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November 12, 2019

RSS Aswath Damodaran’s Musings on Markets

  • Disrupting the IPO Process: Challenging the Banker-run Going-Public Model! October 18, 2019
    In the age of disruption, where young companies are challenging the status quo and upending conventional businesses, it was only a matter of time before they turned their attention to the process by which they are taken public. For decades, the standard operating procedure for a company going public has been to use a banker […]
  • IPO Lessons for Public Market Investors October 11, 2019
    This year, I have found myself returning repeatedly to the IPO well, as high profile companies have chosen to go public, and like a moth to a flame, I have been drawn to value them. There was much enthusiasm at the start of 2019 that this would be a blockbuster year for IPOs, not just […]
  • US Equities: Resilient Force or Case Study in Denial? October 1, 2019
    As readers of this blog know, I don't write much about whether stocks collectively are over or under priced, other than my usual start of the year posts about markets or in response to market crisis. There are two reasons. The first is that there is nothing new or insightful that I can bring to […]
  • Insights on VC Pricing: Lessons from Uber, WeWork and Peloton! September 17, 2019
    As a confession, I started this post intending to write about Peloton, the next big new offering hitting markets, but I got distracted along the way. As I read the Peloton prospectus, with the descriptions of its business, its measure of total market size and its success at scaling up revenues accompanied by large losses, […]
  • Runaway Story or Meltdown in Motion? The Unraveling of the WeWork IPO September 9, 2019
    In a year full of high-profile IPOs, WeWork takes center stage as it moves towards its offering date, offering a fascinating insight into corporate narratives, how and why they acquire credibility (and value) and how quickly they can lose them, if markets lose faith. When the WeWork IPO was first rumored, there was talk of the […]
  • From Shareholder wealth to Stakeholder interests: CEO Capitulation or Empty Doublespeak? August 28, 2019
    Last week. the Business Roundtable, composed of the CEOs of some of America’s largest companies, put out a press release that hinted at a fundamental, perhaps revolutionary, shift in corporate focus. In the statement, the CEOs seemed to be saying that corporations should be run to protect all corporate stakeholders, defined to include customers, society […]
  • Country Risk: A Mid-year 2019 Update August 13, 2019
    One of the consequences of globalization is that investors, analysts and companies can no longer stay focused on just their domestic markets, but have to also understand the risks and opportunities elsewhere in the world. When developed market companies first embarked on the journey of expanding into emerging market growth economies, investors pushed up their […]
  • Meatless Future or Vegan Delusions? The Beyond Meat Valuation June 12, 2019
    In a big year for initial public offerings (IPOs), with Uber, Lyft, Pinterest and Zoom, to name just a few, already having gone public and more companies waiting in the wings, it is ironic that it is not a tech company, but a food company, Beyond Meat, that has managed to deliver the most dazzling […]
  • Tesla's Travails: Curfew for a Corporate Teenager? June 3, 2019
    It should come as no surprise to anyone that Tesla is back in the news, though it seems to be for all of the wrong reasons. From Musk's Twitter escapades with the SEC, to talk about electric lawn blowers to concerns about a debt death spiral, the company has managed, yet again, to get in […]

