E78 Partners

MARCH 3, 2025

While overall 2025 economic conditions have been positive, tariffs, persistent interest rates and geo-political instability are creating uncertainty. Strong public market valuations in key sectorsespecially technology and healthcareare attracting growth-driven businesses.

Financial Planning and Analysis (FP&A)

Barry Ritholtz

APRIL 17, 2025

My advice was not based on fear of a bubble or the (over)valuation of Yahoo; rather, I suggested employing a regret minimization framework.2 This was impossible, and I said so: Either you guys are either going to win the Nobel prize in economics or go to jail. He could take any job he wanted for the rest of his lifeor none at all.

Investments

Musings on Markets

APRIL 20, 2025

You may be tempted to play with the numbers to make these companies look undervalued, but a better path is to put them on your list of companies you would like to own, and leave them there.

Investments

CFO Talks

MAY 20, 2025

Intellectual Property: Location Matters The days of offshoring IP to tax havens are numbered. If the strategic and economic ownership of your IP is effectively in South Africa, where your teams build, manage, or commercialise the asset, SARS will argue the right to tax a portion of the profits.

CFO

The Big Picture

JULY 1, 2025

Bachelor’s in economics and a BS in computer science from Wellesley in Boston and then an MBA from Harvard Business School. So it was Pascal then c plus plus, and then I took an economics class and that’s when the lights went off because it was a very mathematical field in many ways, but also with a link to the Rio economy.

Investments

Barry Ritholtz

MAY 1, 2025

This is more than overconfidence, the DKE is how poorly we are at metacognition assessing our own abilities at a specific task Look at the history of performance and the small number of professional investors who outperform their benchmarks over 1, 5, 10, and 20 years. What are some examples of bad numbers? What are some examples?

Investments

CFO Talks

JANUARY 30, 2025

Below are the key takeaways from this insightful discussion: The Foundation of a Strategic Vision Roger shared that a successful strategic vision starts with identifying the “magic numbers” for a business. At CFO Centre, we talk about “magic numbers.” Roger Castle: Hi, Leana. Then we ask, how do we get there?

Communication

Global Finance

MAY 1, 2025

However, more is being spent on less, considering the number of transactions is at a two-decade low. Mounting recession fears, renewed trade tensions, and shifting political winds are weighing heavily on corporate dealmakers and private equity firmsparticularly in the US, where valuations remain flat. Consider the numbers.

Mergers and Acquisitions (M&A)

CFO Strategic Partners

APRIL 14, 2025

Ultimately, lack of financial know-how can leave you unprepared for shifting economic conditions that could undermine revenue and growth. Effective budgeting requires you to get cozy with key data points like year-over-year trends, fixed and variable expenses, profit margins, cash flow data, sales numbers, and departmental needs.

Mergers and Acquisitions (M&A)

Musings on Markets

FEBRUARY 18, 2025

The return on equity may be an equation that comes from accounting statements, but in keeping with my argument that every number needs a narrative, each of these numbers has a narrative, often left implicit, that should be made explicit.

Marketing

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

Barry Ritholtz

APRIL 8, 2025

Lisa Shallet, chief Investment Officer at Morgan Stanley has had a number of fascinating roles in Wall Street, which is kind of amusing considering she had no interest in working on Wall Street, and yet she was CEO and chairman at Sanford Bernstein. We’ll, we’ll get into that in a little bit. Lisa Shalett : Not at all.

Mergers and Acquisitions (M&A)

The Big Picture

JULY 15, 2025

But before we get to that, let’s start with Bachelor’s in economics from Hamilton, MBA from NYU. And a friend of mine who had gotten fired from this economic consulting firm, got a job at Chase Econometrics, IDC, and said, you have to come over here. Barry Ritholtz : I’m, I’m thrilled to have you.

Investments

Global Finance

APRIL 5, 2025

The era also benefited from a stable economic climate until the middle of 2022, when the Ukraine-Russia war triggered rising interest rates, inflation, supply chain shocks, and geopolitical uncertainty. Eventually, interest rates spiked sharply and valuations remained high. Valuations] have not collapsed, she adds.

Investments

Barry Ritholtz

JANUARY 21, 2025

Barry Ritholtz : The the funny thing is, the behavioral aspect of mutual funds seems to have been when people finally learn about a manager who’s put up great numbers, by the time it makes to make makes it to Forbes, hey, most of that run is probably over and a little mean reversion is about to kick in.

Investments

Barry Ritholtz

FEBRUARY 4, 2025

WA was the career plan, always economics and finance. And I studied economics in university. And I spent a year in Princeton in the economics department in 95, 96 when Ben Panke was the chairman of the economics department. I’m curious how different studying economics is in Denmark versus United States.

Economics

Barry Ritholtz

APRIL 29, 2025

You get a bachelor’s in economics from Colgate and then an MBA in finance from NYU Stern. I was an economics and English major. We learned everything, you know, across from accounting to auditing to, to tax and valuation. It seemed like the perfect match of asset and liabilities until real estate valuations bottomed out.

Concentration

Barry Ritholtz

FEBRUARY 17, 2025

We’ll get to where you work at JP Morgan, but economics bachelor’s from Columbia MBA from Harvard. So I decided to become an economics major and a psychology minor. So the intersection of psychology and economics became really interesting. So during my time there, I was probably employee number four or five.

Investments

Musings on Markets

FEBRUARY 6, 2025

First, they are indices and reflect a subset of stocks in each market, with different criteria determining how each index is constructed, and varying numbers of constituents. I am no expert on exchange rates, but learning to deal with different currencies in valuation is a prerequisite to valuing companies.

