apocalypse!
  11. Stock Buybacks: They are big, they are back and they scare some people!
  12. Alibaba's Governance by Politburo: Corporate Governance and Value
  13. Alibaba's coming out party: Valued right, but is it priced right?
  14. The Education Business: A Road Map for Disruption
  15. The Tax Dance: To Pass Through or Not to Pass Through Income?
  16. Reacting to Earnings Reports: Let's get real!
  17. Reacting to Earnings Reports: Pricing Metrics and Market Reactions
  18. Reacting to Earnings Reports: Narrative Adjustments and Value Effects
  19. The insanity of the US tax code: Bad Laws and Predictable Consequences
  20. Investment Advice from the Federal Reserve: Unusual, unwise and unseemly!
  21. Possible, Plausible and Probable: Big markets and Networking effects
  22. Numbers and Narrative: Modeling, Story Telling and Investing
  23. Bubble, Bubble, Toil and Trouble: The Costs and Benefits of Market Timing
  24. A Disruptive Cab Ride to Riches: The Uber Payoff
  25. Ballmer's bid for the Clippers: Investment, Trade or Expensive Toy?
  26. Yahoo! A puzzle, a mystery and an enigma
  27. Alibaba: A China Story with a profitable ending?
  28. Watch the Gap: Apple's long and twisted pricing journey
  29. Return to the firing line: Revisiting Tesla and hopefully living to tell the tale!
  30. The impossible quest for fair markets: Pokemon cards, HFT and Life lessons
  31. Impactful information is not always insider and insider Information is not always impactful!
  32. If it is a strategic growth investment in China, the numbers don't matter! Or do they?
  33. Bitcoin Q & A: Bubble or Breakthrough? Both! Cult or Currency? Both!
  34. If Tim Cook does not care about the "bloody ROI", does he care about the "bloody stock price"?
  35. If we don't do it, our competitors will! Defensive Dealmaking or Panicky Preemption?
  36. Facebook buys Whatsapp for $19 billion: Value and Pricing Perspectives
  37. Comcast bids for Time Warner Cable: Synergy, Reverse Synergy or Ego Trip?
  38. Stock-based Employee Compensation: Value and Pricing Effects
  39. Incremental News, Price and Value: The Twitter Earnings Report & Market Reaction!
  40. Experiments in online teaching: My Spring Classes and an Online Valuation Class
  41. The barbarians are at the gate! Of universities, moats and disruption!
  42. The MOOC stumble: Lessons from Napster and the Music Business!
  43. Numbers Time! Data update for 2014
  44. A good year ends, but what's next for stocks?

2013 36

  1. Value in the eye of the storm: Why you should welcome uncertainty!
  2. Valuation Myths: Young companies cannot be valued
  3. The Twitter IPO: Thoughts on the IPO End Game
  4. Valuing Athlete Earning Potential? Tracking Arian Foster!
  5. Chill, dude (Part II): Debt Default Drama Queens
  6. When the pieces add up to too much: Micro Dreams and Macro Delusions
  7. Twitter IPO: Why a good trade be a bad investment (or vice versa)?
  8. Twitter announces IPO: The Valuation
  9. The Brand Name Advantage: Valuable, Sustainable and Elusive
  10. Rebirth and Reincarnation: Escaping the corporate death spiral
  11. Decline and Denial: Thoughts on Blackberry Endgame and Microsoft as Value Trap
  12. Twitter announces IPO: The Pricing Game begins
  13. Many a slip between the cup & the lip: From forward value to value per share today
  14. Love the company! Love the product! Love the stock? An Update on Apple
  15. Tesla: A Follow up
  16. Valuation of the week 1: A Tesla Test
  17. MOOCs and Books: Spanning the Digital Divide
  18. Market Mood Swings: Facebook Euphoria
  19. Market Multiples: Global Comparison and Analysis
  20. Developed versus Emerging Markets: Convergence or Divergence?
  21. Rediscovering risk in emerging markets: A Country Risk Premium update
  22. A tangled web of values: Enterprise value, Firm Value and Market Cap
  23. The Fed and Interest Rates: Lessons from Oz
  24. Equity Risk Premiums (ERP) and Stocks: Bullish or Bearish Indicator
  25. Apple: News, Noise and Value
  26. The Golden Rule? Thoughts on gold as an investment
  27. A Sweet Spot for US Equities: Opportunity and Dangers
  28. Marty Lipton: Shareholder Champion, Stakeholder Protector or Management Tool?
  29. Hundred dollar bills are hard to come by!
  30. Michael Dell's Conflicted Buyout
  31. Financial Alchemy: David Einhorn’s “value” play for Apple
  32. Back to Apple: Thoughts on value, price and the confidence gap
  33. It's time: A new semester begins.. and you are welcome to join in...
  34. Market Mayhem: Lessons for Apple
  35. Are you a value investor? Take the Apple test
  36. Data Update 2013: The Dark Side of Numbers

