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May 27, 2020

RSS Aswath Damodaran’s Musings on Markets

  • A Viral Market Update VIII: A Crisis Test - Value vs Growth, Active vs Passive, Small Cap vs Large! May 13, 2020
    In the weeks since my first update on the crisis on February 26, 2020, the markets have been on a roller coaster ride, as equity markets around the world collectively lost $30 trillion in market cap between February 14, 2020 and March 20, 2020, and then clawed back more than half of the loss in […]
  • A Viral Market Update VII: Mayhem with Multiples April 24, 2020
    I get a sense that I am approaching the end of this series of weekly posts, or perhaps I am just hoping that it is true, as the COVID crisis continued to play out in markets in the last two weeks, albeit on a more subdued scale and with a more positive twist. In this […]
  • A Viral Market Meltdown VI: The Price of Risk April 8, 2020
    It is a sign of how volatile the last few weeks have been,  that a week like the last one, where index levels move only 2-3% a day, high by historic standards, felt stable. As in prior weeks, I will start this one by looking at how the market action last week played out across […]
  • A Viral Market Meltdown V: Back to Basics! March 31, 2020
    My first post on this blog was on September 17, 2008, a week into the 2008 crisis, and I honestly did not expect to be posting for long, anticipating that after a few posts, that crisis would be behind us, and that we could go back to our lives. That of course turned out not […]
  • A Viral Market Meltdown IV: Investing for a post-virus Economy March 23, 2020
    At the end of each of the weeks leading into the last one, I have done a market update, reflecting the changes that occurred in the week, not just to market values, but also to investor psyches, and each week, I have hoped that it would be the last one needed for this crisis. That […]
  • Data Update 7 for 2020: Debt Delusions and Reality March 21, 2020
    In the midst of a crisis, it is very difficult to think about life in its aftermath, but there will come a time, when investors and companies will shift their focus. To be able to do so, they have to survive the crisis, and for many companies, that has become the immediate challenge. In the […]
  • Data Update 6 for 2020: Profitability, Returns and the value of Growth March 21, 2020
    In an age, where scaling up and growth seems to have won out over building business models and profitability, as the most desirable business traits, it is worth stating the obvious. The measure of a good business is its capacity to generate not just profits, but also to convert these profits into cash flows that […]
  • A Viral Market Meltdown III: Pricing or Value? Trading or Investing? March 16, 2020
    This is the third, and I hope the last, of my viral market updates, reflecting how much change a week can deliver, and last week delivered more change than most investors could handle. Not only did we see two of the worst market days in history, in absolute terms, we also saw the worst single […]
  • A Viral Market Meltdown Part II: Clues in the Debris! March 9, 2020
    Update on 3.9/20: In a sign of how volatile times are, over the weekend, oil prices plummeted to close to $30, the treasury bond rate to less than 0.4% and the market looks set to drop substantially. A work in progress indeed....I wrote a post on how the Corona Virus was playing out in markets on […]

