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October 18, 2019

RSS Aswath Damodaran’s Musings on Markets

  • IPO Lessons for Public Market Investors October 11, 2019
    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 […]
  • US Equities: Resilient Force or Case Study in Denial? October 1, 2019
    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 […]
  • Insights on VC Pricing: Lessons from Uber, WeWork and Peloton! September 17, 2019
    As a confession, I started this post intending to write about Peloton, the next big new offering hitting markets, but I got distracted along the way. As I read the Peloton prospectus, with the descriptions of its business, its measure of total market size and its success at scaling up revenues accompanied by large losses, […]
  • Runaway Story or Meltdown in Motion? The Unraveling of the WeWork IPO September 9, 2019
    In a year full of high-profile IPOs, WeWork takes center stage as it moves towards its offering date, offering a fascinating insight into corporate narratives, how and why they acquire credibility (and value) and how quickly they can lose them, if markets lose faith. When the WeWork IPO was first rumored, there was talk of the […]
  • From Shareholder wealth to Stakeholder interests: CEO Capitulation or Empty Doublespeak? August 28, 2019
    Last week. the Business Roundtable, composed of the CEOs of some of America’s largest companies, put out a press release that hinted at a fundamental, perhaps revolutionary, shift in corporate focus. In the statement, the CEOs seemed to be saying that corporations should be run to protect all corporate stakeholders, defined to include customers, society […]
  • Country Risk: A Mid-year 2019 Update August 13, 2019
    One of the consequences of globalization is that investors, analysts and companies can no longer stay focused on just their domestic markets, but have to also understand the risks and opportunities elsewhere in the world. When developed market companies first embarked on the journey of expanding into emerging market growth economies, investors pushed up their […]
  • 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 […]

RSS Dr David Kass commentary

  • The Youngest Kid on Wall Street October 3, 2019
    My University of Maryland (Robert H. Smith School of Business) profile: THE YOUNGEST KID ON WALL STREET DAVID KASS PROFESSOR, FINANCE Finance professor David Kass first looked at the New York Times’ business section at age 12. Like many boys, he was mostly interested in the sports articles. He became invested, literally, when his grandfather gave him […]
  • The Successful IPO’s of 2019 October 1, 2019
    I am quoted in a Robert H. Smith School of Business (University of Maryland) article on the successful IPO’s of 2019. It’s been a big year for IPOs, but it hasn’t been a kind one. Ride-share startups Uber and Lyft made their public trading debuts in belly-flop style, and initial offerings from workplace collaboration tool […]
  • Buffett protégé Tracy Britt Cool leaving Berkshire Hathaway September 19, 2019
    I am quoted in a New York Post article on Tracy Britt Cool leaving Berkshire Hathaway. “I’m very surprised she is leaving,” said Dr. David Kass, a University of Maryland professor who blogs about Warren Buffett. “She’s been there about 10 years and there is very little turnover at headquarters,” Kass said.
  • Tracy Britt Cool to Leave Berkshire Hathaway September 18, 2019
    Tracy Britt Cool, one of Warren Buffett ’s key lieutenants in recent years, is leaving Berkshire Hathaway to create a mini Berkshire of her own, as reported by the Wall Street Journal. Ms. Britt Cool joined Berkshire in 2009 at age 25 as Mr. Buffett’s financial assistant, a job he created for her. In 2014, she […]
  • 3G Capital Sold 9% of its Stake in Kraft Heinz for $713 Million September 17, 2019
    3G Capital today sold 25 million shares, or 9% of its stake, in Kraft Heinz at $28.44 per share for $713 million. Jorge Lemann bought 3.5 million shares at $28.60 for $100 million. Berkshire Hathaway remains the largest shareholder of Kraft Heinz with a 27% stake.    
  • 7 Cheap Stocks to Buy in a Pricey Market September 12, 2019
    I am quoted in this Kiplinger’s Personal Finance article:   Bank of America Getty Images MARKET VALUE: $266.5 billion DIVIDEND YIELD: 2.5% We’ve heard a lot lately about the inverted yield curve, where short-term interest rates are above long-term interest rates. This can hurt traditional banking companies, which rely on borrowing money at lower rates to lend out […]
  • Warren Buffett Describes the Important Role of Luck in his Investment Career August 31, 2019
    I am extensively quoted in this CNBC article: Warren Buffett, now 89, on a lifelong success factor that few other billionaires are willing to credit Luck’s role in success Many successes start with luck. “Having the good luck to win the ‘ovarian lottery’ is a major determinant in success in life in general — and in […]
  • Happy 89th Birthday, Warren Buffett! August 30, 2019
    Today is Warren Buffett’s 89th birthday.  Happy Birthday, Mr. Buffett! This blog was launched 9 years ago today on the occasion of Warren Buffett’s 80th birthday.  I hope it has been helpful to all who have visited this site.
  • 7 Highlights of Brian Moynihan on CNBC August 21, 2019
    Brian Moynihan, CEO of Bank of America, was interviewed on CNBC this morning.  These are the highlights: (1) The “inverted yield curve” last week was an indication of a “flight to quality” as (foreign) investors purchased U.S. Treasuries in order to receive a positive yield. (2) The U.S consumer is doing well — spending more […]

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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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