Barry Ritholtz

SEPTEMBER 19, 2022

You graduate Harvard in 1990, with an Economics and Computer Science degree, perfect for the explosion of the Internet; a PhD from MIT and Information Technology in ‘96. So along those lines, there are some venture firms that don’t really seem to care a lot about valuations and others seem to focus on a little bit.

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Valuation Investments Marketing Technology 117

Musings on Markets

AUGUST 25, 2023

While Mbappe turned down the offer and is considering a ten-year deal with PSG, the numbers involved in the Al-Hilal deal are almost impossible to justify on purely economic terms. billion pricing with an intrinsic valuation is beyond reach. billion, with current profitability, $2.7 billion, with current profitability, $2.7

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Valuation Numbers Investments Marketing 92

Musings on Markets

FEBRUARY 27, 2022

Even though we live in an age where user platforms and hyper revenue growth can drive company valuations, that adage remains true. The last few years have been eventful for all companies, with the COVID crisis and ensuing economic shut down causing pain for companies, with recovery coming in 2021, as the global economy opened up again.

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Hurdle Rate Investments Accounting Entertainment 80

Barry Ritholtz

FEBRUARY 6, 2024

There’s also quantitative metrics that we look at Those have evolved, but always within that capa, that cluster of high returns on investment stability across the economic cycle are consistent and strong balance sheets. Going back to the eighties and nineties, I told you kind of the fundamental definition. It was over 50 right?

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Valuation Investments Finance Math 52

CFO News Room

JANUARY 27, 2023

Another is that when valuing companies, I am, in addition to valuing a company to see if it is fairly priced, interested into the broader insights about business and valuation that emerge from the company. Growth potential : I underestimated the company’s capacity to grow, by limiting its product reach.

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Valuation Investments Manufacturing Marketing 130

Musings on Markets

JANUARY 26, 2023

Another is that when valuing companies, I am, in addition to valuing a company to see if it is fairly priced, interested into the broader insights about business and valuation that emerge from the company. Growth potential : I underestimated the company's capacity to grow, by limiting its product reach.

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Valuation Investments Manufacturing Marketing 80

Barry Ritholtz

DECEMBER 5, 2023

So, so let’s talk a little bit about your, your background ba in economics from Dartmouth. How, how are the higher rates affecting valuations amongst private companies? 00:37:43 [Speaker Changed] So there’s two issues that are affecting valuations. The auditors look at those valuations. You get a Stanford MBA.

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Mergers and Acquisitions (M&A) Investments Valuation Numbers 69

Barry Ritholtz

OCTOBER 24, 2022

So I leave the Bureau of Labor Statistics and I move into economic consulting. And how do we think about them from a valuation perspective? You said earlier, valuations were historically high both stocks and bonds late 2021, right about now, what are we? That’s very funny. NORTON: Right. And so you can think of that.

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Investments Valuation Benchmarking Marketing 52

CFO News Room

DECEMBER 13, 2022

Often business models are borne out, not just on a unit economics, but become profitable by dent of scale. When you have find opportunity, you figure out how to exploit it for all of its potential economic value. And by the way, in economic terms and unit economic terms, you can support. You look for opportunity.

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Startups Economics Manufacturing Marketing 100

Barry Ritholtz

JULY 24, 2023

The fact that you’ve got declining risk appetite, declines are prolonged, deep and valuations mean revert. The second, and what’s interesting about that period, is the fact that valuations actually peaked in 1961. MIAN: Valuations are ebb and flow. What’s entertaining the family? ” RITHOLTZ: Right.

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Construction Marketing Valuation Investments 52

Barry Ritholtz

NOVEMBER 8, 2022

CHANCELLOR: And look — yeah, but then if you look at the valuation of the market at that time, the market was — the U.S. CHANCELLOR: And look — yeah, but then if you look at the valuation of the market at that time, the market was — the U.S. All our economic actions are taking place across time.

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Valuation Finance Investments Banking 56

Barry Ritholtz

OCTOBER 17, 2023

A degree in mathematics from Oxford, a doctorate in mathematical epidemiology and economics from Cambridge. And you do a lot of work with infinity [Barry Ritholtz] : 00:03:29 [Speaker Changed] And then economics, which is a little bit squishier. What made you add economics to your, to your graduate degree? What is that?

