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November 24, 2020

RSS Aswath Damodaran’s Musings on Markets

  • A Viral Market Update XIV: A Wrap on the COVID market, premature or not! November 5, 2020
    Over the last eight months, I have written a series of posts on the market and how it has adapted and adjusted to COVID. The very first of these posts, on February 26, 2020, was about two weeks into the meltdown and it is indicative of how little we knew about the virus then, and […]
  • Value Investing III: Requiem, Rebirth or Reinvention? October 23, 2020
    If you have had the endurance to make your way through my first two posts on value investing, I compliment you on your staying power, but I am sure that, if you are a value investor, you have found my take on it to be unduly negative. In this, my third post, I want to […]
  • Value Investing II: Tough times for Value Investing - Passing Phase or a Changed World? October 23, 2020
    In the last post, I noted the strong backing for value investing for much of the last century, where a combination of investing success stories and numbers that back those stories allowed it to acquire its lead position among investment philosophies. In this post, I plan to look at the underbelly of value investing, by […]
  • Value Investing I: The Back Story October 23, 2020
    One of the classes that I teach is on investment philosophies, where I begin by describing an investment philosophy as a set of beliefs about how markets work (and sometimes don't) which lead to investment strategies designed to take advantage of market mistakes. Unlike some, I don't believe that there is a  single "best" philosophy, […]
  • Sounding good or Doing good? A Skeptical Look at ESG September 21, 2020
    In my time in corporate finance and valuation, I have seen many "new and revolutionary" ideas emerge, each one marketed as the solution to all of the problems that businesses face. Most of the time, these ideas start by repackaging an existing concept or measure and adding a couple of proprietary tweaks that are less […]
  • Illusion, Perception and Reality: Stock Splits and Index Inclusions September 1, 2020
    After big market movements, we are eager to look for explanations, fundamental reasons why a stock or stocks collectively moved on that day, but the reality is that a great deal of the price movement on a day-to-day basis has nothing to do with earnings, cash flows or risk. On August 31, this reality was […]
  • A Viral Market Update XIII: The Strong (FANGAM) get stronger! August 20, 2020
    When I started these updates on February 26, 2020, about two weeks after the markets went into free fall, my first six posts were titled "Viral Market Meltdowns", reflecting the sell off across the globe. About half way through this series, I changed the title, replacing the word "meltdown" with "update", as markets turned around. […]
  • From Class Rooms to Class Zooms: Teaching during COVID times! August 5, 2020
    As some of you who have visited my website and read my bio know, I describe myself first and foremost as a teacher,  and every semester, for the last decade, I have invited anyone who is interested to join in my classes. In December 2019, when I posted my last invite, I fully expected to be teaching corporate […]
  • A Viral Market Update XII: The Resilience of Private Risk Capital July 23, 2020
    In the midst of chaos and confusion, it is human nature to look for order and for a unifying theory that explains the world. As I have navigated my way through this crisis, I have used data from markets to try to come up with explanations for why markets have rebounded as quickly and as […]

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RSS The Business Times – Companies & Markets

  • STI ends higher as Singapore economy shows signs of recovery November 23, 2020
    SINGAPORE shares ended in positive territory on Monday as economic data provided a glimpse of recovery in 2021.
  • Pandemic challenges help accelerate growth November 23, 2020
    "DYNAMIC and efficient" are two words rarely used to describe employee transport. Fixed routes and pick-up times are the norm, and unexpected changes in passenger volumes can result in overcrowding or near-empty vehicles plying the roads.
  • Achieving breakthroughs in cancer treatment November 23, 2020
    CANCER treatment has made great strides over the years, with conventional ways like chemotherapy gradually making way for progressive ones that hold promise of greater effectiveness.
  • Sembmarine surges partly on renewed merger hopes November 23, 2020
    SEMBCORP Marine (Sembmarine) shares rallied as high as nearly 13 per cent on Monday on relatively robust turnover with analysts attributing the surge to "beaten down cyclicals", a rise in crude prices and broader vaccine optimism.
  • Broadway Industrial still in talks with buyer for hard disk business November 23, 2020
    BROADWAY Industrial Group is still negotiating with a potential buyer of its hard disk drive business, after receiving a draft binding letter of intent from the potential buyer on Nov 17, it said in a bourse filing late on Sunday.

RSS The Business Times – Stocks

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Repurchase program

Share repurchases: What is smart at one price is stupid at another

April 26, 2018

Discussions about share repurchases often become heated in the investment world. But, in the words of Berkshire Hathaway chairman Warren Buffett,  assessing the desirability of repurchases isn’t that complicated. “From the standpoint of exiting shareholders, repurchases are always a plus. Though the day-to-day impact of these purchases is usually minuscule, it’s always better for a

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Berkshire Hathaway repurchase program

December 6, 2014

In a September 26, 2011, news release, Berkshire Hathaway announced, to the surprise of many, a program to repurchase Class A and Class B shares of Berkshire. Here is an insight into Warren Buffett’s thinking about share repurchase. In his annual letter (March 1, 2000) to Berkshire Hathaway shareholders for Year 1999, he said, among

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Warren Buffett on retained earnings and repurchase program

December 5, 2014

Berkshire Hathaway’s belief in retaining earnings as a way to strengthen its business can be seen in this excerpt from Warren Buffett’s letter to shareholders (February 26, 2011) for Year 2010: “Furthermore, not a dime of cash has left Berkshire for dividends or share repurchases during the past 40 years. Instead, we have retained all

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