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December 8, 2019

RSS Aswath Damodaran’s Musings on Markets

  • Regime Change and Value: A Follow up Post on Aramco November 19, 2019
    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 […]
  • A coming out party for the world's most valuable company: Aramco's long awaited IPO! November 18, 2019
    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 […]
  • The Softbank-WeWork End Game: Savior Economics or Sunk Cost Problem? November 15, 2019
    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 […]
  • Disrupting the IPO Process: Challenging the Banker-run Going-Public Model! October 18, 2019
    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 […]
  • 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 […]

RSS Dr David Kass commentary

  • The impact of the Trade War on U.S. Industrial Companies December 2, 2019
    I am quoted on the impact of the trade war on U.S. industrial companies in InvestorPlace: And, of course, it’s nearly impossible to overstate the effect of the ongoing trade war on many U.S. industrials stocks. In an e-mail interview with InvestorPlace, David Kass, Clinical Professor of Finance at the University of Maryland’s Robert H. Smith School […]
  • Warren Buffett’s Bet on Airlines November 29, 2019
    I am quoted in The Dallas Morning News: “Warren Buffett bet big on the big four airlines — and so far it is paying off” “Buffett said the airline labor problems from previous years have been mostly resolved, you’ve had a consolidation and the airlines are less likely to have suicidal price competition,” said David […]
  • Buffett Outbid by Apollo Global for Tech Data Corp. November 29, 2019
    I am quoted in a Bloomberg article: “Buffett Outbid by Private Equity in Berkshire’s Deal Hunt” “He’s just not going to throw the money out and earn a rate of return below what his minimum target is,” David Kass, a professor of finance at the University of Maryland’s Robert H. Smith School of Business. “He […]
  • Berkshire’s Investment in RH (formerly Restoration Hardware) November 23, 2019
    I am quoted in a Bloomberg article “Berkshire Takes on Short Sellers With Bet on Furniture Retail” “They have a certain limited circle of competence and within that circle of competence is furniture stores,” said David Kass, a professor of finance at the University of Maryland’s Robert H. Smith School of Business. The relatively small […]
  • 2 Additions and 1 Reduction to Berkshire Hathaway’s Portfolio During the Third Quarter November 14, 2019
    In an SEC Form 13-F filing after the market closed today, Berkshire Hathaway revealed 2 major additions to its portfolio during the third quarter. Berkshire made an initial purchase of (1) 7.5 million shares of Occidental Petroleum (OXY) that was valued at $332 million on September 30   (Probably Todd Combs or Ted Weschler)  (Note: Berkshire also […]
  • Warren Buffett on Success in Investing November 13, 2019
    This is my favorite Warren Buffett quote: “Success in investing doesn’t correlate with IQ once you’re above the level of 120.  What you need is the temperament to control the urges that get other people into trouble in investing.  If your IQ is 150, sell 30 points; it won’t hurt.”  
  • Investing in Gold? November 11, 2019
    I am quoted in this University of Maryland (Smith Brain Trust) article: PART OF THE ALLURE IS ABOUT FEAR Nov 11, 2019 Finance SMITH BRAIN TRUST – Ancient rulers loved it. Modern investors have, at times, flocked to it. What is it about gold, anyway? Gold prices have gained more than 15% this year, amid worries about […]
  • Berkshire Hathaway is Trading at Price to Book Value Ratio of 1.33 November 2, 2019
    At Berkshire Hathaway’s closing price on Friday, November 1 of $323,400, and its book value of $243,484 at the end of the third quarter, its price to book value ratio = 1.33, which is 16% below its 30 year average of 1.58.
  • 3 Highlights of Berkshire Hathaway’s 2019 Third Quarter Report November 2, 2019
    Berkshire Hathaway released its 2019 third quarter report this morning.  The highlights are: (1) Berkshire’s operating earnings were up 14.2% in third quarter. (2) Berkshire’s cash rose to $128 billion at end of third quarter from $122 billion on June 30. (3) Berkshire bought back about $700 million of its own shares in the third quarter, bringing its […]

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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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