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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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, […]
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 […]
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 […]
I am interviewed in this University of Maryland, Robert H. Smith School of Business article (Smith Brain Trust). OUR EXPERT’S PICKS HAVE OUTPERFORMED. HERE ARE HIS 3 NEW PICKS. Dec 11, 2019 Finance SMITH BRAIN TRUST – As far as stock picking goes, you could do a lot worse than simply following the advice of Maryland Smith’s David […]
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 […]
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 […]
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 […]
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 […]
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 […]
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.”
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 […]
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.
Kevin Hassett, President Donald Trump's top economic adviser, suggested Goldman Sachs may be slanting its economic research to help Democrats ahead of the midterm elections.
Land O'Lakes CEO Beth Ford charts her career path, from her first job to becoming the first openly gay CEO at a Fortune 500 company in an interview with CNN's Boss Files.
STANDARD Chartered and PT Astra International Tbk are selling their 44.56 per cent stake each in Indonesia's Bank Permata to Bangkok Bank for approximately US$2.6 billion in an all-cash deal.
DESPITE cutting expenditure, Stamford Tyres' revenue for the second quarter did not manage to cover costs, causing the mainboard-listed tyre and wheel distributor to sink into the red.
BEST World International's audit committee is "cautiously optimistic" that the independent review into the sales practices adopted by the premium skincare firm in China is on track to be completed as planned, it said on Thursday.
MAGNUS Energy Group will convene an extraordinary general meeting (EGM) on Jan 9, 2020 after coming to an agreement with requisitioning shareholders that had initially proposed to hold their own EGM.
ARA Asset Management has entered into a strategic transaction with Logos Group to establish a logistics real estate platform in the Asia-Pacific region.
SINGAPORE stocks built on their morning gains as trading resumed on Thursday afternoon, with the Straits Times Index advancing 0.90 per cent or 28.61 points on the day to 3,201.51 as at 1.05pm.
INVESTORS continued to rotate into Singapore-listed plantation stocks on the back of rising crude palm oil (CPO) prices and falling inventory levels, which have seen the sector outperforming the broader market in recent weeks.
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