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April 1, 2020

RSS Aswath Damodaran’s Musings on Markets

  • 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 […]
  • Data Update 5: Relative Risk and Hurdle Rates February 27, 2020
    In my last four posts, I focused on the macro variables that we draw on, in both corporate finance and valuation, to estimate required returns or hurdle rates. In data post 3, I looked at how the prices of risk in both the bond market (default spreads) and the equity market (equity risk premiums) dropped […]
  • A Viral Market Meltdown: Fear or Fundamentals? February 26, 2020
    It has become almost a rite of passage for investors, at least since 2008, that they will be tested by a market crisis precipitated sometimes by political developments (Brexit), sometimes by governments (trade wars), sometimes by war and terrorism (the US/Iran standoff) and sometimes by economics (Greek default). With each one, the question that you […]
  • Data Update 4: Country Risk and Currency Questions! February 20, 2020
    In my last post, I looked at the risk premiums in US markets, and you may have found that focus to be a little parochial, since as an investor, you could invest in Europe, Asia, Africa or Latin America, if you believed that you would receive a better risk-return trade off. For some investors, in […]

RSS Dr David Kass commentary

  • The Stock Market is a Leading Economic Indicator March 26, 2020
    The stock market is a leading economic indicator. It looks many months ahead. Since it is likely the economy will be recovering and booting back up within 3 – 6 months, this may explain why the stock market is rising sharply for the third straight day.  
  • 10 Highlights of Ben Bernanke on CNBC – March 25 March 25, 2020
    Former Federal Reserve Chairman Ben Bernanke was interviewed on CNBC this morning.  Bernanke was Fed Chairman during the Financial Crisis of 2007-2009 and is an expert on the Great Depression. (1) Former Federal Reserve Chairman Ben Bernanke expressed optimism about the longer-term picture for the U.S. economy. (2) He sees a ‘very sharp’ recession, followed […]
  • Could Warren Buffett Bailout The Airlines? March 20, 2020
    I am quoted in this Yahoo Finance article: “One of those airlines would certainly be affordable and doable” for a Berkshire purchase, David Kass, a University of Maryland finance professor who once ran a Warren Buffett blog, told the Dallas paper. “But then the question is, would Buffett really want to do that?” (Note: Contrary to […]
  • Don’t Touch Your Face, or Your Stocks March 13, 2020
    I was interviewed in Smith Brain Trust (Robert H. Smith School of Business, University of Maryland). EXPERT OFFERS ADVICE IN A VOLATILE MARKET WEEK Mar 12, 2020 Finance SMITH BRAIN TRUST – For investors concerned about market uncertainty invoked by the coronavirus: Don’t touch your face and certainly don’t touch those stocks. In what has been a […]
  • Warren Buffett and Occidental Petroleum March 13, 2020
    I am quoted in Bloomberg on Warren Buffett and Occidental. Occidental’s dwindling market value has raised speculation over whether Buffett would ever buy the company outright. While Buffett has the funds, any eventual purchase would depend on his outlook for the oil market and other variables, said David Kass, a professor of finance at the […]
  • The Coronavirus and Teaching Remotely March 11, 2020
    I am quoted in the Baltimore Sun on the University of Maryland conducting all classes remotely because of the coronavirus. David Kass, a finance professor at College Park, said he’s canceled an annual trip to Charlottesville, Virginia, with his students. He’s been practicing how to conduct his classes online, and said that’s where university instruction […]
  • The Coronavirus and the Stock Market February 29, 2020
    I am quoted in the Baltimore Sun on the coronavirus and the stock market. “There is a lot of uncertainty,” said David I. Kass, a clinical professor of finance at the University of Maryland’s Robert H. Smith School of Business. “No one knows the degree that Americans or any company will be affected. … There’s concern […]
  • 30 Highlights of Warren Buffett on CNBC – February 24, 2020 February 24, 2020
    Warren Buffett was interviewed on CNBC from 6:00 a.m. – 9:00 a.m. These are 30 highlights: (1) Buying stocks is the equivalent of buying businesses. (2) Stocks grow in value because of companies investing retained earnings. (3) Stocks are cheaper than bonds. The 30 year U.S. Treasury is yielding 2% and, therefore, selling for 50 […]
  • 10 Highlights of Warren Buffett’s Letter to Shareholders February 22, 2020
    Ten highlights of Warren Buffett’s Letter to Shareholders: (1) Berkshire’s Class A shares closed Friday at $343,499, up 1.1% for the year. In contrast, the S&P 500 is up 3.3% this year.  Berkshire’s stock rose 11% in 2019 compared with a 31.5% total return in the S&P 500, including dividends—Berkshire’s biggest underperformance since 2009.  Berkshire’s […]

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What is speculation?

April 14, 2018

“An investment operation is one which, upon thorough analysis promises safety of principal and an adequate return. Operations not meeting these requirements are speculative.”
Source: Benjamin Graham, “The Intelligent Investor”

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