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October 4, 2022

RSS Aswath Damodaran’s Musings on Markets

  • Reaping the Whirlwind: A September 2022 Inflation Update! September 26, 2022
    In my early 2021 posts on inflation, I argued that while the higher inflation that we were just starting to see could be explained by COVID and supply chain issues, prudence on the part of policy makers required that it be taken as a long term threat and dealt with quickly. Not only did they […]
  • A Zomato 2022 Update: Value, Pricing and the Gap July 27, 2022
    On July 21, 2021, I valued Zomato just ahead of its initial public offering at about ₹41 per share. The market clearly had a very different view, as the stock premiered at ₹74  per share and soared into the stratosphere, peaking at ₹169 per share in late 2021. The last few months have been rocky, as the price […]
  • Country Risk: A 2022 Mid-year Update! July 13, 2022
    It has been my practice for the last two decades to take a detailed look at how risk varies across countries,  once at the start of the year and once mid-year. In most years, the differences between the two updates are small, and often ignorable, but this year's update brings significant changes for many reasons. […]
  • Risk Capital and Markets: A Temporary Retreat or Long Term Pull Back? July 1, 2022
    As inflation has taken center stage, markets have gone into retreat globally, and across asset classes. In 2022, as bond rates have risen, stock prices have fallen, and crypto has imploded, even true believers are questioning what the bottom for markets might be, and when we will get there. While it is easy to call […]
  • A Follow up on Inflation: The Disparate Effects on Company Values! May 20, 2022
    In my last post, I discussed how inflation's return has changed the calculus for investors, looking at how inflation affects returns on different asset classes, and tracing out the consequences for equity values, in the aggregate. In general, higher and more volatile inflation has negative effects on all financial assets, from stocks to corporate bonds […]
  • In Search of a Steady State: Inflation, Interest Rates and Value May 6, 2022
    The nature of markets is that they are never quite settled, as investors recalibrate expectations constantly and reset prices. In most time periods, those recalibrations and resets tend to be small and in both directions, resulting in the ups and downs that pass for normal volatility. Clearly, we are not in one of those time […]
  • Elon's Twitter Play: Valuation and Corporate Governance Consequences April 21, 2022
    I am not a prolific user of social media platforms, completely inactive on Facebook and a casual lurker on LinkedIn, but I do use Twitter occasionally, and have done so for a long time, with my first tweet in April 2009, making me ancient by Twitter standards. That said, I tweet less than ten times […]
  • ESG's Russia Test: Trial by Fire or Crash and Burn? March 28, 2022
    My views on ESG are not a secret. I believe that ESG is, at its core, a feel-good scam that is enriching consultants, measurement services and fund managers, while doing close to nothing for the businesses and investors it claims to help, and even less for society. That judgment may be harsh, but as the […]
  • Russia in Ukraine: Let Loose the Dogs of War! March 19, 2022
    As the world's attention is focused on the war in the Ukraine, it is the human toll, in death and injury, that should get our immediate attention, and you may find a focus on economics and markets to be callous. However, I am not a political expert, with solutions to offer that will bring the […]

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how warren buffett measures profit performance

Measuring profit performance

November 16, 2014

In his 1977 letter to Berkshire Hathaway shareholders, Warren Buffett said that “most companies define ‘record’ earnings as a new high in earnings per share”. This measure is not appropriate in Mr Buffett’s views. “Since businesses customarily add from year to year to their equity base, we find nothing particularly noteworthy in a management performance combining,

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