RSS Dr David Kass commentary

  • Year-To-Date Performance of 5 Largest Companies in U.S. (Weekly Update – May 22, 2020) May 23, 2020
    The largest 5 stocks by market capitalization are substantially outperforming the S&P 500 and the Dow Jones Industrial Average (DJIA) Year-To-Date (YTD) as of May 22, 2020.  The total market capitalization of these 5 technology stocks equals $5.6 trillion, approximately 20% of the total capitalization of the S&P 500 ($25 trillion). (1) Microsoft ($1.39 trillion) […]
  • 6 Highlights of the Minutes of the Federal Open Market Committee, April 28-29, 2020 May 21, 2020
    The Federal Reserve Board and the Federal Open Market Committee today released the minutes of the Committee meeting held on April 28-29, 2020. The highlights were: (1) “The staff’s baseline assumptions that the current restrictions on social interactions and business operations would ease gradually this year, real GDP was forecast to rise appreciably and the […]
  • Bloomberg: Warren Buffett Cuts Crisis-Era Bet on Goldman May 19, 2020
    I am quoted in this Bloomberg article on Berkshire selling 84% of its stake in Goldman Sachs. “He has this historical relationship with Goldman, so maybe there’s some sentimental value,” said David Kass, a professor of finance at the University of Maryland’s Robert H. Smith School of Business. “But of course, Buffett’s primary concern is […]
  • 10 Highlights of Federal Reserve Chairman Jerome Powell on 60 Minutes – May 17, 2020 May 17, 2020
    Federal Reserve Chairman Jerome Powell was interviewed on 60 Minutes. The highlights are: (1) We have the tools to avoid the risk of long run damage by supporting households and businesses to avoid insolvencies over 3 – 6 months. (2) The Federal Reserve by lending and Congress by spending may have to do more ($3 […]
  • 5 Largest Stocks Substantially Outperforming S&P 500 and DJIA May 16, 2020
    The largest 5 stocks by market capitalization are substantially outperforming the S&P 500 and the Dow Jones Industrial Average (DJIA) Year-To-Date (YTD) as of May 15, 2020.  The total market capitalization of these 5 technology stocks equals $5.2 trillion, approximately 20% of the total capitalization of the S&P 500 ($25 trillion). (1) Microsoft ($1.4 trillion) […]
  • Berkshire Hathaway Sold 84% of Goldman Sachs Stake in First Quarter 2020 May 15, 2020
    In its SEC 13F filing for the quarter ending March 31, 2020, Berkshire Hathaway reported one major change to its portfolio.  It sold 84% ($2 billion) of its stake in Goldman Sachs. It also had minor reductions (3.25% or less) of its holdings in 16 other stocks in its portfolio. It added 6% (about $50 […]
  • The 5 Largest Stocks Substantially Outperforming S&P 500 May 9, 2020
    The largest 5 stocks by market capitalization are substantially outperforming the S&P 500 and the Dow Jones Industrial Average (DJIA) Year-To-Date (YTD) as of May 8, 2020.  The total market capitalization of these 5 technology stocks equals $5.25 trillion, approximately 20% of the total capitalization of the S&P 500 ($25 trillion). (1) Microsoft ($1.4 trillion) […]
  • Why Warren Buffett is More Concerned About Pandemics Than Wars and Financial Crises May 9, 2020
    At the Berkshire Hathaway annual meeting on May 2, the eternally optimistic Warren Buffett displayed an unusual amount of caution about both the near term and intermediate term outlook for the U.S. economy.  Indeed, it was the first time in over 50 years, since 1969 when he liquidated his partnership, that he has demonstrated a […]
  • Buffett’s Virtual Meeting Turns Spotlight on Potential Successor May 4, 2020
    I am quoted in this Bloomberg article on Greg Abel and Warren Buffett: “He demonstrated very broad knowledge across the company. He’s clearly very intelligent,” said David Kass, a professor of finance at the University of Maryland’s Robert H. Smith School of Business. Buffett and Abel showed they’re “on the same wavelength, they think the […]

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Archives for December 6, 2014

Warren Buffett’s investment choice: productive assets

December 6, 2014

In his Feb 25, 2012, letter to Berkshire Hathaway shareholders for FY2011, Warren Buffett listed three categories of investments under the headline of “The Basic Choices for Investors and the One We Strongly Prefer”: (i) Investments that are denominated in a given currency, including money-market funds, bonds, mortgages, bank deposits, and other instruments. (ii) Investments

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Why Warren Buffett wants IBM shares to languish…

Berkshire Hathaway’s common stock investments include IBM or International Business Machines Corp. Based on Warren Buffett’s annual letter to shareholders dated February 25, 2012, for FY2011, Berkshire Hathaway has a stake of 5.5% in IBM. Given this 5.5% IBM stake, why did Warren Buffett said this in his annual letter: “We should wish for IBM’s

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Warren Buffett invests in IBM

In 2011, in what appeared to be another sign of Warren Buffett triggering his elephant gun, reports said the Berkshire Hathaway chairman had invested over US$10 billion in IBM. A Reuters report (Nov 24, 2011) headlined “Buffett sheds tech aversion with big IBM investment” said: “Warren Buffett has always made his distaste for technology investments

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Berkshire Hathaway’s Big Four marketable securities

Warren Buffett’s views on Berkshire Hathaway’s Big Four marketable securities can be seen in his annual letter (dated February 25, 2012 for FY2011) to Berkshire Hathaway shareholders: “…we now have large ownership interests in four exceptional companies: 13.0% of American Express, 8.8% of Coca-Cola, 5.5% of IBM and 7.6% of Wells Fargo. (We also, of

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Don’t look at the ticker

This paragraph  in “How Buffett Does It” by James Pardoe is worth noting: “Warren Buffett, the classic value investor, simply does not care what happens to price deviations in the short run. If one owns shares in great businesses, then the short term doesn’t matter, and the long term will take care of itself. The

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