What is a hurdle rate for a business? There are multiple definitions that you will see offered, from it being the cost of raising capital for that business to an opportunity cost, i.e., a return that you can make investing elsewhere, to a required return for investors in that business. In a sense, each of […]
There are three topics that you can write or talk about that are almost guaranteed to draw a audience, stocks (because greed drives us all), sex (no reason needed) and salvation. I am not an expert on the latter two, and I am not sure that I have that much that is original to say […]
I generally try to stay out of fights, especially when they become mud-wrestling contests, but the battle between the hedge funds and Reddit investors just too juicy to ignore. As you undoubtedly know, the last few days have been filled with news stories of how small investors, brought together on online forums, have not only […]
In my last post, I described the wild ride that the price of risk took in 2020, with equity risk premiums and default spreads initially sky rocketing, as the virus led to global economic shutdowns, and then just as abruptly dropping back to pre-crisis levels over the course of the year. As stock and bond […]
Investors are constantly in search of a single metric that will tell them whether a market is under or over valued, and consequently whether they should buying or selling holdings in that market. With equities, the metric that has been in use the longest is the PE ratio, modified in recent years to the CAPE, […]
As we approach the turn of the calendar year, I have my own set of rituals that prepare me for the new year. Last week, was my data week, where I download and analyze data on all publicly traded companies, listed anywhere in the world, and I will post extensively on what the numbers look […]
I spent the first week of 2021 in the same way that I have spent the first week of every year since 1995, collecting data on publicly traded companies and analyzing how they navigated the cross currents of the prior year, both in operating and market value terms. I knew that this year would be […]
On Monday, November 16, Airbnb filed it’s preliminary prospectus with the SEC, starting the clock on its long awaited initial public offering. On the same day, rising COVID cases caused more shut downs and restrictions around the world, creating a clear disconnect. Why would a company that derives its value from short term rentals by […]
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 […]
Warren Buffett released his 2020 Letter to Shareholders of Berkshire Hathaway this morning. The 10 highlights are: (1) Main takeaway of Warren Buffett’s Letter to Shareholders: Buy and hold U.S. stocks and do not...
The total market capitalization of the 6 largest technology stocks plus Berkshire Hathaway equals $8.6 trillion, about 28% of the total capitalization of the S&P 500 ($31 trillion). (1) Apple ($2.04 trillion) — ...
The total market capitalization of the 6 largest technology stocks plus Berkshire Hathaway equals $9.1 trillion, about 28% of the total capitalization of the S&P 500 ($32 trillion). (1) Apple ($2.18 trillion) — ...
After the market closed today, Berkshire Hathaway filed its SEC 13F which revealed the following major changes to its stock portfolio during the fourth quarter of 2020: New Positions Verizon Communications (VZ) — ($8.6...
The total market capitalization of the 6 largest technology stocks plus Berkshire Hathaway equals $9.3 trillion, about 29% of the total capitalization of the S&P 500 ($32 trillion). (1) Apple ($2.27 trillion) — ...
The total market capitalization of the 6 largest technology stocks plus Berkshire Hathaway equals $9.3 trillion, about 29% of the total capitalization of the S&P 500 ($32 trillion). (1) Apple ($2.30 trillion) — ...
Barron’s published my Letter to the Editor: To the Editor: Kudos to Matthew C. Klein for his persuasive argument that additional borrowing by the federal government to fund investments that boost growth, such as...
The total market capitalization of the 6 largest technology stocks plus Berkshire Hathaway equals $8.8 trillion, about 28% of the total capitalization of the S&P 500 ($31 trillion). (1) Apple ($2.22 trillion) — ...
I am quoted in this ABC News article: “There was this feeling of, ‘Let’s get even with these hedge funds, let’s get back at them,’” said David Kass, a finance professor at the University...
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.
FOLLOWING the release of First Resources' FY2020 results last Friday, RHB has downgraded its call on the Indonesian palm oil producer from "buy" to "neutral" and lowered its target price to S$1.60 from S$1.90 previously.
COAL mining and trading company Golden Energy and Resources (Gear) on Monday announced FY2020 net profit of US$8.1 million, 18.7 per cent lower than the previous year's net profit of US$9.9 million a year ago.
Q&M Dental Group (Singapore) recorded a net profit of S$19.7 million for the full year ended Dec 31, 2020, 10 per cent higher than its FY2019 profit of S$18 million.
HEALTHCARE player Medtecs International Corp posted a net profit of US$131.7 million for the full year ended Dec 31, 2020 - almost 110 times the US$1.2 million net profit a year ago.
SINGAPORE shares started Monday on a stronger note, with the key Straits Times Index (STI) gaining 7.43 points or 0.3 per cent to 2,956.47 as at 9.03am.
THE S&P (SPX) had several heavy sell-offs around end-January that caused a temporary false breakout downwards. As the downtrend quickly stemmed losses and rebounded strongly off the then-recent support level of 3,700, it brought prices back into the channel in a matter of hours. Looking ahead, the SPX has returned to the middle of the […]
SINGAPORE may be a laggard in attracting blockbuster listings when compared to Hong Kong, but the pipeline for initial public offerings (IPOs) this year looks robust on renewed interest from companies expanding in Asia and US-listed Chinese companies looking for a secondary listing closer to home - but outside China - amidst rising US-China tensions.
ASIAN markets ended the week in the red, as rising US Treasury bond yields stoked inflation fears and caused a sharp overnight fall in Wall Street technology shares.
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