Go to ...

Buffettpedia

Legendary value investors' secrets

RSS Feed

June 15, 2021

RSS Aswath Damodaran’s Musings on Markets

  • The Rise of SPACs: IPO Disruptors or Blank Check Distortions? June 9, 2021
    For decades, the process that companies in the United States have used to go public has followed a familiar script. The company files a prospectus, providing prospective investors with information about its business model and financials, and hires an investment banker or bankers to manage the issuance process. The bankers, in addition to doing a […]
  • Inflation and Investing: False Alarm or Fair Warning? May 24, 2021
    As we approach the mid point of 2021, financial markets, for the most part, have had a good year so far. Looking at US equities, the S&P 500 is up about 11% and the NASDAQ about 5%, from start of the year levels, and the underperformance of the latter has led to a wave of […]
  • Investor Taxes and Stock Prices: Threading the Needle! May 11, 2021
    In my last post, I looked at the Biden Administration's proposal to increase corporate taxes, to provide funding for an infrastructure bill, and concluded that while there is room for raising corporate taxes, it would be more efficient and fairer to do so by reducing the tax credits and deductions in the code, than by […]
  • The Corporate Tax Burden: Facts and Fiction April 21, 2021
    The Biden Administration's $ 2 trillion infrastructure plan, announced with fanfare a few weeks ago, has opened up a debate about not only what comprises infrastructure, but also about how to pay for it. Not surprisingly. it is corporate taxes that are the primary vehicle for delivering the revenues needed for the plan, with an […]
  • Interest Rates, Earning Growth and Equity Value: Investment Implications March 25, 2021
    The first quarter of 2021 has been, for the most part, a good time for equity markets, but there have been surprises. The first has been the steep rise in treasury rates in the last twelve weeks, as investors reassess expected economic growth over the rest of the year and worry about inflation. The second […]
  • Data Update 4 for 2021: The Hurdle Rate Question! February 10, 2021
    What is a hurdle rate for a business? There are multiple definitions that you will see offered, from it being the cost of raising capital for that business to an opportunity cost, i.e., a return that you can make investing elsewhere, to a required return for investors in that business. In a sense, each of […]
  • The Price-Value Feedback Loop: A Look at GME and AMC! February 3, 2021
    There are three topics that you can write or talk about that are almost guaranteed to draw a audience, stocks (because greed drives us all), sex (no reason needed) and salvation. I am not an expert on the latter two, and I am not sure that I have that much that is original to say […]
  • The Storming of the Bastille: The Reddit Crowd targets the Hedge Funds! January 29, 2021
    I generally try to stay out of fights, especially when they become mud-wrestling contests, but the battle between the hedge funds and Reddit investors just too juicy to ignore. As you undoubtedly know, the last few days have been filled with news stories of how small investors, brought together on online forums, have not only […]
  • Data Update 3 for 2021: Currencies, Commodities, Collectibles and Cryptos January 28, 2021
    In my last post, I described the wild ride that the price of risk took in 2020, with equity risk premiums and default spreads initially sky rocketing, as the virus led to global economic shutdowns, and then just as abruptly dropping back to pre-crisis levels over the course of the year. As stock and bond […]

RSS CNN Money

Like Us On Facebook

Facebook Pagelike Widget

Recommended reading

RSS The Business Times – Companies & Markets

RSS The Business Times – Stocks

April 2018
M T W T F S S
 1
2345678
9101112131415
16171819202122
23242526272829
30  

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”

Tags: ,

Leave a Reply

Your email address will not be published. Required fields are marked *

Required *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

More Stories From Benjamin Graham's thoughts

Skip to toolbar