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May 19, 2022

RSS Aswath Damodaran’s Musings on Markets

  • 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 […]
  • Data Update 5 for 2022: The Bottom Line! February 27, 2022
    The proverbial bottom line for success in business is the capacity to deliver profits, at least in the long term. Even though we live in an age where user platforms and hyper revenue growth can drive company valuations, that adage remains true. In fact, questions about profitability seem to have taken center place again, not […]
  • Back to Earth or Temporary Setback? Revisiting the FANGAM Stocks February 12, 2022
    It has been a rocky year so far, in 2022, with worries about inflation competing with hopes about recovery for the market's attention. In the midst of all the action, to no one's surprise, have been six stocks (Facebook, Amazon, Netflix, Google, Apple and Microsoft or FANGAM) that have largely driven US equities for the […]
  • Data Update 4 for 2022: Risk = Danger + Opportunity! February 9, 2022
    In the first few weeks of 2022, we have had repeated reminders from the market that risk never goes away for good, even in the most buoyant markets, and that when it returns, investors still seem to be surprised that it is there. Investors all talk about risk, but there seems to be little consensus […]
  • Data Update 3 for 2022: Inflation and its Ripple Effects! January 27, 2022
        Inflation numbers have been coming in high now, for more than a year, but for much of the early part of 2021, bankers, investors and politicians seemed to be either in denial or casually dismissive of its potential for damage. Initially, the high inflation numbers were attributed to the speed with the economy was […]
  • Data Update 2 for 2022: US Stocks kept winning in 2021, but… January 19, 2022
    Leading into 2021, the big questions facing investors were about how quickly economies would recover from COVID, with the assumption that the virus would fade during the year, and the pressures that the resulting growth would put on inflation. In a post at the start of 2021, I argued that while stocks entered the year […]

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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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