Musings on Markets

FEBRUARY 8, 2025

I spend most of my time in the far less rarefied air of corporate finance and valuation, where businesses try to decide what projects to invest in, and investors attempt to estimate business value. In this role, the cost of capital is an opportunity cost, measuring returns you can earn on investments on equivalent risk.

Hurdle Rate 75

Hurdle Rate Valuation Corporate Finance Currencies 75

Musings on Markets

JANUARY 11, 2024

I started in the MBA program at University of California at Los Angeles (UCLA) in 1979, at the tail-end of its basketball glory days, fully expecting to move on to a career in consulting or investment banking, when I was done.

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Corporate Finance Valuation Finance Investments 145

CFO News Room

DECEMBER 22, 2022

Starting in late January 2023, I will be back in the classroom, teaching valuation and corporate finance to the MBAs and valuation to the undergraduates, and these classes will continue through May 2023. The class starts with a question of what the end game should be for a business (profitability, value, social good?)

Marketing 130

Marketing Valuation Corporate Finance Finance 130

Global Finance

APRIL 5, 2025

Resilience, coupled with some slightly sunnier macroeconomic conditions, suggests that M&As and initial public offerings (IPOs) in 2025 could maintain momentumdespite certain aspects of corporate finance currently being on the downtrend. The top five IPOs by valuation in 2024 were Lineage on the Nasdaq ($5.1

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Mergers and Acquisitions (M&A) Investments Banking Finance 52

CFO News Room

JANUARY 25, 2023

For much of the last two years, rather than teach my classes in a classroom, I taught my classes from my home office, making a few low-cost, low-tech investments to improve my set up. My classroom teaching at Stern has been mostly corporate finance and valuation, to both MBAs and undergraduates.

Marketing 130

Marketing Corporate Finance Valuation Finance 130

Global Finance

AUGUST 1, 2024

Corporate finance experts say going public is cool this summer; that’s not the case for a billionaire hedge fund manager’s overhyped IPO. This question has inspired us to reevaluate PSUS’s structure to make the IPO investment decision a straightforward one. We will report back once we are ready to launch a revised transaction.”

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Planning Marketing Valuation Corporate Finance 122

Musings on Markets

DECEMBER 21, 2022

Starting in late January 2023, I will be back in the classroom, teaching valuation and corporate finance to the MBAs and valuation to the undergraduates, and these classes will continue through May 2023. The class starts with a question of what the end game should be for a business (profitability, value, social good?)

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Global Finance

APRIL 7, 2025

Inters recent takeover by Oaktree Capital, with a 47 million (about $51 million) investment; and AC Milans 1.2 This encourages investment in capital improvements, PwC argues. In January, Texas-based Presidio Investors swooped in to acquire Hellas Verona FC at a reported 130 million valuation.

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Corporate Finance Finance Investments Entertainment 100

CFO News Room

JANUARY 7, 2023

Data: Trickle to a Flood! It is perhaps a reflection of my age that I remember when getting data to do corporate financial analysis or valuation was a chore. That said, to use mean reversion in analysis or investing, you need to know what these averages are, either over time or across companies, and data can help in that pursuit.

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Marketing Valuation Corporate Finance Financial Analysis 130

CFO Thought Leader

DECEMBER 2, 2024

Despite years spent closely collaborating with CFOs as an investment banker, Lam tell us he quickly discovered a new level of accountability in the role. In 2006, Lam relocated to New York to lead KPMG’s global TMT corporate finance team. Managing cash flow and ensuring payroll, he says, are unyielding priorities. “If

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CFO Prioritization Leadership Valuation 52

Future CFO

MARCH 28, 2021

What is the Tao of Corporate Finance? As McKinsey senior partner and Valuation author Tim Koller tells us, it is a formula that represents everything there is to know about finance. If you remember it, you can bring to mind the key drivers to consider when thinking about the valuation of a company.

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Musings on Markets

AUGUST 15, 2023

In every introductory finance class, you begin with the notion of a risk-free investment, and the rate on that investment becomes the base on which you build, to get to expected returns on risky assets and investments. What is a risk free investment?

