Starting in the early 1990s, I have spent the first week or two of every new year playing my version of Moneyball, downloading raw market and accounting data on publicly traded companies and using that data to compute operating, pricing and risk metrics for them. This year, I got a later start than usual on […]
For the high-profile IPOs that have reached the market in 2019, with apologies to Charles Dickens for stealing and mangling his words, it has been the best and the worst of years. On the one hand, you have seen companies like Uber and Slack, each less than a decade old, trading at market capitalizations in […]
If you have been reading my blog for long enough, you should have seen this post coming. Every semester that I teach, and it has only been in the spring in the last few years, I issue an invitation to anyone interested to attend my classes online. While I cannot offer you credit for taking […]
In my post from a couple of days ago, I valued Aramco at about $1.65 trillion, but I qualified that valuation by noting that this was the value before adjusting for regime change concerns. That comment seems to have been lost in the reading, and it is perhaps because (a) I made it at the […]
In a year full of interesting initial public offerings, many of which I have looked at in this blog, it is fitting that the last IPO I value this year will be the most unique, a company that after its offering is likely to be the most valuable company in the world, the instant it […]
Since my pre-IPO post on WeWork, where I valued the company ahead of its then imminent offering, much has happened. The company’s IPO collapsed under the weight of its own pricing contradictions, and after a near-death experience, Softbank emerged as the savior, investing an additional $ 8 billion in the company, and taking a much […]
In the age of disruption, where young companies are challenging the status quo and upending conventional businesses, it was only a matter of time before they turned their attention to the process by which they are taken public. For decades, the standard operating procedure for a company going public has been to use a banker […]
This year, I have found myself returning repeatedly to the IPO well, as high profile companies have chosen to go public, and like a moth to a flame, I have been drawn to value them. There was much enthusiasm at the start of 2019 that this would be a blockbuster year for IPOs, not just […]
As readers of this blog know, I don't write much about whether stocks collectively are over or under priced, other than my usual start of the year posts about markets or in response to market crisis. There are two reasons. The first is that there is nothing new or insightful that I can bring to […]
MANY ARE GIVEN THE TITLE. BUT WHO DESERVES IT? Jan 06, 2020 Finance SMITH BRAIN TRUST – Maryland Smith’s David Kass can hardly keep up with all the Warren Buffetts that are rumored to be out there at any given time. There has been Yang Liu, the “Warren Buffett of China,” and Ratan Tata, a so-called “Warren Buffett […]
Over the past 78 years (1942-2019), the S&P 500 (with dividends included) has gone up in 80% of those years. S&P 500 Total Returns by Year Year Total Return 2019 31.49 2018 -4.38 2017 21.83 2016 11.96 2015 1.38 2014 13.69 2013 32.39 2012 16.00 2011 2.11 2010 15.06 2009 26.46 2008 -37.00 2007 5.49 […]
Highlight: Turkey is investigating Carlos Ghosn's escape from Japan. "This could discourage investment or American and other companies… locating to Japan," business professor @DrDavidKass says. "And it raises a major issue certainly with respect to corporate governance." pic.twitter.com/ZTIVET7pvW — Yahoo Finance (@YahooFinance) January 2, 2020
At today’s closing price of $289.91 for Apple, Berkshire’s 5.4% stake in the company is valued at $72 billion, double its $36 billion investment. One of Berkshire’s portfolio managers, Ted Weschler or Todd Combs, made Berkshire’s initial purchases in Apple during the first quarter of 2016. Since then, however, the vast majority of additional purchases […]
On December 23, Berkshire Hathaway announced that Todd Combs, one of Warren Buffett’s portfolio managers, will become CEO of its Geico automobile insurance business on January 1, 2020. Todd Combs will likely be reporting to Ajit Jain, who heads up all of Berkshire’s insurance operations. This appointment represents a major increase in responsibility for Combs […]
55% of Americans own stocks, directly or through 401(k)s, individual retirement accounts, mutual funds, or other means. Gallup found 55% of Americans reporting they own stock in April 2019, similar to the average of 54% Gallup has measured since 2010. This is based on a question asking respondents about any individual stocks they may own, […]
PARKWAY Life Real Estate Investment Trust (PLife Reit) on Wednesday posted a 2 per cent rise in distribution per unit (DPU) to 3.34 Singapore cents for the fourth quarter ended Dec 31, 2019, up from 3.28 Singapore cents a year ago.
CAPITALAND Commercial Trust’s (CCT) distribution per unit (DPU) rose by 2.7 per cent to 2.28 Singapore cents on an enlarged unit base for its fourth quarter ended Dec 31, 2019, up from 2.22 Singapore cents a year ago.
NEW revenue contributions lifted Mapletree Industrial Trust's (MIT) distribution per unit (DPU) for the third quarter to 3.16 Singapore cents on an enlarged units base, up from 3.07 cents a year earlier.
UTICO, the Emirati utility firm and hopeful white knight of Singapore's beleaguered Hyflux said its proposed offer to holders of the water treatment firm's preference shares and perpetual securities (PnP) as part of a rescue deal was not open to Hyflux founder and chief executive Olivia Lum.