Musings on Markets

JANUARY 12, 2021

Last week, was my data week, where I download and analyze data on all publicly traded companies, listed anywhere in the world, and I will post extensively on what the numbers look like after a most tumultuous year. As we approach the turn of the calendar year, I have my own set of rituals that prepare me for the new year. What I teach.

Valuation 52

Valuation Corporate Finance Finance Investments 52

Musings on Markets

FEBRUARY 27, 2023

In this post, I will focus on corporate debt in 2023, keeping in mind that it was a year where the tradeoffs changed, as interest rates rose to pre-2008 levels, and putting at risk those firms that had borrowed to capacity, or even beyond, at low interest rates.

Corporate Finance 52

Corporate Finance Finance Marketing Leverage 52

Musings on Markets

JANUARY 9, 2021

I spent the first week of 2021 in the same way that I have spent the first week of every year since 1995, collecting data on publicly traded companies and analyzing how they navigated the cross currents of the prior year, both in operating and market value terms. So, why bother?

Valuation 52

Valuation Currencies Numbers Corporate Finance 52

Musings on Markets

JANUARY 27, 2021

In my last post , I described the wild ride that the price of risk took in 2020, with equity risk premiums and default spreads initially sky rocketing, as the virus led to global economic shutdowns, and then just as abruptly dropping back to pre-crisis levels over the course of the year. Currencies : A currency serves three functions.

Currencies 52

Currencies Investments Marketing Treasury 52

Musings on Markets

JANUARY 20, 2021

Investors are constantly in search of a single metric that will tell them whether a market is under or over valued, and consequently whether they should buying or selling holdings in that market. Note that this price is set by demand and supply and will reflect everything that investors collectively believe, hope for, and fear.

Treasury 52

Treasury Investments Valuation Hurdle Rate 52

Musings on Markets

JULY 25, 2023

One is curiosity , as political and economic crises roll through regions of the world, roiling long-held beliefs about safe and risky countries. Since country risk is multidimensional and dynamic, my annual country risk update runs to more than a hundred (boring) pages , but I will try to summarize what the last year has brought in this post.

Hurdle Rate 52

Hurdle Rate Currencies Valuation Marketing 52