Currencies

CFO Dive

JULY 22, 2025

lucky-photographer via Getty Images Dive Brief: T he number of U.S. Although the number of IPOs is the biggest first-half tally since 2021, proceeds from offerings fell to $17.1 Canada and Latin America quickened late in the second quarter as concerns about tariffs and economic vulnerabilities eased, EY said.

Marketing

CFO Dive

JULY 10, 2025

Samuel Corum via Getty Images The recently-enacted “ One Big Beautiful Bill Act ” could help lift sagging merger-and-acquisition volume numbers by creating a more attractive environment for dealmaking on the U.S. This is expected to provide greater certainty for dealmaking in an otherwise risky economic and policy climate.

Mergers and Acquisitions (M&A)

Barry Ritholtz

MARCH 25, 2025

And, and I kind of raised my hand and said, dad, uncle John, don’t you think it might be a better idea to look at it by the numbers? Valuations tended to crash and burn very, very cheap valuations tended to do well. So, the reason I am an economics, I have a degree in economics. The numbers are pretty bad.

Investments

Barry Ritholtz

MAY 6, 2025

00:14:36 [Speaker Changed] That that’s number one. You’ve done a number of major refinancings in and around New York City, six 20 Avenue The Americas is a, tell us a little bit about the work you’re doing at Hudson Bay with private credit and real estate. Probabilities will eventually work in your favor.

Profit and Loss

Musings on Markets

MARCH 15, 2025

That said, to value companies today, I have no choice but to bring in the economics and politics of the world that these companies inhabit. China : The biggest winner from globalization has been China, which has seen its economic and political power surge over the last four decades.

Investments

Barry Ritholtz

MAY 27, 2025

So, so those numbers are astonishing. And there was a number that were actually in that business. You know, and, and, and so we expanded into a number of different other businesses. 00:38:56 [Speaker Changed] Much more aggressive numbers 00:38:57 [Speaker Changed] Six months after the Starbucks discussions.

Mergers and Acquisitions (M&A)

CFO News Room

FEBRUARY 3, 2023

I wrote about my most recent valuation of Tesla just over a week ago , and as has always been the case when I value this company, I have heard from both sides of the Tesla divide. Based at least on the reactions, I have realized that some may be misreading my story and valuation, ore reacting just to a picture in a tweet.

Valuation

Nerd's Eye View

OCTOBER 4, 2023

People often talk about "the economy" as a single entity whose parts move in unison, with a small number of key indicators (such as GDP, the unemployment rate, and inflation) moving reliably in relation to each other. manufacturing sector, by the measures of employment and service prices, has been in a recession for nearly 12 months.

Valuation

CFO News Room

JANUARY 15, 2023

It succeeded spectacularly in attracting people to its platform, hitting a 100 million users in 2012, and then doubling those numbers again by 2013, when it went public ,with an initial public offering. Users: Numbers and Engagement. The Twitter Story. billion, well below the $9.6

Valuation

Musings on Markets

AUGUST 19, 2024

In fact, the business life cycle has become an integral part of the corporate finance, valuation and investing classes that I teach, and in many of the posts that I have written on this blog. In 2022, I decided that I had hit critical mass, in terms of corporate life cycle content, and that the material could be organized as a book.

Corporate Finance

Musings on Markets

APRIL 21, 2022

It succeeded spectacularly in attracting people to its platform, hitting a 100 million users in 2012, and then doubling those numbers again by 2013, when it went public ,with an initial public offering. While total user numbers have leveled off in recent years, albeit with a jump in 2021, the daily active user count has continued to climb.

Valuation

Musings on Markets

NOVEMBER 9, 2021

If you are interested, you can see my valuations from 2014 , 2016 and 2017. Tesla is built around an outsized personality : When valuing publicly traded companies, I seldom talk about its top management explicitly, since the numbers reflect what they bring to the firm.

Valuation

Musings on Markets

FEBRUARY 2, 2023

I wrote about my most recent valuation of Tesla just over a week ago , and as has always been the case when I value this company, I have heard from both sides of the Tesla divide. Based at least on the reactions, I have realized that some may be misreading my story and valuation, ore reacting just to a picture in a tweet.

Valuation

VCFO

SEPTEMBER 21, 2023

Owner’s opinions of their business value can be influenced by inherent biases, flawed valuation methodologies, and factors lurking beyond their control. The delta between an owner’s expectations and the market’s potential can be considerable and is based on a number of financial and non-financial metrics.

Valuation

Nerd's Eye View

JANUARY 3, 2024

The sentiment is especially poignant when it comes to economic forecasting, as it's nearly impossible to get an accurate picture of the current state of the economy at any given moment. Businesses are also feeling the pinch from higher interest rates, as November saw a rapid increase in the number of Chapter 11 commercial bankruptcies.

Economics

Musings on Markets

FEBRUARY 8, 2024

To put these numbers in perspective, the Mag Seven companies now have a market capitalization larger than that of all listed stocks in China, the second largest market in the world in market capitalization terms. trillion in market cap, and that 2023 represented a correction back to a level only slightly above the value at the end of 2021.

Marketing

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. Mean reversion : I am not a knee-jerk believer in mean reversion, but the tendency for numbers to move back towards averages is a strong one.

Marketing

Musings on Markets

NOVEMBER 1, 2023

As the price dropped below $200 today (October 30,2023), I decided that it was time for me to revisit and revalue the company, taking into account the news, financial and other, that has come out since my last valuation in January 2023, and to understand the dueling stories that are emerging about the company.

Valuation