2012 50

  1. Death and Taxes at year end: Unpredictable Certainties
  2. The year in review: Apple's universe?
  3. Acquisition Alchemy: Creating value from deals
  4. Acquisition Accounting II: Goodwill, more plug than asset
  5. Acquisition Accounting I: Accretive (Dilutive) Deals can be bad (good) deals
  6. Acquisition Advice: Big deal or good deal?
  7. Acquisition Hubris: Over confident CEOs and Compliant Boards
  8. Acquisition Archives: Winners and Losers
  9. HP's Deal from Hell: The mark-it-up and write-it-down two-step
  10. Much ado about liquidity? Lockup expirations and stock prices
  11. Storms and Stocks: Dealing with Disruptive Shocks
  12. The Yankees' A Rod Problem: Sunk costs and investing
  13. Private Equity: Too disruptive or not disruptive enough?
  14. The disclosure dilemma: Why more disclosure has led to less information
  15. Winning (losing) by losing (winning): The power of expectations
  16. The "dividend tax" cliff approaches: Implications for stocks
  17. Inspiration or Insanity? Fed action and Market Reaction
  18. A new semester begins: Valuation class online
  19. Apple's Crown Jewel: Valuing the iPhone Franchise
  20. Groupon Gloom: Deal of the day or Death Spiral?
  21. Facebook face plant: Time to friend the company?
  22. Earnings surprises, price reaction and value
  23. Equity Risk Premiums: Globalization and Country risk
  24. Value Investing: Where is the beef?
  25. Activist Value Investing: Be your own "change" agent
  26. Contrarian Value Investing - Going against the flow....
  27. Passive Value investing: Screening for bargains
  28. Value Investing: An Identity Crisis?
  29. How much is growth worth?
  30. How much are you paying for growth?
  31. Facebook: Sowing the wind, reaping the whirlwind
  32. Facebook and "Field of Dreams": Hoodies, Hubris and Hoopla
  33. Lessons learned, unlearned and relearned: A semester of online class
  34. Governments and Value III: Bribery, Corruption and other "Dark" Costs
  35. Governments and Value II: Subsidies and Value
  36. Governments and Value: Part 1 - Nationalization Risk
  37. Google splits its stock and spits on its stockholders
  38. Emotions, Intrinsic value and Dividend Clienteles: The Apple trade postscript
  39. Apple: Know when to hold 'em, know when to fold 'em..
  40. Equity Risk Premiums: The 2012 Edition
  41. Greg Smith on Goldman: An indictment of investment banking?
  42. Apple: Thoughts on bias, value, excess cash and dividends
  43. Facebook: Playing the "IPO pop" game?
  44. The IPO of the decade? My valuation of Facebook
  45. Options and Taxes: Is a "Facebook" tax next?
  46. Moneyball and Investing: Data, Information and my 2012 Update
  47. My small challenge to the "university" business model
  48. Snowmen and Shovels: Investing Lessons?
  49. Private Equity: Hero or Villain?
  50. Auld Lang Syne: Remembering 2011

