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March 22, 2019

RSS Aswath Damodaran’s Musings on Markets

  • 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 […]
  • Back to Class: A Teaching Manifesto! January 11, 2019
    I am convinced that each of us is granted moments of grace, where, if we are open to the possibility, we find out what we are meant to do with our lives. For me, one of those moments occurred in the second year of my MBA program at UCLA, when, cash poor, I decided to […]

RSS Dr David Kass commentary

  • Berkshire Hathaway Portfolio Investment, StoneCo Ltd., Up 20% in Extended Hours March 19, 2019
    StoneCo Ltd. (STNE), a financial technology company in Brazil, is up 20% in extended hours trading at $41.44 on higher than expected earnings. It is now 70% above the IPO price of $24 paid by Todd Combs of Berkshire Hathaway in October, 2018. StoneCo Ltd. is a financial technology company based in Brazil, the fourth-largest […]
  • Wharton Business Radio Interview on Kraft Heinz March 19, 2019
    On March 6, I was interviewed for about 30 minutes on Wharton Business Radio (SiriusXM 132) on issues at Kraft Heinz.
  • Berkshire Hathaway Vice Chairmen Greg Abel and Ajit Jain Each Received $18 million in Total Compensation in 2018 March 15, 2019
    In an SEC Filing today (Proxy Statement for Annual Meeting of Shareholders), Berkshire Hathaway revealed that Vice Chairmen Ajit Jain and Greg Abel each received $18 million in compensation in 2018.  In previous years, prior to their promotion to Vice Chairmen, their compensation had not been revealed.
  • Berkshire Hathaway Adds $250 Million To Its $3 Billion Stake in Delta Airlines March 11, 2019
    In an SEC Form 4 filing, Berkshire Hathaway revealed that it added $250 million to its $3 billion stake in Delta Airlines last week at about $49 per share.  It currently owns a 10% stake in Delta Airlines.
  • 10th Anniversary of Stock Market Bottom in the Great Recession and Financial Crisis March 9, 2019
    Today is the 10th Anniversary of the stock market bottom of March 9, 2009.  From October 9, 2007 through March 9, 2009 (17 months), the Dow Jones Industrial Average declined by 55%, with the S&P 500 declining by a similar percentage. The Great Recession officially began in December, 2007 and ended in June, 2009.  Over […]
  • 10 Highlights of Warren Buffett on CNBC – February 25, 2019 February 25, 2019
    Warren Buffett was interviewed on CNBC today from 6 – 9 a.m. ET.   The 10 highlights were: (1) Berkshire overpaid for Kraft Heinz which is losing pricing power and market share to private label brands such as Kirkland (Costco). Berkshire is not planning to either buy or sell shares in Kraft Heinz. (2) Ajit Jain and Greg […]
  • 5 Quotes From Warren Buffett’s Letter To Shareholders February 24, 2019
    These are 5 quotes from Warren Buffett’s Letter to Shareholders: (1) “2019 will likely see us again expanding our holdings of marketable equities. We continue, nevertheless, to hope for an elephant-sized acquisition. Even at our ages of 88 and 95 – I’m the young one – that prospect is what causes my heart and Charlie’s to […]
  • 5 Highlights of Warren Buffett’s Letter to Shareholders and Berkshire Hathaway’s Annual Report February 23, 2019
    Warren Buffett’s Letter to Shareholders and Berkshire Hathaway’s Annual Report were released this morning at 8:00 a.m. ET. Five highlights were: (1) Berkshire Hathaway’s 2018 operating earnings rose by 71% vs. 2017. (2) Berkshire Hathaway’s shares outperformed the S&P 500 (with dividends included) by 7.2% in 2018 and by 21% over the past 5 years. (3) Berkshire […]
  • Berkshire Hathaway and Kraft Heinz February 23, 2019
    On February 22, 2019, Kraft Heinz declined by 27% as a result of an SEC subpoena into its accounting, a $15.4 billion writedown, lower than expected earnings, a 36% cut in its dividend, and a weak outlook.  Berkshire Hathaway owns 26.7% of Kraft Heinz. I was quoted in The New York Times and Bloomberg on this […]

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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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