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Investments Valuation Math Numbers 52

Barry Ritholtz

AUGUST 29, 2023

So a variety of risk meetings, a variety of economic meetings. DAVIS: Where international equities, because of valuations, probably 7% to 7.5%. RITHOLTZ: So let’s talk about that, because that gap in valuation has persisted for a long time. RITHOLTZ: Right. And that’s all sentiment. DAVIS: That’s exactly it.

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Investments Benchmarking Valuation Construction 52

CFO News Room

FEBRUARY 2, 2022

economics, correct. RITHOLTZ: Oh, not the control, just the economics. capital problem helps improve our economic sharing …. RITHOLTZ: Is that valuation issue ongoing? What — what’s keeping you entertained? RITHOLTZ: So, when you say you participate, you get a slice of the G.P. Is that right? CONROD: Yeah.

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Investments Economics Numbers Marketing 100

Barry Ritholtz

OCTOBER 31, 2023

The best example I always love to give is that Amazon’s last private round was at a $60 million post money valuation. Post money valuations until the market has changed dramatically. So, so let’s talk a little bit about valuation. Starting with what’s keeping you entertained these days? All right.

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Investments Marketing Numbers Valuation 60

Barry Ritholtz

MARCH 5, 2024

So I switched to be an economics major. I graduated economics with, with a lot of coursework in accounting and finance. What happened over the last year and a half or so is rates went up and valuations went down. What’s been keeping you entertained either video or audio, Netflix or, or podcasts?

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Barry Ritholtz

DECEMBER 19, 2023

And when they look at a sector, they want to be long, the very best stocks at the best valuations they can, and short the worst stocks at the worst valuations. 00:38:26 [Speaker Changed] So if I say to you, US has been really strong economically and Japan has been doing well, but Europe has been limping along.

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Healthcare Investments Construction Concentration 60

Barry Ritholtz

AUGUST 15, 2023

SEIDES: Yeah, I wouldn’t measure it in terms of economic returns. What’s the valuation? It’s just entertainment. What’s keeping you entertained during lockdown? So, it cost the firm $320,000, well worth every penny? Or was this a, like, to me it sounds like the whole thing was spectacular.

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Benchmarking Investments Marketing Treasury 52

Barry Ritholtz

JUNE 13, 2023

And so we go back to the basics of what our job should be, risk underwriting, risk assessment, asset prices are different from asset valuation. I mean the valuation is the future cash flow discounted at a risk-free rate plus a risk premium. RITHOLTZ: So let’s talk a little bit about valuations relative to risk and reward.

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Investments Banking Entertainment Valuation 56

Barry Ritholtz

DECEMBER 14, 2022

MCCARTHY: I’d back up actually a little bit further in thinking about how did I get there, because I don’t think it was very obvious actually that I would come out of Yale with an ethics, politics and economics degree — RITHOLTZ: Perfect really, right? MCCARTHY: — and end up in M&A on Wall Street.

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Mergers and Acquisitions (M&A) Investments Construction Concentration 60

Barry Ritholtz

DECEMBER 16, 2022

Plummeting stock prices spark debate over the veracity of private market valuations. Bloomberg 50: The people who defined global business in 2022 : Business, politics, science and technology, finance and entertainment accomplishments that deserve recognition. El-Erian; the firm is a sponsor of the Greenwich Economic Forum.

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Entertainment Valuation Economics Finance 107

Barry Ritholtz

SEPTEMBER 26, 2023

So you have almost a doubling of the interest coupon paid by some of these businesses against the backdrop of c ovid 19 inflation and some of the economic pressures that come with, with those factors. And if they don’t, we’re happy to own them at the valuation that we are creating that company act. Tell us about that.

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Investments Economics Banking Construction 52

Barry Ritholtz

SEPTEMBER 5, 2023

And we’d sort of turn that into a valuation business. MILLER: Well actually I thought, leading up to the great financial crisis, I thought to myself, we’re going to be out of business within a couple of years because nobody wanted an independent valuation. What are the, you know, I’d literally have it in my handheld.

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Sales Marketing Numbers Construction 52

Barry Ritholtz

FEBRUARY 13, 2023

Now, we’re shifting to more international places like China, Europe, et cetera, that are really growing, and that valuations are cheaper. RIEDER: And all of a sudden, you change the economic paradigm so darn fast. Think about the incredible growth of U.S. technology, that was something to ride for a while. RIEDER: Yeah.

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Mergers and Acquisitions (M&A) Investments Marketing Education 56

Barry Ritholtz

APRIL 18, 2023

In the short run, there can be distortions in public market valuations as we saw in 2001 and we saw prior to that in 2007, and prior to that in 2000, in ‘99. Valuations go up and you saw it, of course, in the late ‘90s, in the tech sector. You see these things before they start to show up in the economic data. BARATTA: Yeah.