2011 54

  1. Do markets punish long term thinking? Amazon as a case study
  2. Living within your limits: Thoughts on Research In Motion (RIM)
  3. How much diversification is too much?
  4. Following up on Groupon
  5. Are you ready to value Groupon?
  6. Growth (Part 4): Growth and Management Credibility
  7. Growth (Part 3): The Value of Growth
  8. Growth (Part 2): Scaling up Growth
  9. Growth (Part 1): The Limits of Growth
  10. Growth and Value: Thoughts on Google, Groupon and Green Mountain
  11. Risk free rates and value: Dealing with historically low risk free rates
  12. Ruminations on Rogue Trading
  13. The Buffett Plan: An apt name for a sanctimonious, hypocritical and superficial proposal
  14. Breaking up is easy to do...
  15. Operation Twist II: The Fed as Chubby Checker
  16. Class is in session...
  17. Buffett and Bank of America: Playing Poker with Patsies...
  18. Trapped Cash: Measurement and Consequences
  19. Momentum versus Contrarian: Two Reads of the ERP
  20. Chill, dude! It is not the ratings downgrade.. It is how you react to it!
  21. A Sovereign Ratings Downgrade for the US? End of the world or bump in the road?
  22. Stay Private vs Going Public: Changing landscape
  23. Default and Bankruptcy: Black, white and shades of grey
  24. From revenues to earnings: Operating, financing and capital expenses....
  25. There is an app for that....
  26. Thoughts on intrinsic value
  27. Dual share structure: The Google model spreads
  28. Valuing young growth companies: A postscript on Linkedin
  29. Is Skype worth $8.5 billion? An exercise in valuing young, growth companies
  30. The Little Book of Valuation
  31. Alternatives to the CAPM: Wrapping up
  32. Alternatives to the CAPM: Part 5. Risk Adjusting the cash flows
  33. Alternatives to the CAPM: Part 4: Market-Implied cost of equity
  34. Alternatives to the CAPM: Part 3: Connecting cost of debt to cost of equity
  35. Alternatives to the CAPM: Part 2: Proxy Models
  36. Alternatives to the CAPM: Part 1: Relative Risk Measures
  37. Margin of Safety: An alternative risk assessment tool?
  38. Breach of Trust: Bank Valuation after the banking crisis
  39. Catastrophe and consequences for value
  40. A tide in the affairs of men...
  41. Luck versus skill: How can you tell?
  42. Behavioral Economics: Thoughts on Value and Price
  43. Buffett and Black-Scholes
  44. Equity Risk Premiums: The 2011 Edition
  45. Merck and Pfizer: Thoughts on investing as a patriotic duty and market efficiency
  46. Dividend Policy for the 21st century
  47. The unemployment rate: A look at the sampling question.
  48. The Shift to Buybacks: Implications for investors
  49. Tax policy
  50. Buybacks and Stock Prices: Good or bad news?
  51. Stock Buybacks: What is happening and why?
  52. How much cash is too much? Looking at Apple
  53. Herding behavior: Why, so what and what if?
  54. The Facebook Valuation!

2010 45

  1. Corporate finance in illiquid markets
  2. Making money off illiquidity: Two Strategies
  3. Asset selection & Valuation in Illiquid Markets
  4. Asset allocation for illiquid markets
  5. All assets are illiquid
  6. Are complex models the answer?
  7. The insider trading scandal: Thoughts about the hedge fund business
  8. How do you evaluate risk taking?
  9. Amateur Athletics
  10. The secret to investment success: Self Awareness?
  11. QE2 or the Titanic?
  12. Nassim Taleb and the Nobel Committee
  13. Inflation, deflation and investing
  14. Jerome Kerviel is sentenced: Ruminations on risk and trading scandals
  15. High dividend stocks: Do they beat the market?
  16. A Corporate Governance Risk Manual
  17. Past performance is no guarantee of future performance... but is anyone listening?
  18. Checks and Balances: Eisner and Disney
  19. Capital Structure: Optimal or Opportunisitic?
  20. Time for class!!
  21. Unstable risk premiums: A new paper
  22. What if nothing is risk free?
  23. Will the financial overhaul bill fix what's wrong with banks?
  24. Valuation Approaches...
  25. What is "fair value"?
  26. Parent versus Consolidated financial statements
  27. Cash and Cross holdings
  28. "We are not in Kansas anymore"
  29. The Goldman indictment
  30. Currency Choices in Valuation
  31. Stock versus Flow: My thoughts
  32. Goodwill: Plug Variable or Real Asset?
  33. Accounting inconsistencies
  34. Government Default and Riskfree Rates
  35. How do you measure profitability?
  36. Equity Risk Premiums and the Fear of Catastrophe
  37. The Fed Effect: Central Banks and Equity Value
  38. Transactions Costs and Beating the Market
  39. The Credit Default Swap (CDS) Market
  40. Thoughts on the riskfree rate
  41. Emerging versus Developed Markets: The margin shrinks in 2010
  42. Time to Split!!
  43. Bounceback in Multiples: The 2010 story
  44. Reversal in Risk Premiums (or premia): The 2010 story
  45. Data Update for 2010

