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October 23, 2018

RSS Aswath Damodaran’s Musings on Markets

  • 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 […]
  • The Privatization of Tesla: Stray Tweet or Game Changing News August 10, 2018
    After my last two posts in Tesla, I was planning to take a break from the company, since I had said everything that I had to say about the company. In short, I argued that Tesla, notwithstanding its growth potential, was over valued and that to deliver on this potential, it would need to raise […]
  • Country Risk: A Midyear Update for 2018 August 7, 2018
    While political and trade wars are brewing around the world, centered on globalization, the enduring truth is that the globalization genie is out of the bottle, and no political force can put it back. Encouraged to spread their bets around the world, investors have shed some of the home bias in their investing and added […]
  • Share Count Confusion: Dilution, Employee Options and Multiple Share Classes! July 26, 2018
    In my last post, just about four weeks ago, I valued Tesla, and as with all of my Tesla valuations, I got feedback, much of it heated. My valuation of Tesla was $186, in what I termed my base case, and there were many who disputed that value, from both directions. There were some who […]
  • Twists and Turns in the Tesla Story : A Boring, Boneheaded Update! June 28, 2018
    There are lots of complaints that you can have about Tesla, but being boring is not one of them. It helps to have a CEO who seems to find new ways to make himself newsworthy, in good and bad ways. In fact, if Tesla were a reality show, the twists and turns in its fate […]

RSS Dr David Kass commentary

  • 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 […]
  • Berkshire Hathaway Bought Back Its Shares at $310,000 – $315,000 Per Share in August, 2018 September 4, 2018
    In a Berkshire Hathaway news release on July 17, 2018, Berkshire’s Board of Directors announced an amendment to its share repurchase program.  The earlier share repurchase program provided that the price paid for repurchases would not exceed a 20% premium over the then-current book value of such shares.  Under the amended plan, share repurchases can […]
  • 5 Highlights of Warren Buffett Interview on CNBC August 30, 2018 August 31, 2018
    Warren Buffett was interviewed on CNBC on August 30, 2018, his 88th birthday. The 5 highlights were: (1) Stocks are currently more attractive than fixed income or real estate.   Berkshire Hathaway is buying stocks every day including today. (2) Buffett recently purchased additional shares of Apple.  The value of an iPhone to the user far […]
  • Happy 88th Birthday, Warren Buffett! August 30, 2018
    Today is Warren Buffett’s 88th birthday.  Happy Birthday, Mr. Buffett! This blog was launched 8 years ago today on the occasion of Warren Buffett’s 80th birthday.  I hope it has been helpful to all who have visited this site. (Note: Warren Buffett will be interviewed on CNBC from 11:00 – 11:15 a.m. EST today.)  
  • Paytm Confirms Berkshire Investment, Todd Combs to Join its Board of Directors August 28, 2018
    According to the Economic Times, Paytm has confirmed Berkshire’s investment (about $300 million).  Todd Combs will be joining its board of directors.
  • Berkshire Hathaway in Talks to Acquire $300 Million Stake in India’s Paytm August 27, 2018
    According to The Economic Times, Berkshire Hathaway is in talks to acquire a $300 million stake (3-4%) in India’s Paytm.  Todd Combs is leading the transaction for Berkshire. If this deal is closed, it would represent Berkshire’s first direct investment in India.
  • Major Changes to Berkshire Hathaway’s Portfolio During 2018 Second Quarter August 14, 2018
    In an SEC 13F filing after the market closed today, Berkshire Hathaway revealed major changes to its portfolio as of June 30, 2018. The largest additions to its current holdings in its portfolio were: (1) Apple (AAPL):  + $2.5 billion (14 million shares or 5.2%) (2) Delta Airlines (DAL) : + $500 million (10 million […]

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RSS The Business Times – Companies & Markets

  • Keppel-KBS US Reit to raise US$93.1m from 295-for-1,000 rights issue October 23, 2018
    THE manager of Keppel-KBS US Reit (real estate investment trust) announced late on Monday night the launch of an underwritten and renounceable rights issue to raise gross proceeds of around US$93.1 million.
  • Global Invacom suspends trading till acquisition talks are finalised October 23, 2018
    SATELLITE communications equipment provider Global Invacom Group called for trading in its shares to be suspended on Tuesday before market open, saying its negotiations regarding an acquisition are taking longer than expected.
  • Keeping to the spirit of AGMs October 22, 2018
    THE latest season of Annual General Meetings (AGMs) - the once-a-year affair in which investors get to engage with the management of companies they invest in - has mostly concluded, with something for both boards and shareholders to think about.
  • Singapore-Bangladesh ties a study in complementarity for win-win gains October 22, 2018
    THE Bangladesh economy finds itself on the cusp of transformative growth, ready to make the step up to a middle-income nation. As it continues its growth journey, facilitating the flow of goods and services, ideas and people across borders will remain a vital part of the development challenge; regional collaboration and inclusive globalisation are central […]
  • Raffles Infrastructure unit inks preliminary pact for 6b yuan China rail project October 22, 2018
    RAFFLES Infrastructure Holdings, formerly known as China Fibretech, said on Monday afternoon that it has entered into a framework agreement to build about 70 km of tourist railways in China with an estimated contract value of six billion yuan (S$1.19 billion). It later provided a breakdown of the contract value of each of the project's […]

RSS The Business Times – Stocks

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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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