tag:blogger.com,1999:blog-8152901575140311047.post285790233142506311..comments2024-03-18T10:18:19.736-04:00Comments on Musings on Markets: A good year ends, but what's next for stocks?Aswath Damodaranhttp://www.blogger.com/profile/12021594649672906878noreply@blogger.comBlogger41125tag:blogger.com,1999:blog-8152901575140311047.post-65109241567517296662014-08-10T06:58:55.519-04:002014-08-10T06:58:55.519-04:00nice one article . i enjoyed your posts . earn on...nice one article . i enjoyed your posts . <a href="http://www.earnonlinee.com/" rel="nofollow">earn online</a>Anonymoushttps://www.blogger.com/profile/14114231817268771987noreply@blogger.comtag:blogger.com,1999:blog-8152901575140311047.post-20321876273568761332014-07-21T01:45:14.786-04:002014-07-21T01:45:14.786-04:00Brilliant write up. Of course it helps to look at ...Brilliant write up. Of course it helps to look at the right thing, especially the part where you describe the points. I will put a trackback to this post. No one can beat, Congratulations!Lasercaphttp://lasercap.com/noreply@blogger.comtag:blogger.com,1999:blog-8152901575140311047.post-87002904199873146462014-06-16T05:03:34.305-04:002014-06-16T05:03:34.305-04:00An interesting read for all. The piece is an expre...An interesting read for all. The piece is an expression and one which will most probably generate mixed opinions. Good work from our perspective. <a href="http://www.cleverboxmarketing.com/seo-manchester/" rel="nofollow">Affordable SEO Services in Manchester</a>Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-8152901575140311047.post-89020819451120279132014-05-31T05:56:52.909-04:002014-05-31T05:56:52.909-04:00You produce a great point in your own final paragr...You produce a great point in your own final paragraph. We couldn’t agree more together with your points. In today’s modern world, your approach to this issue is lacking in today’s kids. We need to ensure that our kids find out more on this topic so we nev<br />Roller Shuttershttp://www.britanniasecuritygroup.com/noreply@blogger.comtag:blogger.com,1999:blog-8152901575140311047.post-90599945589089256822014-05-06T08:32:18.689-04:002014-05-06T08:32:18.689-04:00Those are really informative tips. Thank you for s...Those are really informative tips. Thank you for sharing such an insightful stuff. Keep blogging, It’s a great experience to spend time to read and learning many new topics from your blog. Excessive work! I’ll wait to see such post further.Mediamovershttp://mediamovers.com.au/noreply@blogger.comtag:blogger.com,1999:blog-8152901575140311047.post-29175187245636572142014-05-06T08:31:17.203-04:002014-05-06T08:31:17.203-04:00http://aswathdamodaran.blogspot.in/2014/01/a-good-...http://aswathdamodaran.blogspot.in/2014/01/a-good-year-ends-but-whats-next-for.html<br />Mediamovershttp://mediamovers.com.au/noreply@blogger.comtag:blogger.com,1999:blog-8152901575140311047.post-19577747757555935602014-05-04T08:51:46.934-04:002014-05-04T08:51:46.934-04:00Hi Mr. Damodaran
This is an excellent article :) ...Hi Mr. Damodaran<br /><br />This is an excellent article :) Thanks for sharing! <br />I would like to ask a question. You 've wrote that if ROE stays stable the growth rate only depends on the retention ratio. Maybe I've lost it but which metric is used to measure the growth exactly? Net income, FCF, cash flow, net change in cash? How about acquisitions, capex in general, the purchase of short term investigations, don't these affect the growth of the business, or they're included in your calculation? Thanos Pasiashttps://www.blogger.com/profile/10207884169711945630noreply@blogger.comtag:blogger.com,1999:blog-8152901575140311047.post-70216000656051566322014-04-03T19:52:58.772-04:002014-04-03T19:52:58.772-04:00Aswath,
I wish you would comment on the market'...Aswath,<br />I wish you would comment on the market's valuation more frequently. You only do it sporadically, and ditto for Fernando Duarte. Since I am of the opinion that the ERP is the gold standard of equity analysis, I need more frequent guidance from the gurus. Christopher T. Mahoneyhttps://www.blogger.com/profile/07096275297545797428noreply@blogger.comtag:blogger.com,1999:blog-8152901575140311047.post-8192862288798956522014-03-19T08:05:42.823-04:002014-03-19T08:05:42.823-04:00Most accurate Commodity tips for free
