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November 16, 2018

RSS Aswath Damodaran’s Musings on Markets

  • The GE End Game: Bataan Death March or Turnaround Play? November 14, 2018
    It seems like ancient history, but it was just 2001, when GE was the most valuable company in the world, commanding a market capitalization in excess of $500 billion. The quintessential conglomerate, with a presence in almost every part of the global economy, it seemed to have been built to withstand economic shocks and was […]
  • An October Surprise? Making Sense of the Market Mayhem! October 29, 2018
    I don't know what it is about October that spooks markets, but it certainly feels like big market corrections happen in the month. As stocks have gone through contortions this month, more down than up, like many of you, I have been looking at my portfolio, wondering whether this is the crash that the market […]
  • High and higher: The Money in Marijuana! October 16, 2018
    In 1992, when Bill Clinton was running for president of the United States, and was asked whether he had ever smoked marijuana, he responded that he had, but that he did not inhale, reflecting the fear that being viewed as a weed-smoker would lay low his presidential ambitions. How times have changed! Today, smoking marijuana […]
  • Amazon and Apple at a Trillion $: A Follow-up on Uncertainty and Catalysts! September 21, 2018
    In my last post, I looked at Apple and Amazon, as their market caps exceeded a trillion dollars, tracing the journey that they took over the last two decades to get to that threshold and valuing them  given their current standing. While you can check out the stories that I told and the details of […]
  • Apple and Amazon at a Trillion $: Looking Back and Looking Forward! September 19, 2018
    For most of us, even envisioning a trillion dollars is difficult to do, a few more zeros than we are used to seeing in numbers. Thus, when Apple’s market capitalization exceeded a trillion on August 2, 2018, it was greeted with commentary, and when Amazon’s market capitalization also exceeded a trillion just over a month […]
  • Trillion Dollar Toppers: Market Triggers, Value Drivers and Pricing Catalysts! September 10, 2018
    In the last few weeks, the market capitalization of Apple and Amazon each hit a trillion dollars, a threshold not seen before in public markets. Predictably, that has drawn press attention and commentary about what this moment means for markets, investors and the companies themselves. As readers of this blog know, I have followed both […]
  • 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 […]

RSS Dr David Kass commentary

  • Berkshire Invests $14 billion in Stocks in Third Quarter November 14, 2018
    In an SEC 13F filing after the market closed today, Berkshire Hathaway revealed a net increase of $14 billion in its common stock portfolio during the third quarter of 2018.  This is the largest quarterly increase in its common stock investments in many years. These increases, primarily in the banking sector, were: (1) Bank of […]
  • 5 Highlights of Berkshire Hathaway’s Third Quarter Report for 2018 November 3, 2018
    Berkshire Hathaway today released its Form 10-Q for the third quarter of 2018. Five highlights during the third quarter were: (1) Berkshire’s operating earnings increased by 100% as compared to the third quarter of 2017. (2) Berkshire repurchased $928 million of its stock, indicating that both Warren Buffett and Charlie Munger conclude that Berkshire’s current […]
  • Dividends and “Widow and Orphan Stocks” November 2, 2018
    I am quoted in “Why GE’s Penny Dividend Signals a Sad Turn for Widow and Orphan Stocks”  that is likely to appear in the Business Section of the Washington Post on Sunday, November 4: “Widow and orphan stocks were designated as such for their safety and income,” said David Kass, a finance professor at the […]
  • Berkshire Hathaway Invests in Fintech October 29, 2018
    I am quoted in The Wall Street Journal on Berkshire Hathaway investing in Fintech: “Todd and Ted bring additional expertise to the table,” said David Kass, a professor at the University of Maryland’s Robert H. Smith School of Business and a Berkshire shareholder. “They’re broadening the perspective of Berkshire and broadening the opportunities where they […]
  • Warren Buffett Earned 8.7% Compounded Annual Return on Laguna Beach Home October 16, 2018
    Warren Buffett earned a compounded annual rate of return of 8.7% on his Laguna Beach home that he recently sold for $7.5 million and purchased for $150,000 in 1971.
  • How To Fix General Electric October 6, 2018
    I am quoted in a Washington Post article: “Larry Culp’s Long To-Do List To Fix GE“. “Culp will need to decide whether to fix GE’s power division or scrap it. David Kass, a finance professor at the University of Maryland, thinks he should sell it because of its “substantial” underperformance. “The remainder of GE can […]
  • Highlights of Jeff Bezos Interview at Economic Club of Washington on September 13, 2018 September 15, 2018
    In this Jeff Bezos interview (1 hour and 9 minutes) the Amazon CEO quotes from Warren Buffett and explains why he bought the Washington Post which is now profitable and hiring additional staff by becoming a national and global newspaper via the Internet.  Amazon located in Seattle, Washington so they could draw from the talent […]
  • Berkshire Hathaway Bought Back Its Shares at $310,000 – $315,000 Per Share in August, 2018 September 4, 2018
    In a Berkshire Hathaway news release on July 17, 2018, Berkshire’s Board of Directors announced an amendment to its share repurchase program.  The earlier share repurchase program provided that the price paid for repurchases would not exceed a 20% premium over the then-current book value of such shares.  Under the amended plan, share repurchases can […]
  • 5 Highlights of Warren Buffett Interview on CNBC August 30, 2018 August 31, 2018
    Warren Buffett was interviewed on CNBC on August 30, 2018, his 88th birthday. The 5 highlights were: (1) Stocks are currently more attractive than fixed income or real estate.   Berkshire Hathaway is buying stocks every day including today. (2) Buffett recently purchased additional shares of Apple.  The value of an iPhone to the user far […]

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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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