2009 60

  1. The market value of Tiger Woods
  2. Greece, EU and more on Implicit Backing for Debt
  3. Dubai and the "implicit" guarantee
  4. The CRU Scandals: A Reflection on Academia
  5. A tax on financial transactions: Good or Bad Idea?
  6. Macro Bets: A general framework..
  7. The secrets behind John Paulson's success...
  8. The Agency for Financial Stability? Good idea?
  9. Bad companies and good investments...
  10. Insider Trading: My Perspective..
  11. Equity Risk Premiums: An Update
  12. Bond Ratings: Why, how and what next?
  13. Crisis Lessons: Presentation...
  14. Leveraged Buyouts
  15. The dangers of relative valuation
  16. What is Twitter worth?
  17. Buybacks and Stock Prices..
  18. A Risk Argument: Democracies versus Dictatorships
  19. One year later: The lessons from the crisis
  20. Access to webcasts...
  21. Commodity companies and commodity dependent markets
  22. Peru and Brazil
  23. Emerging Markets... and maturity....
  24. Behavioral Corporate Finance 1: The Objective in Decision Making:
  25. Behavioral finance and corporate finance
  26. Losers and Winners: The inevitable consequence of risk taking...
  27. Valuing declining and distressed companies
  28. Valuing Young Companies
  29. Macro and Market Timers
  30. Culprit found for market crisis!!!!
  31. MBAs and Ethics
  32. Stockholder democracy...
  33. Keep it simple!!
  34. Buffett and Munger... Shock value!
  35. The future of the MBA
  36. Are accountants learning?
  37. Losing, sustaining and building on brand names
  38. Valuing brand names
  39. The power of a brand name
  40. Who uses preferred stock?
  41. Preferred Stock: Fish or Fowl?
  42. My thoughts on the AIG fiasco
  43. Dealing with Hybrids
  44. The Yankee infield and debt...
  45. What is debt?
  46. My favorite novels on financial markets
  47. Why I cannot stand George Soros!
  48. Buffett: Man or Myth
  49. Fama-French and the Proxy Wars
  50. Can betas be negative? (and other well used interview questions)
  51. Alternatives to Regression Betas
  52. The problem with regression betas
  53. What betas can... and cannot do...
  54. Executive Compensation Caps
  55. Low riskfree rates...
  56. Bias in Valuation
  57. Rebirths and Fresh starts!
  58. Data update for January 2009
  59. Corporate Finance - post crisis
  60. Accounting Fraud

2008 42

  1. The Crisis of 2008: Lessons learned, unlearned and reinforced
  2. Sticky dividends!
  3. Hard wired to deceive?
  4. To zero..and beyond...
  5. To Madoff or not to Madoff?
  6. Enterprise value is negative... Is that possible?
  7. Corporate Hedging: Answers to questions
  8. Happy Thanksgiving!
  9. Corporate Hedging: The Down Side
  10. Jekyll and Hyde revisited!
  11. Dividend Yield and T.Bond rate
  12. Good companies in bad businesses
  13. Some thoughts on Las Vegas!
  14. Blackstone's Woes: Some thoughts on Private Equity
  15. Another strange incident... in a market full of anomalies!
  16. What is the message the market is sending?
  17. The New World Order: How this crisis affects valuation
  18. What is going on with the inflation indexed treasuries?
  19. Is preferred stock equity?
  20. Black, blue and white swans: Comments on Taleb
  21. Markets for sports outcomes- The long odds bias!
  22. Gold, fine art and collectibles...
  23. Diversification: Why is it not working?
  24. Is it time to make the move?
  25. Explaining the Market....
  26. The Buffett Gambit: Buying (Selling) Credibility
  27. Mark to Market or Not to Mark to Market?
  28. The Market Solution!
  29. Step away from the ledge!
  30. II. Why did it happen?
  31. I. What happened?
  32. GE's aborted buybacks...
  33. The Bailout
  34. The end of investment banking?
  35. Are you a contrarian?
  36. What is the risk free rate?
  37. The key number for stocks: The Equity Risk Premium (ERP)
  38. Selling Short: The debate
  39. The most exciting flat week ever?
  40. Risk = Danger + Opportunity
  41. Market Meltdown
  42. First thoughts