CALL: BUY SI...Most accurate Commodity tips for free<br />CALL: BUY SILVER (MAY) ABOVE 45900 TG-45990/46150/46380 SL-45700 (CMP-45845)<br /><br /><a href="http://www.moneymultiples.com/stock-future-tips/" rel="nofollow"> share market basics for beginners </a>Anonymoushttps://www.blogger.com/profile/09409704367970338386noreply@blogger.comtag:blogger.com,1999:blog-8152901575140311047.post-46093939776554462722014-03-10T08:26:31.111-04:002014-03-10T08:26:31.111-04:00Hi, just wanted to say I attended this conference ...Hi, just wanted to say I attended this conference last year, and found it by far the best of about 8 conferences that I attended in the field. Full of professional insight based on testing by experts that knew what they were talking about. I would certain<br />SEO Manchesterhttp://www.cgo-media.com/seo-manchester/noreply@blogger.comtag:blogger.com,1999:blog-8152901575140311047.post-25427377804148208042014-02-15T00:50:09.218-05:002014-02-15T00:50:09.218-05:00thanks for your post
Logo design coimbatorethanks for your post<br /><b><a href="http://www.webdesign.123coimbatore.com/logo-designing.php" rel="nofollow">Logo design coimbatore</a></b>Anonymoushttps://www.blogger.com/profile/06159579257044924260noreply@blogger.comtag:blogger.com,1999:blog-8152901575140311047.post-53999426480225328932014-02-12T03:17:01.339-05:002014-02-12T03:17:01.339-05:00the real estate stocks are going to boom in the se...the real estate stocks are going to boom in the second half of 2014 while the pharmaceuticals stocks seems to be good. be careful while dealing in bank sector.realtyhttp://easyrealtydeals.com/noreply@blogger.comtag:blogger.com,1999:blog-8152901575140311047.post-1526427485803454692014-02-11T00:53:37.964-05:002014-02-11T00:53:37.964-05:00awesome post. Its most important information base ...awesome post. Its most important information base article. Thanks for your nice post.Fishing Rod Holdershttp://www.fishingtriptips.com/fishing-rod-holders/noreply@blogger.comtag:blogger.com,1999:blog-8152901575140311047.post-1588950001064094802014-02-06T12:10:25.909-05:002014-02-06T12:10:25.909-05:00Thank you for an excellent article and for breakin...Thank you for an excellent article and for breaking down your methodology so cleanly and transparently. <br /><br />My question is on the validity of using analyst consensus earnings estimates. Is there any reason to believe that they are reliable? <br /><br />I have tried in vain to find some hard data on this (would love to find a series of consensus estimates for earnings growth, compared to the actual earnings growth that occurred, but cant' find it). One money manager I respect, GMO, has stated that historically analyst estimates have overstated subsequent reality by a factor of 2x. <br /><br />So I'm inclined to give a haircut to the analyst consensus E growth estimates, but I'm not sure how much. Do you have any insights?ryanwhhttps://www.blogger.com/profile/13363978630336374422noreply@blogger.comtag:blogger.com,1999:blog-8152901575140311047.post-8939115390991690482014-02-05T11:05:20.677-05:002014-02-05T11:05:20.677-05:00I have great respect for Shiller, but I also know ... I have great respect for Shiller, but I also know that the market is bigger than any of us<br /><br /><a href="http://www.bidnessetc.com/" rel="nofollow">Stock Market</a> Anonymoushttps://www.blogger.com/profile/01431759787020721723noreply@blogger.comtag:blogger.com,1999:blog-8152901575140311047.post-28048907143462271802014-02-03T01:56:48.791-05:002014-02-03T01:56:48.791-05:00I agree that a surprisingly large number of argume...I agree that a surprisingly large number of arguments, pro and con, are based on the PE ratio, with variants on earnings used by each side to make its case.Commodity Trading Tipshttps://www.epicresearch.co/commodity-tipsnoreply@blogger.comtag:blogger.com,1999:blog-8152901575140311047.post-41713635463054704412014-01-29T07:49:14.494-05:002014-01-29T07:49:14.494-05:00re:
"While that rise in rates may seem like a...re:<br />"While that rise in rates may seem like an unmitigated negative for stocks..":<br />Historically we find that rate increases are a boon to stocks, not a negative. Why? They correlate with increasing growth expectations, thus inflating multiples. If you view the world through a Gordon growth model lens, the influence of increasing growth overwhelms the depressing effect of a higher discount rate.<br />Hansnoreply@blogger.comtag:blogger.com,1999:blog-8152901575140311047.post-72519572119622776522014-01-22T05:36:01.451-05:002014-01-22T05:36:01.451-05:00Futures are an agreement to deliver or take delive...Futures are an agreement to deliver or take delivery of a commodity or financial instrument at a set date and price.