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The Price of Risk: With Equity Risk Premiums, Caveat Emptor!
The equity risk premium (ERP) is the price of risk in the equity market, set by demand and supply, but determined by economic and market fundamentals…
3 weeks, 3 days ago
Session 4: More on risk free rates and first steps on equity risk premiums
In this session, we started by continuing the risk free rate discussion, establishing why risk free rates vary across currencies and what to do (or n…
3 weeks, 3 days ago
In Search of Safe Havens: The Trust Deficit and Risk-free Investments!
Every introductory finance class starts by introducing a "risk-free" investment, and the return on that investment becomes an ingredient in almost ev…
3 weeks, 3 days ago
Session 3: The Building Blocks for Intrinsic Value and Risk Free Rates
This session started with a look at a major investment banking valuation of a target company in an acquisition and why having a big name on a valuati…
3 weeks, 4 days ago
Toys for Billionaires: Sports Franchises as Trophy Assets
In the last year or two, we have seen a wave a stories about sports with mind-boggling numbers, from Al Hilal's attempt to sign Mbappe for $ 1 billio…
3 weeks, 4 days ago
Fairness Opinions: Time to fish or cut bait!
Fairness opinions are offered as protection for investors in deals, especially when there is a danger of self-dealing. While that is a noble motive, …
3 weeks, 4 days ago
A Business Upended: Streaming and the Future of The Entertainment Business
It has been an unsettling summer for the US movie and broadcasting businesses, with a strike by actors and writers stretching into its third month, a…
3 weeks, 4 days ago
Session 2: The Bermuda Triangle and Valuation Approaches
This class started with a test on whether you can detect the direction bias will take, based on who or why a valuation is done. The solutions are pos…
3 weeks, 5 days ago
Putting the (Insta)cart before the (Grocery)horse: A COVID Favorite's Reality Check!
The COVID shutdown in 2020 created a host of pain, but it did also create some winners, and one of those was Instacart, an online grocery shopping an…
3 weeks, 5 days ago
The Keystone Kops of Valuation: Lazard, Evercore and the TSLA/SCTY Deal
When Tesla announced its intent to buy Solar City, Elon Musk was exposed to charges of conflict of interest, since he controlled both companies. The …
3 weeks, 5 days ago