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Investments Valuation Marketing Currencies 60

Barry Ritholtz

MARCH 26, 2024

You get a BA in economics and poli sci from the University of Delaware. And it had to do with the discipline of the models that he used and how he segmented economic liquidity, investor liquidity, and then technicals and and breath conditions and understood how they melded together. What was the original career plan?

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Investments Marketing Concentration Economics 56

Barry Ritholtz

MARCH 14, 2023

You get a BA in Economics from Hamilton College. So what we did was we figured out the economic rationale, the macroeconomic influences about why growth and value work at any point in time. Everybody wants to sell a company when they get a good valuation. So we do a lot of valuation work. You get an MBA from NYU.

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Quantitative Analysis Investments Valuation Marketing 60

Barry Ritholtz

AUGUST 16, 2022

How do you contextualize the economic data and the broad stamp recession when you’re thinking about managing risk? How does this impact global trade and other economic factors? And last market question, so we’ve seen equity valuations come down. Or it’s really just a fraction of that. But we’re not there.

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Barry Ritholtz

MARCH 12, 2024

So in this, in this context of, of a mortgage now being clear to everyone that this default risk is present, it’s real, and it’s hard to price because following the borrower’s economic profile, there, there are defaults that are related to just life events, but there’s also defaults related to a macroeconomic event.

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Profit and Loss Investments Marketing Securities 56

Barry Ritholtz

APRIL 11, 2023

 The transcript from this week’s, MiB: Aswath Damodaran: Valuations, Narratives & Academia , is below. You’re known as the dean of valuation. He said, oh, dean of valuation, it’s easier to say. So let’s start with the question, what led you to focus on valuation? RITHOLTZ: Right. And I said, why?

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Valuation Education Finance Investments 114

Barry Ritholtz

FEBRUARY 20, 2024

You get an economics PhD from California, Berkeley in 82, and around the same time you become an economist at the Federal Reserve Board from 81 to 83. And so that can cause the impulse of the economic news to be filtered into financial conditions much more, more quickly. Let, let’s talk a little bit about your background.

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Treasury Marketing Economics Banking 56

Barry Ritholtz

DECEMBER 12, 2023

00:44:11 [Speaker Changed] Kathy would may have her own valuation, so, but I can’t replicate it myself. Why is there such a spread between US domestic and overseas companies in terms of you’re a value investor in terms of straight up valuation? What’s kept you entertained these days?

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Benchmarking Concentration Investments Profit and Loss 103

Barry Ritholtz

DECEMBER 20, 2022

It’s just a fascinating conversation about looking at the world from both bottoms up and top-down, as well as thinking about what valuations are like, how likely are macro events, the impact you’re getting not just the return on capital, but as famously said in fixed income, a return of your capital. RITHOLTZ: Really quite fascinating.

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Restructuring Investments Marketing Banking 60

Barry Ritholtz

NOVEMBER 21, 2023

It was about $170 million valuation. 00:59:32 [Speaker Changed] So, so in late 21, 20 22, valuations had gotten a touch frothy in, in both the public and the private markets. What’s keeping you entertained these days? They had about 10 beta customers of the product. 00:33:48 [Speaker Changed] 17%. Listening to anything?

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Investments Marketing Startups Accounting 98

Barry Ritholtz

SEPTEMBER 26, 2022

But thankfully, the next decade, things really accelerated in terms of the growth of the company and growth in the valuation, things like that. The interesting thing about this economic development battle where different states are fighting with each other over the same existing companies has sort of zero sum for America.

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Mergers and Acquisitions (M&A) Startups Investments Healthcare 64

Barry Ritholtz

FEBRUARY 12, 2024

And at that point, I decided what I really wanted to do was be a PhD in economics. And since we’re looking for narratives as opposed, and then do valuation work second as opposed to cheap, we don’t screen. What, what’s been keeping you entertained, 01:03:27 [Speaker Changed] Entertained?

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Investments Marketing Numbers Entertainment 113

Barry Ritholtz

NOVEMBER 7, 2023

I found the book to be really entertaining and, and amusing and a little bit horrifying. It really is just a, a, a very entertaining book and I thought this conversation was, was absolutely fascinating. So like no more venture capital, you know, 32 billion valuation. Lots of other things fell apart, including FTX.

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