RSS Dr David Kass commentary

  • Investing in Gold? November 11, 2019
    I am quoted in this University of Maryland (Smith Brain Trust) article: PART OF THE ALLURE IS ABOUT FEAR Nov 11, 2019 Finance SMITH BRAIN TRUST – Ancient rulers loved it. Modern investors have, at times, flocked to it. What is it about gold, anyway? Gold prices have gained more than 15% this year, amid worries about […]
  • Berkshire Hathaway is Trading at Price to Book Value Ratio of 1.33 November 2, 2019
    At Berkshire Hathaway’s closing price on Friday, November 1 of $323,400, and its book value of $243,484 at the end of the third quarter, its price to book value ratio = 1.33, which is 16% below its 30 year average of 1.58.
  • 3 Highlights of Berkshire Hathaway’s 2019 Third Quarter Report November 2, 2019
    Berkshire Hathaway released its 2019 third quarter report this morning.  The highlights are: (1) Berkshire’s operating earnings were up 14.2% in third quarter. (2) Berkshire’s cash rose to $128 billion at end of third quarter from $122 billion on June 30. (3) Berkshire bought back about $700 million of its own shares in the third quarter, bringing its […]
  • Pros and Cons of Buying Berkshire Hathaway Stock October 25, 2019
    I am quoted in U.S. News & World Report (“Pros and Cons of Buying Berkshire Hathaway Stock” – October 24, 2019) Berkshire is currently selling at a below market average price-earnings ratio and its earnings are projected to grow at an above market average rate over the next few years, says David Kass, a finance […]
  • The Youngest Kid on Wall Street October 3, 2019
    My University of Maryland (Robert H. Smith School of Business) profile: THE YOUNGEST KID ON WALL STREET DAVID KASS PROFESSOR, FINANCE Finance professor David Kass first looked at the New York Times’ business section at age 12. Like many boys, he was mostly interested in the sports articles. He became invested, literally, when his grandfather gave him […]
  • The Successful IPO’s of 2019 October 1, 2019
    I am quoted in a Robert H. Smith School of Business (University of Maryland) article on the successful IPO’s of 2019. It’s been a big year for IPOs, but it hasn’t been a kind one. Ride-share startups Uber and Lyft made their public trading debuts in belly-flop style, and initial offerings from workplace collaboration tool […]
  • Buffett protégé Tracy Britt Cool leaving Berkshire Hathaway September 19, 2019
    I am quoted in a New York Post article on Tracy Britt Cool leaving Berkshire Hathaway. “I’m very surprised she is leaving,” said Dr. David Kass, a University of Maryland professor who blogs about Warren Buffett. “She’s been there about 10 years and there is very little turnover at headquarters,” Kass said.
  • Tracy Britt Cool to Leave Berkshire Hathaway September 18, 2019
    Tracy Britt Cool, one of Warren Buffett ’s key lieutenants in recent years, is leaving Berkshire Hathaway to create a mini Berkshire of her own, as reported by the Wall Street Journal. Ms. Britt Cool joined Berkshire in 2009 at age 25 as Mr. Buffett’s financial assistant, a job he created for her. In 2014, she […]
  • 3G Capital Sold 9% of its Stake in Kraft Heinz for $713 Million September 17, 2019
    3G Capital today sold 25 million shares, or 9% of its stake, in Kraft Heinz at $28.44 per share for $713 million. Jorge Lemann bought 3.5 million shares at $28.60 for $100 million. Berkshire Hathaway remains the largest shareholder of Kraft Heinz with a 27% stake.    

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RSS The Business Times – Companies & Markets

  • ST Engineering Q3 profit rises 3.4% to S$139.1m November 11, 2019
    MAINBOARD-LISTED Singapore Technologies Engineering (ST Engineering) posted a 3.4 per cent rise in net profit to S$139.1 million for its third quarter ended Sept 30, from S$134.6 million a year ago.
  • US-China trade doubts, HK unrest spook investors November 11, 2019
    SINGAPORE equities got the week off to a rough start after doubts surrounding US-China trade talks surfaced and tensions in Hong Kong were at fever pitch once again.
  • Magnus Energy minorities show that collectively they are a force to be reckoned with November 11, 2019
    THE stock price chart of Magnus Energy over the past five years is not a pretty sight to behold. It looks like an electrocardiogram (ECG) of a patient who is suffering from a complete heart block, or one who is clinically dead.
  • Is the long-standing Wee-Gokongwei rivalry over UIC set to soften? November 11, 2019
    THE state of play over Singapore-listed United Industrial Corp (UIC), the biggest office landlord in the city state long embroiled in a tug-of-war between two of South-east Asia's wealthiest families - Singapore's Wee and the Philippines' Gokongwei - could shift gear with the recent passing of billionaire John Gokongwei.
  • Foreign workers, GST hike keeping SMEs up at night November 11, 2019
    CONCERNS over coping with foreign manpower cuts and an impending hike in the Goods and Services Tax (GST) remain top of mind for small and medium-sized enterprises (SMEs), with representatives from these businesses asking during a dialogue session how the government could assist them.

RSS The Business Times – Stocks

  • ST Engineering Q3 profit rises 3.4% to S$139.1m November 11, 2019
    MAINBOARD-LISTED Singapore Technologies Engineering (ST Engineering) posted a 3.4 per cent rise in net profit to S$139.1 million for its third quarter ended Sept 30, from S$134.6 million a year ago.
  • US-China trade doubts, HK unrest spook investors November 11, 2019
    SINGAPORE equities got the week off to a rough start after doubts surrounding US-China trade talks surfaced and tensions in Hong Kong were at fever pitch once again.
  • Magnus Energy minorities show that collectively they are a force to be reckoned with November 11, 2019
    THE stock price chart of Magnus Energy over the past five years is not a pretty sight to behold. It looks like an electrocardiogram (ECG) of a patient who is suffering from a complete heart block, or one who is clinically dead.
  • Is the long-standing Wee-Gokongwei rivalry over UIC set to soften? November 11, 2019
    THE state of play over Singapore-listed United Industrial Corp (UIC), the biggest office landlord in the city state long embroiled in a tug-of-war between two of South-east Asia's wealthiest families - Singapore's Wee and the Philippines' Gokongwei - could shift gear with the recent passing of billionaire John Gokongwei.
  • Foreign workers, GST hike keeping SMEs up at night November 11, 2019
    CONCERNS over coping with foreign manpower cuts and an impending hike in the Goods and Services Tax (GST) remain top of mind for small and medium-sized enterprises (SMEs), with representatives from these businesses asking during a dialogue session how the government could assist them.

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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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