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June 26, 2019

RSS Aswath Damodaran’s Musings on Markets

  • Meatless Future or Vegan Delusions? The Beyond Meat Valuation June 12, 2019
    In a big year for initial public offerings (IPOs), with Uber, Lyft, Pinterest and Zoom, to name just a few, already having gone public and more companies waiting in the wings, it is ironic that it is not a tech company, but a food company, Beyond Meat, that has managed to deliver the most dazzling […]
  • Tesla's Travails: Curfew for a Corporate Teenager? June 3, 2019
    It should come as no surprise to anyone that Tesla is back in the news, though it seems to be for all of the wrong reasons. From Musk's Twitter escapades with the SEC, to talk about electric lawn blowers to concerns about a debt death spiral, the company has managed, yet again, to get in […]
  • Uber's Coming out Party: Personal Mobility Pioneer or Car Service on Steroids? April 15, 2019
    After Lyft’s IPO on March 29, 2019, it was only a matter of time before Uber threw its hat in the public market ring, and on Friday, April 12, 2019, the company filed its prospectus. It is the first time that this company, which has been in the news more frequently in the last few […]
  • Lyft Off? The First Ride Sharing IPO! March 8, 2019
    Last week, Lyft became the first of the ride sharing companies to announce plans for an initial public officering, filing its prospectus. It is definitely not going to be the last, but its fate in the market will not only determine when Uber, Didi, Ola and GrabTaxi will test public markets, but what prices they […]
  • The Perils of Investing Idol Worship: The Kraft Heinz Lessons! February 27, 2019
    On February 22, Kraft Heinz shocked investors with a trifecta of bad news in its earnings report: sub-par operating results, a mention of accounting irregularities and a massive impairment of goodwill, and followed up by cutting dividends per share almost 40%. Investors in the company reacted by selling their shares, causing the stock price to […]
  • January 2019 Data Update 9: The Pricing Game February 22, 2019
    In my last eight posts, I looked at aspects of corporate behavior from investments to financing to dividend policy, using the data that I collected at the start of 2019, to examine what companies share in common, and what makes them different. In summary, I found that the rise in risk premiums in both equity […]
  • January 2019 Data Update 8: Dividends and Buybacks - Fact and Fiction February 8, 2019
    In my series of data posts, I had always planned to get to dividends and buybacks, the two mechanisms that companies have for returning cash to stockholders, at this point, but an op ed on buybacks by Senators Schumer and Sanders this week, in the New York Times, will undoubtedly make this post seem reactive. […]
  • January 2019 Data Update 7: Debt, neither poison nor nectar! February 5, 2019
    Debt is a hot button issue, viewed as destructive to businesses by some at one end of the spectrum and an easy value creator by some at the other. The truth, as is usually the case, falls in the middle. In this post, I will look not only at how debt loads vary across companies, […]
  • January 2019 Data Update 6: Profitability and Value Creation! January 27, 2019
    In my last post, I looked at hurdle rates for companies, across industries and across regions, and argued that these hurdle rates represent benchmarks that companies have to beat, to create value. That said, many companies measure success using lower thresholds, with some arguing that making money (having positive profits) is good enough and others […]

RSS Dr David Kass commentary

  • 2019’s (Midyear) Stocks To Watch June 17, 2019
    I am quoted in this Smith Brain Trust (Robert H. Smith School of Business, University of Maryland) article: “2019’s (Midyear) Stocks To Watch”. Professor David Kass’s six stocks to watch in 2019 have been on something of a winning streak. Now, as we approach the midway point of the year, he recommends keeping your eye on four […]
  • Investor’s Business Daily Article on Warren Buffett June 13, 2019
    I am quoted extensively in this article: When giving career advice to college students, Buffett says to “find a job you have a passion for because once you are in that path you will be noticed and promoted and stand out from all the others,” recalls David Kass, a professor of finance at the University of Maryland […]
  • Notes From the Berkshire Hathaway 2019 Annual Meeting – May 4, 2019 June 7, 2019
    Berkshire Hathaway Annual Meeting May 4, 2019   (Notes taken by Professor David Kass, Department of Finance, Robert H. Smith School of Business,   University of Maryland)   A humorous film was shown containing scenes (1) from Warren Buffett in a classroom speaking to young children about investing, (2) Warren Buffett and Bill Gates walking around […]
  • Warren Buffett’s Upcoming Charity Lunch With Cryptocurrency CEO Justin Sun June 6, 2019
    I am quoted in this Smith Brain Trust (University of Maryland) article: “Why This Year’s Warren Buffett Charity Lunch is Different” AND WHY ‘BUFFETT COULD BE LEARNING MORE FROM THE PERSON BUYING THE LUNCH’ Jun 05, 2019 Finance SMITH BRAIN TRUST – One imagines that Warren Buffett has some pretty interesting lunch meetings. But this one is […]
  • Presidential Influence on Financial Markets and the Economy June 4, 2019
    I am quoted in a Fortune article on Presidential influence on financial markets and the economy. “presidents can have a major impact on the financial markets in the short run,” said David Kass, professor of finance at the University of Maryland. 
  • Lunch With Warren Buffett Costs $4,567,888 June 1, 2019
    The 2019 winning charity bid on eBay for lunch with Warren Buffett was $4,567,888.  This was the 2oth annual lunch with Warren Buffet to benefit the Glide Foundation and it set a new record, exceeding the previous highest bid of $3,456,789 in 2012. There were only 4 bidders who submitted a total of 17 bids […]
  • Kraft Heinz Share Price Trading Below Berkshire Hathaway’s Cost Basis May 29, 2019
    Kraft Heinz (KHC) is currently trading below Berkshire Hathaway’s (BRK.A, BRK.B) cost basis. Berkshire Hathaway owns 26.7%, or 325,442,152 shares, of Kraft Heinz and in 2015 purchased its stake with a cost basis of $9.8 billion, or $30.11 per share.  At its current price of $28.60, Berkshire’s stake is valued at $9.3 billion, representing an […]
  • Major Portfolio Changes for Berkshire Hathaway in First Quarter 2019 May 15, 2019
    After the market closed today, Berkshire Hathaway filed its SEC Form 13F revealing its stock portfolio as of March 31, 2019. There were several major changes (by at least $500 million): Additions: (1) Amazon (483,300 shares) (AMZN) currently valued at $900 million (initial investment) (Todd Combs or Ted Weschler) (2) JP Morgan Chase (JPM) – stake […]
  • 6 Largest Companies by Market Capitalization May 11, 2019
    The 6 largest companies by market capitalization are: (1) Microsoft (MSFT)  —      $974 billion (2) Apple (AAPL)  —             $936 billion (3) Amazon (AMZN) —        $931 billion (4) Alphabet (GOOGL) –     $811 billion (5) Facebook (FB)  —         $538 billion (6) Berkshire Hathaway […]

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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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