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August 19, 2018

RSS Aswath Damodaran’s Musings on Markets

  • 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 […]
  • User and Subscriber Businesses: The Good, the Bad and the Ugly! May 29, 2018
    In a series of posts over the course of the last year, I argued that you can value users and subscribers at businesses, using first principles in valuation, and have used the approach to value Uber riders, Amazon Prime members and Spotify & Netflix subscribers. With each iteration, I have learned a few things about user value and ways of distinguishing […]
  • Walmart's India (Flipkart) Gambit: Growth Rebirth or Costly Facelift? May 22, 2018
    On May 9, 2018, Walmart confirmed officially what had been rumored for weeks, and announced that it would pay $16 billion to acquire a 77% stake in Flipkart, an Indian online retail firm, translating into a valuation of more than $21 billion for a firm founded just over ten years ago, with about $10,000 in […]
  • Amazon: Glimpses of Shoeless Joe? April 26, 2018
    It was just over two weeks ago that I started my posts on the FANG stocks, starting with Facebook, which I decided to buy, because I felt that notwithstanding its current pariah status, its user base was too valuable to pass by, at the prevailing market price. I then looked at Netflix, a company that […]
  • Alphabet Soup: Google is Alpha, but where are the Bets? April 19, 2018
    In my last two posts, I looked first at the turn in the market against the FANG stocks, largely precipitated by the Facebook user data fiasco and then at the effect of the blowback on Facebook's value. I concluded that notwithstanding the likely negative consequences for the company, which include more muted revenue growth, higher […]

RSS Dr David Kass commentary

  • 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 […]
  • Warren Buffett Will No Longer Host College Students In Omaha August 14, 2018
    Warren Buffett, who will observe his 88th birthday on August 30, will no longer meet with college students in Omaha. On behalf of the University of Maryland, I wish to express my gratitude for having the opportunity to accompany our undergraduate and graduate students on trips to Omaha for private meetings with Warren Buffett on […]
  • The 6 Largest Companies by Market Capitalization Represent 20% of the S&P 500 August 10, 2018
    The six largest companies by market capitalization represent 20% of the total market capitalization of the S&P 500 of $23 trillion.  The six largest are: Apple ($1.005 Trillion), Amazon ($926 Billion), Alphabet ($880 Billion), Microsoft ($843 Billion), Facebook ($529 Billion), and Berkshire Hathaway ($518 Billion). Apple ($208.15) and Berkshire Hathaway Class B ($209.10) closed at […]
  • Berkshire Hathaway Added 15.4 Million Shares To Its Stake in Apple in the Second Quarter August 6, 2018
    In Berkshire Hathaway’s Form 10-Q filing for the second quarter of 2018 released on August 4, Berkshire revealed a $47.2 billion stake in Apple as of June 30.  This filing implies that Berkshire added 15.4 million shares ($2.5 -$2.8 billion) of Apple during the second quarter.  Berkshire held a 5.2% stake in Apple as of […]
  • Berkshire Hathaway Lends $2 Billion to Seritage Growth Properties August 1, 2018
    I am quoted in this Bloomberg article: “Berkshire Loans $2 Billion to Real Estate Firm Backed by Buffett” “I think he’s expressing confidence in their future profitability and growth,” said David Kass, a professor of finance at the University of Maryland’s Robert H. Smith School of Business. Seritage gets “the Warren Buffett seal of approval.”
  • Berkshire Hathaway Eases Standard For Its Stock Buybacks July 18, 2018
    After the market closed today, Berkshire Hathaway announced a major liberalization in its policy for buying back its shares.  After release of its second quarter results on August 3, Berkshire may buy back its shares at any time when both Warren Buffett and Charlie Munger agree that the price per share of Berkshire is below […]
  • Kraft Heinz and Campbell Soup June 28, 2018
    I am quoted in this Smith Brain Trust (Robert H. Smith School of Business, University of Maryland) article on Kraft Heinz and Campbell Soup. Finance Professor Predicted a Merger Months Ago Jun 28, 2018 Finance SMITH BRAIN TRUST – Bragging rights go to David Kass. The clinical professor of finance at the University of Maryland’s Robert H. Smith School […]
  • Barron’s Published My Letter on Warren Buffett June 23, 2018
    Barron’s published my letter on Warren Buffett: To the Editor: As someone who has closely followed Warren Buffett since 1980, and who regularly brings students halfway across the country to attend the Berkshire Hathaway annual meetings, I would like to answer a question that Andrew Bary raised in “Beyond Buffett” (Cover Story, June 18): “Why is Berkshire’s cash […]
  • Notes From Berkshire Hathaway Annual Meeting – May 5, 2018 June 21, 2018
    Berkshire Hathaway Annual Meeting May 5, 2018   (Notes taken by Professor David Kass, Department of Finance, Robert H. Smith School of Business, University of Maryland)   A humorous film was shown in which Hindsight Advisors, a wealth management firm, shows potential clients all the money they could have made and the things they could […]

