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May 23, 2019

RSS Aswath Damodaran’s Musings on Markets

  • Uber's Coming out Party: Personal Mobility Pioneer or Car Service on Steroids? April 15, 2019
    After Lyft’s IPO on March 29, 2019, it was only a matter of time before Uber threw its hat in the public market ring, and on Friday, April 12, 2019, the company filed its prospectus. It is the first time that this company, which has been in the news more frequently in the last few […]
  • Lyft Off? The First Ride Sharing IPO! March 8, 2019
    Last week, Lyft became the first of the ride sharing companies to announce plans for an initial public officering, filing its prospectus. It is definitely not going to be the last, but its fate in the market will not only determine when Uber, Didi, Ola and GrabTaxi will test public markets, but what prices they […]
  • The Perils of Investing Idol Worship: The Kraft Heinz Lessons! February 27, 2019
    On February 22, Kraft Heinz shocked investors with a trifecta of bad news in its earnings report: sub-par operating results, a mention of accounting irregularities and a massive impairment of goodwill, and followed up by cutting dividends per share almost 40%. Investors in the company reacted by selling their shares, causing the stock price to […]
  • January 2019 Data Update 9: The Pricing Game February 22, 2019
    In my last eight posts, I looked at aspects of corporate behavior from investments to financing to dividend policy, using the data that I collected at the start of 2019, to examine what companies share in common, and what makes them different. In summary, I found that the rise in risk premiums in both equity […]
  • January 2019 Data Update 8: Dividends and Buybacks - Fact and Fiction February 8, 2019
    In my series of data posts, I had always planned to get to dividends and buybacks, the two mechanisms that companies have for returning cash to stockholders, at this point, but an op ed on buybacks by Senators Schumer and Sanders this week, in the New York Times, will undoubtedly make this post seem reactive. […]
  • January 2019 Data Update 7: Debt, neither poison nor nectar! February 5, 2019
    Debt is a hot button issue, viewed as destructive to businesses by some at one end of the spectrum and an easy value creator by some at the other. The truth, as is usually the case, falls in the middle. In this post, I will look not only at how debt loads vary across companies, […]
  • January 2019 Data Update 6: Profitability and Value Creation! January 27, 2019
    In my last post, I looked at hurdle rates for companies, across industries and across regions, and argued that these hurdle rates represent benchmarks that companies have to beat, to create value. That said, many companies measure success using lower thresholds, with some arguing that making money (having positive profits) is good enough and others […]
  • January 2019 Data Update 5: Hurdle Rates and Costs of Financing January 24, 2019
    In the last post, I looked at how to measure risk from different perspectives, with the intent of bringing these risk measures into both corporate finance and valuation. In this post, I will close the circle by converting risk measures into hurdle rates, critical in corporate finance, since they drive whether companies should invest or […]
  • January 2019 Data Update 4: The Many Faces of Risk! January 21, 2019
    I think that all investors would buy into the precept that investing in equities comes with risk, but that is where the consensus seems to end. Everything else about risk is contested, starting with whether it is a good or a bad, whether it should be sought out or avoided, and how it should be […]

RSS Dr David Kass commentary

  • Major Portfolio Changes for Berkshire Hathaway in First Quarter 2019 May 15, 2019
    After the market closed today, Berkshire Hathaway filed its SEC Form 13F revealing its stock portfolio as of March 31, 2019. There were several major changes (by at least $500 million): Additions: (1) Amazon (483,300 shares) (AMZN) currently valued at $900 million (initial investment) (Todd Combs or Ted Weschler) (2) JP Morgan Chase (JPM) – stake […]
  • 6 Largest Companies by Market Capitalization May 11, 2019
    The 6 largest companies by market capitalization are: (1) Microsoft (MSFT)  —      $974 billion (2) Apple (AAPL)  —             $936 billion (3) Amazon (AMZN) —        $931 billion (4) Alphabet (GOOGL) –     $811 billion (5) Facebook (FB)  —         $538 billion (6) Berkshire Hathaway […]
  • The Uber IPO May 10, 2019
    I am quoted in this NBC News article on the Uber IPO: “It’s the speculative attraction, the excitement, similar to going to Las Vegas to gamble for a big winning,” David Kass, a professor of finance at the University of Maryland, said. “But, like Las Vegas, the odds are against you.”     “Stock will be […]
  • Warren Buffett An ‘Idiot’? May 9, 2019
    I am quoted in this University of Maryland (Robert H. Smith School of Business) article on Warren Buffett. SMITH BRAIN TRUST – It turns out, even the Oracle of Omaha has investment regrets. Famed investor and Berkshire Hathaway CEO Warren Buffett says he wishes he had bought shares early in some of the giants of tech, the […]
  • 15 Highlights of Warren Buffett, Charlie Munger, and Bill Gates on CNBC May 6, 2019
    Warren Buffett, Charlie Munger, and Bill Gates were guests on CNBC this morning from 6 a.m. – 9 a.m. ET. The highlights were: (1)   Buffett: A trade war is bad for the world. It is easier to start than stop. Negotiations are a dangerous game. Cannot shake your fist first then shake your finger later. DJIA […]
  • 5 Highlights of the Berkshire Hathaway Annual Meeting May 5, 2019
    These are 5 highlights of the Berkshire Hathaway annual meeting: (1) Apple – Both Warren Buffett and Charlie Munger are very bullish on Apple.  “We like the fact that it is our largest holding” ($54 billion).  They would buy more shares at a lower price. (2) Amazon – The recent investment by Todd Combs or […]
  • Berkshire Hathaway Annual Meeting – May 4, 2019 May 4, 2019
    I am quoted in this Channel News Asia article on the Berkshire Hathaway annual meeting. David Kass, finance professor at University of Maryland, has made the trip each year for the past decade, sometimes with MBA students – a number of whom were granted private meetings with Buffett. “It’s pretty much a hobby,” said Kass, […]
  • Warren Buffett: Strong Stock Picker With Little Tech Appetite May 3, 2019
    I am quoted in this article: “Most portfolio managers would be considered successful when they are right 70% of the time. Warren Buffet is right 90% of the time,” said David Kass, a finance professor at the University of Maryland and the author of a blog on Buffett and Berkshire Hathaway. “This is what differentiates […]
  • Warren Buffett: Beloved American Billionaire With Humility May 2, 2019
    I am quoted on Warren Buffett: “He is such a down-to-earth person,” said David Kass, a finance professor at the University of Maryland and the author of a blog on Buffett and Berkshire Hathaway.” 

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warren buffett investment philosophy

When it comes to stocks, Berkshire Hathaway looks for wonderful companies

March 7, 2017

“Woody Allen once explained that the advantage of being bi-sexual is that it doubles your chance of finding a date on Saturday night,” Warren Buffett said in his FY2015 letter to Berkshire Hathaway. Why did the Berkshire Hathaway chairman say this? “In like manner – well, not exactly like manner – our appetite for either

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Fear is the foe of the faddist, but the friend of the fundamentalist

December 5, 2014

A Bloomberg report (Buffett Broadens Portfolio by Spending $23.9 Billion in Quarter) dated Nov 7, 2011, said that Warren Buffett’s Berkshire Hathaway Inc invested US$23.9 billion in the third-quarter, the most in at least 15 years, as he accelerated stock purchases and broadened the portfolio beyond consumer and financial-company holdings. “Buffett, 81, drew down Berkshire’s

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