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November 19, 2019

RSS Aswath Damodaran’s Musings on Markets

  • The Softbank-WeWork End Game: Savior Economics or Sunk Cost Problem? November 15, 2019
    Since my pre-IPO post on WeWork, where I valued the company ahead of its then imminent offering, much has happened. The company’s IPO collapsed under the weight of its own pricing contradictions, and after a near-death experience, Softbank emerged as the savior, investing an additional $ 8 billion in the company, and taking a much […]
  • 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 […]

RSS Dr David Kass commentary

  • 2 Additions and 1 Reduction to Berkshire Hathaway’s Portfolio During the Third Quarter November 14, 2019
    In an SEC Form 13-F filing after the market closed today, Berkshire Hathaway revealed 2 major additions to its portfolio during the third quarter. Berkshire made an initial purchase of (1) 7.5 million shares of Occidental Petroleum (OXY) that was valued at $332 million on September 30   (Probably Todd Combs or Ted Weschler)  (Note: Berkshire also […]
  • Warren Buffett on Success in Investing November 13, 2019
    This is my favorite Warren Buffett quote: “Success in investing doesn’t correlate with IQ once you’re above the level of 120.  What you need is the temperament to control the urges that get other people into trouble in investing.  If your IQ is 150, sell 30 points; it won’t hurt.”  
  • 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.

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warren buffett swimming naked quote

When financial institutions swim naked

December 4, 2014

“You only learn who has been swimming naked when the tide goes out…” This quote comes from Warren Buffett in his letter (February 2008) to Berkshire Hathaway shareholders for Year 2007. Mr Buffet was commenting on the woes facing financial institutions. Here is an excerpt: “Some major financial institutions have, however, experienced staggering problems because

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