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October 22, 2021

RSS Aswath Damodaran’s Musings on Markets

  • Triggered Disclosures: Escaping the Disclosure Dilemma October 19, 2021
    In a post a few weeks ago, I argued that the disclosure process had lost its moorings, as corporate disclosures (annual filings, prospectuses for IPOs) have become more bulky, while also become less informative. I argued that some of this disclosure complexity could be attributed to the law of unintended consequences, with good intentions driving […]
  • The Indian Smartphone Revolution: Paytm's Coming of Age IPO! October 4, 2021
    A few weeks ago, I valued Zomato, the Indian online food delivery company, just prior to its IPO, and argued that the excitement about its potential was tied to the potential for growth in India and the shifting habits of Indian consumers. Since its public offering, Zomato's stock price has reflected that excitement, more than […]
  • The ESG Movement: The "Goodness" Gravy Train Rolls On! September 14, 2021
    Last year, I wrote a post on ESG and explained why I was skeptical about the claims made by advocates about the benefits it would bring to companies, investors and society. In the year since, I have heard from many on the topic, and while there are some who agreed with me on the internal […]
  • China's Tech Crackdown: Its about Control, not Consumers or Competition! September 1, 2021
    For the last two decades, China has been the dominant story for both the global economy and capital markets, as the country's immense growth and infrastructure investments have sustained commodity prices, and altered the balance of world economic power. That growth has come (or should have come) with the recognition that in almost every venture […]
  • A DIY (Do-It-Yourself) Valuation of Zomato August 3, 2021
    Just over a week ago, I valued Zomato ahead of its market debut, and as with almost every valuation that I do on this forum, I heard from many of you. Some of you felt that I was being far too generous in my assumptions about market share and profitability, for a company with no […]
  • The Zomato IPO: A Bet on Big Markets and Platforms! July 22, 2021
    Zomato, an Indian online food-delivery company, was opened up to public market investors on July 14, 2021,  and its market debut is being watched for clues by a number of other online ventures in India, waiting in the wings to go public. The primary attraction of the company, to investors, comes not from its current […]
  • Disclosure Dilemma: When more (data) leads to less (information)! July 14, 2021
    In the last few decades, as disclosure requirements for publicly traded firms have increased, annual reports and regulatory filings have become heftier. Some of this surge can be attributed to companies becoming more complex and geographically diversified, but much of it can be traced to increased disclosure requirements from accounting rule writers and market regulators. […]
  • 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 […]

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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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