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Investments Currencies Treasury Hurdle Rate 98

Global Finance

FEBRUARY 26, 2025

The rapid rise of this fast-format cricket, led by the Indian Premier League, is fueling multi-billion-dollar investments, as franchises expand into new leagues and untapped markets. billion, according to a study by Houlihan Lokey, a leading valuation authority. As of 2024, the IPLs total value is $16.4 In the U.S.,

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Valuation Investments Finance Marketing 66

Musings on Markets

DECEMBER 15, 2021

For much of the last two years, rather than teach my classes in a classroom, I taught my classes from my home office, making a few low-cost, low-tech investments to improve my set up. My classroom teaching at Stern has been mostly corporate finance and valuation, to both MBAs and undergraduates.

Corporate Finance 74

Corporate Finance Valuation Finance Investments 74

Musings on Markets

FEBRUARY 12, 2025

I am in the third week of the corporate finance class that I teach at NYU Stern, and my students have been lulled into a false sense of complacency about what's coming, since I have not used a single metric or number in my class yet.

Hurdle Rate 75

Hurdle Rate Accounting Investments Economics 75

Fpanda Club

SEPTEMBER 2, 2021

FP&A directors can often boast of a considerable track record in financial planning and analysis, also they understand very well the finance function in general and the business model of the company, which leads them to the next step of their careers as Chief financial officer (CFO).

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Financial Planning and Analysis (FP&A) Corporate Finance Communication Forecasting 130

CFO News Room

NOVEMBER 11, 2022

In my last post, I used Facebook’s recent troubles to talk about the importance of corporate governance, and how we, as investors, have abandoned the power to change management at many younger tech companies in return for being able to invest in young tech companies, with growth potential and well-regarded founders.

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Accounting Marketing Advertising Valuation 130

Global Finance

SEPTEMBER 23, 2024

Those that closed a deal often paid way too much, or at least passed the companies along to public markets at inflated valuations. Higher interest rates have cut the global total of initial public offerings nearly in half since 2021, reducing targets’ leverage on valuation. Shares in electric vehicle maker Lucid Motors, whose $4.4

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Valuation Concentration Leverage Investments 104

Musings on Markets

JANUARY 5, 2024

In pursuit of an answer to that question, I used company-specific data from Value Line, one of the earliest entrants into the investment data business, to compute an industry average. In January 1993, I was valuing a retail company, and I found myself wondering what a reasonable margin was for a firm operating in the retail business.

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Valuation Financial Analysis Analyzing Data Numbers 107

Barry Ritholtz

APRIL 1, 2023

Kencel, who has more than three decades of experience in the investment industry, also serves as chairman of the board, president, and CEO of Nuveen Churchill Direct Lending Inc., Be sure to check out our Masters in Business next week with Aswath Damodaran, Professor of Finance at New York University’s Stern School of Business.

Mergers and Acquisitions (M&A) 69

Mergers and Acquisitions (M&A) Valuation Corporate Finance Finance 69

Global Finance

OCTOBER 6, 2024

US investors look toward European soccer and say, “There’s this amazing asset that has global appeal across Asia, the Middle East, South America … but how come their valuations don’t match that of an NFL team? Or, do you look for private equity investment? Maybe the buyer dinks you on price and valuation.

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Valuation Investments Finance Numbers 94

Musings on Markets

JANUARY 12, 2021

Corporate Finance : Corporate finance is the development of the first financial principles that govern how to run a business. It is that mission that makes corporate finance the ultimate big picture class, one that everyone (entrepreneurs, investors, analysts, business observers) should take.

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Valuation Corporate Finance Finance Investments 52

PYMNTS

SEPTEMBER 29, 2017

Corporate finance is breaking records with its M&A activity this year, thanks, in part, to rising cash reserves. The publication described the disclosure of cash reserves and other investments as “patchy,” with regulators requiring only vague disclosure by some of the nation’s largest companies, like Apple, regarding cash.

Investments 40

Investments Corporate Finance Valuation Securities 40

CFO News Room

JANUARY 20, 2023

In fact, almost every investment scam in history, from the South Sea Bubble to Bernie Madoff, has offered investors the alluring combination of great opportunities with no or low danger, and induced by sweet talk, but made blind by greed, thousands have fallen prey. Let me use two illustrations to bring this home.

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Hurdle Rate Currencies Investments Corporate Finance 130

Global Finance

OCTOBER 16, 2024

“Private equity firms are eager to exit their investments, sensing this market momentum.” Valuations today are more grounded in reality,” said Ritter. While displaying some green shoots, the IPO market remains selective, and not all companies are finding success.