<br />Derivative market tradinghttps://www.epicresearch.co/derivativesnoreply@blogger.comtag:blogger.com,1999:blog-8152901575140311047.post-1031500615860888752014-01-21T05:11:55.097-05:002014-01-21T05:11:55.097-05:00Awesome article … It shows whole new way to the in...Awesome article … It shows whole new way to the interesting resources. Thanks for sharing your views among us and its great time spending on this. Keep up the excessive work.Hookheath Webdesignhttp://www.hookheathwebdesign.comnoreply@blogger.comtag:blogger.com,1999:blog-8152901575140311047.post-46452147953206035322014-01-19T08:35:38.718-05:002014-01-19T08:35:38.718-05:00Very insightful article.Very insightful article.Foreign Earned Income Tax Credithttp://expattaxcenter.com/noreply@blogger.comtag:blogger.com,1999:blog-8152901575140311047.post-26830395466117726522014-01-17T05:31:15.444-05:002014-01-17T05:31:15.444-05:00MCX and NCDEX were the first national exchanges bu...MCX and NCDEX were the first national exchanges but from the very beginning of its operations commodity exchanges were criticized for so many reasons starting from inflation to even food security.Futures tradinghttps://www.epicresearch.co/derivativesnoreply@blogger.comtag:blogger.com,1999:blog-8152901575140311047.post-54997495274629333722014-01-15T20:45:08.074-05:002014-01-15T20:45:08.074-05:00Hi Professor,
Valuation conundrum with respect to...Hi Professor,<br /><br />Valuation conundrum with respect to several 50% subsidiaries which are consolidated in a company.<br /><br />I note that seemingly all the analysts on the street proportionally consolidate the 50%EBITDA in their DCF but then deduct the full debt consolidated by the company from their EV in arriving at an equity value.<br /><br />I see in the comment from an earlier post that you addressed this issue via one suggested method, which was looking at it from the reverse perspective of deriving an EV from equity value: <br /><br />"The market value of equity in the parent company reflects only the majority stake in the subsidiary but the debt and cash in the computation are usually obtained from consolidated balance sheets, which reflect 100% of the subsidiary. To counter this inconsistency, analysts add the minority interest (which is the accountant's estimate of the equity in the non-owned portion of the subsidiary) to arrive at enterprise value, but the minority interest is a book value measure."<br /><br /><br />So in my example, yes, 100% of the debt is consolidated, but is this treatment too punitive on the resultant equity valuation given the DCF modelling only recognises 50% of the EBITDA?<br /><br />Could you not, in this example, lodge an argument for deducting 50% of the debt so it is consistent with the earnings treatment (particularly if neither parent/subsidiary/other 50% owner is under any debt distress)?<br /><br />My own intuition, suggests the "fairest" treatment is somewhere in between, although this is difficult to justify on theoretical valuation grounds.<br /><br />Thanks for the help.<br /><br />Rgds<br /><br />KevinKevinnoreply@blogger.comtag:blogger.com,1999:blog-8152901575140311047.post-78174686641549540442014-01-15T05:27:54.042-05:002014-01-15T05:27:54.042-05:00Prof. the indian data is same as last years. can y...Prof. the indian data is same as last years. can you check the same ?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-8152901575140311047.post-50923216035878382772014-01-13T23:36:21.636-05:002014-01-13T23:36:21.636-05:00A question for you to consider. If companies dist...A question for you to consider. If companies distribute 84% of earnings through dividends and buybacks. That means 16% is re-invested to generate growth. A return on equity of 13.4%, would imply a growth rate of 2.14%. This is somewhat shy of the growth estimate you are considering. Basically, what I am saying is that an 84% payout of as reported earnings (estimate $96.72), gives a return of 5.26% based on a market trading at roughly 1,840). Add to that 2.14% growth, and a return potential of 7.4% results. A long-term return expectation of 8.5% would imply the market is rightly valued closer to 1,500.Shivhttps://www.blogger.com/profile/16525237812275550424noreply@blogger.comtag:blogger.com,1999:blog-8152901575140311047.post-73181672537413225992014-01-09T23:22:04.054-05:002014-01-09T23:22:04.054-05:00Wow ! This is a wonderful and informative website ...Wow ! This is a wonderful and informative website about financial market.It is a very useful for us. So, I like it very much. Many many thanks for make this website. If you want more informastion about stock quotes to visit <a href="http://www.seekingtechnicals.com/" rel="nofollow"> stock quotes </a> Stock quotes can get gathered inside numerous kinds just as historical stock quotes, delayed stock quotes and real-time carry quotes. Historical stock quotes are share values not to mention improve behaviours previous to several amount of time - employed to know not to mention pinpoint monthly carry trends. Delayed stock quotes are typically free stock quotes provided with a variety of colleges, periodicals, portals, etc. that create 15 or maybe 20 units delay.Anonymoushttps://www.blogger.com/profile/18123930448147815431noreply@blogger.com