Podcast Episodes
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In-Practice Webcast #5: Estimating a bottom up beta
In this session, I look at how to estimate the beta for a company from its business mix and financial leverage.
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4 months ago
Session 7: Betas, relative risk and first steps on cost of debt
In this session, we started by reviewing the pitfalls of regression betas. They are backward-looking, noisy and subject to game playing. We went on t…
4 months ago
Session 9: Fundamental Growth
In this session, I look at how to estimate growth from fundamentals and how reinvestment and return on investment drive growth in the long term.
Quiz …
4 months ago
ROE, Returns to Shareholders, Good/Bad Companies and Efficient Markets: Back to Basics
My session on profitability in companies around the world, and the measurement of excess returns as the difference between return on equity (capital)…
4 months ago
Session 9: Estimating bottom up betas for companies
In this session, I go through the process of estimating bottom up betas for Disney, Vale, Tata Motors, Baidu, Deutsche Bank and a private business.
Sl…
4 months ago
Session 8: Cost of capital closure + First steps on cash flows
In this session, we started with the cost of debt and computing debt ratios for companies and how to deal with hybrid securities.. If you are interes…
4 months ago
Session 8: More on cash flows and first steps on growth
In this session, I first look at dealing with money-losing companies and then move on to estimating reinvestment and cash flows to equity. I close th…
4 months ago
Session 7: Equity Risk Premiums and Betas
This class was spent talking mostly about equity risk premiums. The key theme to take away is that equity risk premiums don't come from models or his…
4 months ago
Session 8: Determinants of Betas
In this session, I look past the regression at the fundamental determinants of betas - the business choices you make and the financial leverage you t…
4 months ago
Session 7: Measuring Relative Risk - Betas and Alternatives
In this session, we discussed how to measure the relative risk of a company, starting with betas (regression versus bottom up) but also examining alt…
4 months ago