Marketing 116

Marketing Valuation Economics Finance 116

Musings on Markets

AUGUST 5, 2023

If you have been reading my posts, you know that I have an obsession with equity risk premiums, which I believe lie at the center of almost every substantive debate in markets and investing. In the corporate bond market, it is a default spread , an augmentation to the interest rate that you demand on a bond with more default risk.

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Treasury Valuation Investments Corporate Finance 98

Global Finance

JUNE 18, 2024

billion IPO of the Life Insurance Corporation of India in July 2022, which for now remains the country’s largest IPO ever. Hyundai’s IPO is being managed by investment banks Kotak Securities, JP Morgan, Morgan Stanley and HSBC. The booming Indian IPO trend says a lot about the health of the Indian retail investor.

Marketing 106

Marketing Valuation Securities Retail 106

CFO News Room

DECEMBER 16, 2022

One industry that tends to be recession-resistant is finance. After all, people will always need financial services, whether investing their money , taking out loans, or managing their taxes. And while the finance industry has seen its share of ups and downs over the years, it generally bounces back fairly quickly after a downturn.

Finance 130

Finance Budgeting Financial Analyst Compliance 130

Musings on Markets

NOVEMBER 10, 2022

In my last post, I used Facebook's recent troubles to talk about the importance of corporate governance, and how we, as investors, have abandoned the power to change management at many younger tech companies in return for being able to invest in young tech companies, with growth potential and well-regarded founders.

Accounting 97

Accounting Advertising Valuation Investments 97

Future CFO

FEBRUARY 7, 2024

The year 2024 brings a landscape of unprecedented challenges and opportunities for corporate treasurers. From the ongoing global conflicts to the lingering effects of high inflation, corporate finance professionals are gearing up to navigate an environment marked by volatility and uncertainty.

Treasury 105

Treasury Technology Cash Flow Forecasting Leverage 105

PYMNTS

SEPTEMBER 24, 2018

Unnamed sources told the publication that DST Global is set to lead the firm’s next funding round, which could push its valuation to $1 billion. Brex, founded by two Brazilian entrepreneurs, emerged on the market as a FinTech issuing corporate cards to other startups.

Startups 70

Startups Valuation Investments CFO 70

CFO News Room

JANUARY 18, 2023

Even though we live in an age where user platforms and hyper revenue growth can drive company valuations, that adage remains true. To make comparisons, profits are scaled to common metrics, with revenues and book value of investment being the most common scalar. Returns on Invested Capital (or Equity).

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Marketing Hurdle Rate Investments Accounting 130

PYMNTS

NOVEMBER 16, 2018

RPA is igniting chatter in the corporate finance community as professionals explore next-level analytics and automation functionality to enhance processes like accounts payable, accounts receivable, cash flow management and more. The investment now values Automation Anywhere at $2.6 Automation Anywhere. million raised, U.K.-based

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Accounts Payable Currencies Foreign Exchange Startups 77

Global Finance

AUGUST 16, 2024

New York-based investment bank Jefferies attributed 30% of the value of Anglo’s steelmaking coal business to the Grosvenor mine; its coal operations are one of the assets the company plans to sell as part of the restructuring. In the two months following the announcements, Anglo’s stock price fell 18%.

Restructuring 106

Restructuring Profit and Loss Valuation Planning 106

Musings on Markets

FEBRUARY 8, 2022

In fact, almost every investment scam in history, from the South Sea Bubble to Bernie Madoff, has offered investors the alluring combination of great opportunities with no or low danger, and induced by sweet talk, but made blind by greed, thousands have fallen prey. Let me use two illustrations to bring this home.

Hurdle Rate 93

Hurdle Rate Currencies Investments Corporate Finance 93

Musings on Markets

JANUARY 6, 2023

It is perhaps a reflection of my age that I remember when getting data to do corporate financial analysis or valuation was a chore. Thus, without a sense of what comprises a high or low profit margin for a firm, or what the cost of capital is for the typical company, it is easy to create "fairy tale" valuations and analyses.

Valuation 52

Valuation Corporate Finance Financial Analysis Leverage 52

Regent Assay

OCTOBER 8, 2021

Apiary Capital invests in e-learning software specialist XVR Simulation and supports bolt-on acquisition of LearnPro eFireservice. Apiary Capital has announced an investment in XVR Simulation, a platform for consolidating online compliance and competency management and e-learning software businesses.

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Healthcare Compliance Corporate Finance Valuation 52