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July 16, 2018

RSS Aswath Damodaran’s Musings on Markets

  • Twists and Turns in the Tesla Story : A Boring, Boneheaded Update! June 28, 2018
    There are lots of complaints that you can have about Tesla, but being boring is not one of them. It helps to have a CEO who seems to find new ways to make himself newsworthy, in good and bad ways. In fact, if Tesla were a reality show, the twists and turns in its fate […]
  • User and Subscriber Businesses: The Good, the Bad and the Ugly! May 29, 2018
    In a series of posts over the course of the last year, I argued that you can value users and subscribers at businesses, using first principles in valuation, and have used the approach to value Uber riders, Amazon Prime members and Spotify & Netflix subscribers. With each iteration, I have learned a few things about user value and ways of distinguishing […]
  • Walmart's India (Flipkart) Gambit: Growth Rebirth or Costly Facelift? May 22, 2018
    On May 9, 2018, Walmart confirmed officially what had been rumored for weeks, and announced that it would pay $16 billion to acquire a 77% stake in Flipkart, an Indian online retail firm, translating into a valuation of more than $21 billion for a firm founded just over ten years ago, with about $10,000 in […]
  • Amazon: Glimpses of Shoeless Joe? April 26, 2018
    It was just over two weeks ago that I started my posts on the FANG stocks, starting with Facebook, which I decided to buy, because I felt that notwithstanding its current pariah status, its user base was too valuable to pass by, at the prevailing market price. I then looked at Netflix, a company that […]
  • Alphabet Soup: Google is Alpha, but where are the Bets? April 19, 2018
    In my last two posts, I looked first at the turn in the market against the FANG stocks, largely precipitated by the Facebook user data fiasco and then at the effect of the blowback on Facebook's value. I concluded that notwithstanding the likely negative consequences for the company, which include more muted revenue growth, higher […]
  • Netflix: The Future of Entertainment or House of Cards? April 16, 2018
    For better or worse, Netflix has changed not just the entertainment business, but also the way that we (the audience) watch television. In the process, it has also enriched its investors, as its market capitalization climbed to $139 billion in March 2018 and even after the market correction for the FANG stocks, its value is […]
  • The Facebook Feeding Frenzy: Time for a Pause! April 10, 2018
    In my last post, I noted that the FANG stocks have been in the spotlight, as tech has taken a beating in the market, but it is Facebook that is at the center of the storm. It was the news story on Cambridge Analytica's misuse of Facebook user data,  in mid-March of 2018, that started […]
  • Come easy, go easy: The Tech Takedown! April 7, 2018
    If there is one thing that I have learned about markets over the years, it is that they have a way of leveling egos and cutting companies and investors down to size. The last three weeks have been humbling ones for tech companies, especially the big four (Facebook, Amazon, Netflix and Alphabet or FANG) which […]
  • Spotify Loose Ends: Pricing, User Value and Big Data! March 23, 2018
    In my last post, I valued Spotify, using information from its prospectus, and promised to come back to cover three loose ends: (1) a pricing of the company to contrast with my intrinsic valuation, (2) a valuation of a Spotify subscriber and, by extension, a subscriber-based valuation of the company, and (3) the value of […]

RSS Dr David Kass commentary

  • Kraft Heinz and Campbell Soup June 28, 2018
    I am quoted in this Smith Brain Trust (Robert H. Smith School of Business, University of Maryland) article on Kraft Heinz and Campbell Soup. Finance Professor Predicted a Merger Months Ago Jun 28, 2018 Finance SMITH BRAIN TRUST – Bragging rights go to David Kass. The clinical professor of finance at the University of Maryland’s Robert H. Smith School […]
  • Barron’s Published My Letter on Warren Buffett June 23, 2018
    Barron’s published my letter on Warren Buffett: To the Editor: As someone who has closely followed Warren Buffett since 1980, and who regularly brings students halfway across the country to attend the Berkshire Hathaway annual meetings, I would like to answer a question that Andrew Bary raised in “Beyond Buffett” (Cover Story, June 18): “Why is Berkshire’s cash […]
  • Notes From Berkshire Hathaway Annual Meeting – May 5, 2018 June 21, 2018
    Berkshire Hathaway Annual Meeting May 5, 2018   (Notes taken by Professor David Kass, Department of Finance, Robert H. Smith School of Business, University of Maryland)   A humorous film was shown in which Hindsight Advisors, a wealth management firm, shows potential clients all the money they could have made and the things they could […]
  • Dr. Atul Gawande CEO of Amazon, Berkshire, JP Morgan Healthcare Company June 20, 2018
    Amazon, Berkshire Hathaway and JPMorgan Chase appoint Dr. Atul Gawande as Chief Executive Officer of their newly-formed company to address U.S. employee healthcare.
  • Pros and Cons of Buying Berkshire Hathaway Stock June 18, 2018
    I am quoted in this U.S. News and World Report/Yahoo Finance article: “Pros and Cons of Buying Berkshire Hathaway Stock”. Berkshire is currently selling at a below market average price/earnings ratio and its earnings are projected to grow at an above market average rate over the next few years, says David Kass, a finance professor […]
  • Why U.S. Equities Are Likely To Continue Rising To New Highs June 11, 2018
    Seeking Alpha published my presentation before the Chartered Financial Analysts Society of Washington, DC on June 6, 2018. Summary (1) The outlook for U.S. equities is very bright. (2) Interest rates are likely to remain at historically low levels after several gradual increases in the Federal Funds rate in 2018 and 2019. (3) Corporate profits will […]
  • Berkshire Hathaway to Receive $1.7 Billion From Knauf’s Acquisition of USG June 11, 2018
    Berkshire Hathaway will receive $1.7 billion from its 39 million share stake of USG which has agreed to be acquired by Knauf at $44 per share.
  • Warren Buffett Pays a Shareholder’s Missing Tip to Waitress June 10, 2018
    From the Omaha World-Herald: Some Berkshire shareholders stiffed an Omaha waitress. So Warren Buffett sent her a check By Steve Jordon / World-Herald staff writer 7 hrs ago From the it’s-a-small-town department: Some Berkshire Hathaway Inc. shareholders weren’t patient in a downtown Omaha restaurant. Despite their waitress’ best efforts to serve a full house of […]
  • David Feinberg Declines Offer To Be CEO of Buffett, Dimon, Bezos Health Care Joint Venture June 8, 2018
    CNBC has reported that David Feinberg, CEO of Geisinger, has declined the offer to be CEO of the health care joint venture of Berkshire, JP Morgan, and Amazon.

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