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RSS The Business Times – Companies & Markets

  • Vopak embarks on expansion and cost-cutting plan August 17, 2018
    DUTCH oil and chemical storage company Vopak said on Friday that it would expand chemical and bunker-fuel terminals in Antwerp, Rotterdam, Singapore and Indonesia, and consider selling four European petroleum terminals in light of competition in fuel markets leading to a stronger-than-expected drop in its Q2 profit.
  • JD.com losses surge, adding to souring taste for China tech giants August 17, 2018
    JD.COM posted a blowout loss due to increased spending and said investments in technology and logistics could affect profit forecasts for the rest of the year amid rising competition in China's e-commerce market.
  • Brokers' take August 17, 2018
    WE believe the worst is likely over for Starhill Global Reit (SGReit). Its committed Singapore office occupancy has moved from a low of 83.5 per cent in Q1 2018 to 95.0 per cent, as at June 30.
  • Drug developer I-Mab hopes to raise up to US$500m in HK IPO August 17, 2018
    THE Shanghai-backed Chinese drug developer I-Mab Biopharma is poised to seek approval for a Hong Kong initial public offering (IPO) that could raise as much as US$500 million, according to people with knowledge of the matter.
  • Corporate digest August 17, 2018
    EDNA Lam has been appointed head of communications (Asia-Pacific) with immediate effect and will continue to be based in Singapore. She was formerly head of communications for South-east Asia and communications partner for private banking (Asia-Pacific).

RSS The Business Times – Stocks

  • Tesla shares tumble after Elon Musk interview sparks fresh fears August 18, 2018
    [WASHINGTON] Tesla shares took a pounding on Friday amid fresh fears about the future of the electric carmaker after a wide-ranging interview with chief executive Elon Musk in which he revealed his struggles with exhaustion and a lengthy but unsuccessful effort to find a number two executive.
  • European shares slide as Turkey anxieties linger August 17, 2018
    [LONDON] European shares slipped on Friday as investors licked their wounds after a tumultuous week, eyeing further turbulence in emerging markets and weakness in tech stocks.
  • US: Wall Street rises on upbeat trade news August 17, 2018
    [NEW YORK] US stocks closed higher on Friday, with the S&P 500 and the Dow Jones Industrial Average extending gains and the Nasdaq turning positive on reports of progress in tariff disputes between the United States and its trading partners China and Mexico.
  • Brokers' take August 17, 2018
    WE believe the worst is likely over for Starhill Global Reit (SGReit). Its committed Singapore office occupancy has moved from a low of 83.5 per cent in Q1 2018 to 95.0 per cent, as at June 30.
  • STI ends week of losses down 0.08% on Friday August 17, 2018
    IT HAS not been a good week for the Singapore market, with the ongoing spat between the US and Turkey dragging global markets down in the past few days.

August 2018
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