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December 15, 2018

RSS Aswath Damodaran’s Musings on Markets

  • Is there a signal in the noise? Yield Curves, Economic Growth and Stock Prices! December 7, 2018
    The title of this post is not original and draws from Nate Silver's book on why so many predictions in politics, sports and economics fail. It reflects the skepticism with which I view many 'can't fail" predictors of economic growth or stock markets, since they tend to have horrendous track records. Over the last few […]
  • Investing Whiplash: Looking for Closure with Apple and Amazon! December 3, 2018
    In September, I took a look, in a series of posts, at two companies that had crested the trillion dollar market cap mark, Apple and Amazon, and concluded that series with a post where I argued that both companies were over valued. I also mentioned that I was selling short on both stocks, Amazon for […]
  • The GE End Game: Bataan Death March or Turnaround Play? November 14, 2018
    It seems like ancient history, but it was just 2001, when GE was the most valuable company in the world, commanding a market capitalization in excess of $500 billion. The quintessential conglomerate, with a presence in almost every part of the global economy, it seemed to have been built to withstand economic shocks and was […]
  • An October Surprise? Making Sense of the Market Mayhem! October 29, 2018
    I don't know what it is about October that spooks markets, but it certainly feels like big market corrections happen in the month. As stocks have gone through contortions this month, more down than up, like many of you, I have been looking at my portfolio, wondering whether this is the crash that the market […]
  • High and higher: The Money in Marijuana! October 16, 2018
    In 1992, when Bill Clinton was running for president of the United States, and was asked whether he had ever smoked marijuana, he responded that he had, but that he did not inhale, reflecting the fear that being viewed as a weed-smoker would lay low his presidential ambitions. How times have changed! Today, smoking marijuana […]
  • Amazon and Apple at a Trillion $: A Follow-up on Uncertainty and Catalysts! September 21, 2018
    In my last post, I looked at Apple and Amazon, as their market caps exceeded a trillion dollars, tracing the journey that they took over the last two decades to get to that threshold and valuing them  given their current standing. While you can check out the stories that I told and the details of […]
  • Apple and Amazon at a Trillion $: Looking Back and Looking Forward! September 19, 2018
    For most of us, even envisioning a trillion dollars is difficult to do, a few more zeros than we are used to seeing in numbers. Thus, when Apple’s market capitalization exceeded a trillion on August 2, 2018, it was greeted with commentary, and when Amazon’s market capitalization also exceeded a trillion just over a month […]
  • Trillion Dollar Toppers: Market Triggers, Value Drivers and Pricing Catalysts! September 10, 2018
    In the last few weeks, the market capitalization of Apple and Amazon each hit a trillion dollars, a threshold not seen before in public markets. Predictably, that has drawn press attention and commentary about what this moment means for markets, investors and the companies themselves. As readers of this blog know, I have followed both […]
  • Deja Vu In Turkey: Currency Crisis and Corporate Insanity! August 15, 2018
    This has been a year of rolling crises, some originating in developed markets and some in emerging markets, and the market has been remarkably resilient through all of them. It is now Turkey's turn to be in the limelight, though not in a way it hoped to be, as the Turkish Lira enters what seems […]

RSS Dr David Kass commentary

  • Stocks To Watch In 2019 December 13, 2018
    I was interviewed in this Smith Brain Trust (University of Maryland) article on the 2019 outlook for the economy and stocks. THESE COMPANIES ARE POISED FOR EXCITEMENT IN 2019 Dec 10, 2018 Finance SMITH BRAIN TRUST – Like the big man in the North Pole, Maryland Smith’s David Kass spends the waning weeks of the year making a list […]
  • Microsoft Replaces Apple as Most Valuable Company December 5, 2018
    I am quoted in the Washington Post (December 2, 2018): “Technology and capitalism take their toll, said David Kass, finance professor at the University of Maryland. “Of the original 12 stocks in the Dow Jones industrial average in 1896, only General Electric survives today — just barely,” Kass said. And in time, “Apple and Microsoft […]
  • Berkshire Invests $14 billion in Stocks in Third Quarter November 14, 2018
    In an SEC 13F filing after the market closed today, Berkshire Hathaway revealed a net increase of $14 billion in its common stock portfolio during the third quarter of 2018.  This is the largest quarterly increase in its common stock investments in many years. These increases, primarily in the banking sector, were: (1) Bank of […]
  • 5 Highlights of Berkshire Hathaway’s Third Quarter Report for 2018 November 3, 2018
    Berkshire Hathaway today released its Form 10-Q for the third quarter of 2018. Five highlights during the third quarter were: (1) Berkshire’s operating earnings increased by 100% as compared to the third quarter of 2017. (2) Berkshire repurchased $928 million of its stock, indicating that both Warren Buffett and Charlie Munger conclude that Berkshire’s current […]
  • Dividends and “Widow and Orphan Stocks” November 2, 2018
    I am quoted in “Why GE’s Penny Dividend Signals a Sad Turn for Widow and Orphan Stocks”  that is likely to appear in the Business Section of the Washington Post on Sunday, November 4: “Widow and orphan stocks were designated as such for their safety and income,” said David Kass, a finance professor at the […]
  • Berkshire Hathaway Invests in Fintech October 29, 2018
    I am quoted in The Wall Street Journal on Berkshire Hathaway investing in Fintech: “Todd and Ted bring additional expertise to the table,” said David Kass, a professor at the University of Maryland’s Robert H. Smith School of Business and a Berkshire shareholder. “They’re broadening the perspective of Berkshire and broadening the opportunities where they […]
  • Warren Buffett Earned 8.7% Compounded Annual Return on Laguna Beach Home October 16, 2018
    Warren Buffett earned a compounded annual rate of return of 8.7% on his Laguna Beach home that he recently sold for $7.5 million and purchased for $150,000 in 1971.
  • How To Fix General Electric October 6, 2018
    I am quoted in a Washington Post article: “Larry Culp’s Long To-Do List To Fix GE“. “Culp will need to decide whether to fix GE’s power division or scrap it. David Kass, a finance professor at the University of Maryland, thinks he should sell it because of its “substantial” underperformance. “The remainder of GE can […]
  • Highlights of Jeff Bezos Interview at Economic Club of Washington on September 13, 2018 September 15, 2018
    In this Jeff Bezos interview (1 hour and 9 minutes) the Amazon CEO quotes from Warren Buffett and explains why he bought the Washington Post which is now profitable and hiring additional staff by becoming a national and global newspaper via the Internet.  Amazon located in Seattle, Washington so they could draw from the talent […]

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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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