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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
Market Bipolarity: Exuberance versus Exhaustion!
In this session, I use the end of the third quarter of 2023 as an opportunity to look at economic and market movements during the quarter, and to try…
3 weeks, 6 days ago
Session 1: Introduction to the Class
In this session, I laid out the five broad themes that underlie this class, that valuation is a craft, that it is simple & universal, that value and …
3 weeks, 6 days ago
Invisible, but Invaluable: Valuing Intangibles - The Birkenstock IPO
It is undeniable that intangible assets account for a large portion of value at many companies, and that they are increasing as a percent of value ac…
3 weeks, 6 days ago
Mean Reversion: Statistical Fact or Dangerous Delusion?
Much of investing, especially contrarian, is built on the belief that things revert back to norms, either over time or in the cross section. Thus, wh…
3 weeks, 6 days ago
Good Intentions, Perverse Outcomes: The Impact of Impact Investing
In impact investing, you invest not just for financial returns but to do good for society. Using that definition, impact investing has been part of i…
4 weeks ago
Superman and Stocks: It's not the cape (CAPE), it's the kryptonite (Cash Flow)
Robert Shiller's variant on PE (CAPE) has become the most commonly used device that those who believe that the market is in bubble territory use to j…
4 weeks ago
A Tesla Revisit: Story Twists and Turns with Value Consequences
If valuation is a craft, there is no better company to hone that craft on than Tesla. I have valued Tesla almost every year since 2013, and while I h…
4 weeks ago
The Bonfire of Venture Capital: The Good, Bad and Ugly side of Cash Burn
Cash burn refers to the phenomenon of companies, usually young start ups, burning through cash balances and new capital, as they lose money and reinv…
4 weeks ago
Country Equity Risk Premiums: Dataset support
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4 weeks, 1 day ago