tag:blogger.com,1999:blog-8152901575140311047.post666918309426701097..comments2024-03-18T10:18:19.736-04:00Comments on Musings on Markets: Back to Apple: Thoughts on value, price and the confidence gapAswath Damodaranhttp://www.blogger.com/profile/12021594649672906878noreply@blogger.comBlogger20125tag:blogger.com,1999:blog-8152901575140311047.post-54540598208447427352014-02-07T12:44:28.390-05:002014-02-07T12:44:28.390-05:00nice post. I just say thank for this information. ...nice post. I just say thank for this information. hope u well there..<br /><a href="http://www.viarshop.com/" title="jual sepatu adidas" rel="nofollow"> jual sepatu adidas</a> | <a href="http://www.viarshop.com/products/183/0/ANTI-HERO/" title="jual sepatu vans" rel="nofollow"> jual sepatu vans</a> | <a href="http://www.viarshop.com/" title="jual sepatu new balance" rel="nofollow"> jual sepatu new balance</a> | <a href="http://ar-sembilan.blogspot.com/2014/01/review-toko-jual-sepatu-online.html" title="review jual sepatu" rel="nofollow"> review jual sepatu </a> | <a href="http://adiradili.blogspot.com/2014/01/ulasan-jual-sepatu-online-shop.html" title="ulasan jual sepatu online" rel="nofollow"> ulasan jual sepatu online</a> | <a href="http://blashz.tumblr.com/jual-sepatu-online" title="jual sepatu online" rel="nofollow"> jual sepatu online</a> | <a href="http://jualsepatumurahonline.weebly.com/" title="jual sepatu murah online" rel="nofollow"> jual sepatu murah online</a> | <a href="http://flashd2.blogspot.com/2014/01/viarshop-recommended-shop.html" title="rekomen jual sepatu" rel="nofollow"> rekomen jual sepatu </a> | <a href="http://flashd3.blogspot.com/2014/01/rekomendasi-toko-sepatu-viarshop.html" title="rekomendasi toko sepatu" rel="nofollow"> rekomendasi toko sepatu</a> | <a href="http://flashd6.blogspot.com/2014/01/viarshop-jual-sepatu-terbaik-indonesia.html" title="jual sepatu terbaik" rel="nofollow"> jual sepatu terbaik</a> | <a href="http://reviewjualbeli.pbworks.com/w/page/74247725/review%20produk%20sepatu%20viarshop" title="review jual sepatu online" rel="nofollow"> review jual sepatu online</a> | <a href="http://blashz.tumblr.com/jual-sepatu-online" title="jual sepatu online" rel="nofollow"> jual sepatu online</a> | <a href="http://www.pekanbaruproperti.com/category/rumah/" title="jual rumah pekanbaru" rel="nofollow"> jual rumah pekanbaru</a> | <a href="http://www.pekanbaruproperti.com/category/toko/" title="jual toko pekanbaru" rel="nofollow"> jual toko pekanbaru</a> | <a href="http://www.pekanbaruproperti.com/category/apartement/" title="sewa apartement pekanbaru" rel="nofollow"> sewa apartement pekanbaru</a> | <a href="http://www.pekanbaruproperti.com/category/tanah/" title="jual tanah pekanbaru" rel="nofollow"> jual tanah pekanbaru </a> | <a href="http://www.pekanbaruproperti.com/category/kos/" title="sewa kos pekanbaru" rel="nofollow"> sewa kos pekanbaru </a> | <a href="http://ar-sembilan.blogspot.com/2014/02/hotel-murah-di-jakarta.html" title="hotel murah di jakarta" rel="nofollow"> hotel murah di jakarta</a> | <a href="http://ar-sembilan.blogspot.com/2013/10/jual-madu-hutan-asli.html" title="Madu Hutan" rel="nofollow"> madu hutan</a>Anonymoushttps://www.blogger.com/profile/09155409676495976433noreply@blogger.comtag:blogger.com,1999:blog-8152901575140311047.post-58453348222752299872013-04-28T05:27:52.762-04:002013-04-28T05:27:52.762-04:00Cool !
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thanks for sharing such detailed thoug...Professor, <br />thanks for sharing such detailed thoughts and information on the Internet.<br />You said that in 2012 you valued AAPL at $608/share using DCF and that you shorted it. Therefore, it makes sense as it was overvalued after all. It was not necessarily about considerations whether the market was going to close the gap between price or value. Did I get it right?Ying Ying Shihttps://www.blogger.com/profile/02884296912291092319noreply@blogger.comtag:blogger.com,1999:blog-8152901575140311047.post-79313678823239382982013-02-22T00:37:36.318-05:002013-02-22T00:37:36.318-05:00The best advice that I could give concerning apple...The best advice that I could give concerning apple would be do not buy the stock.QUALITY STOCKS UNDER 5 DOLLARShttp://www.zipleaf.us/Companies/The-Manhattan-Calumet-Value-Stock-Hotlinenoreply@blogger.comtag:blogger.com,1999:blog-8152901575140311047.post-5898335277239666672013-02-20T07:01:11.152-05:002013-02-20T07:01:11.152-05:00Apple Inc., formerly Apple Computer, Inc., is an A...Apple Inc., formerly Apple Computer, Inc., is an American multinational corporation headquartered in Cupertino, California[2] that designs, develops, and sells consumer electronics, computer software and personal computers. Its best-known hardware products are the Mac line of computers, the iPod music player, the iPhone smartphone.<a href="http://www.webnomicstech.net" rel="nofollow"> outsourcing services</a>marcos bakermhttps://www.blogger.com/profile/11923768249840498382noreply@blogger.comtag:blogger.com,1999:blog-8152901575140311047.post-65672823337016571072013-02-15T01:47:10.039-05:002013-02-15T01:47:10.039-05:00Well said! I believe in luck most and now I can sa...Well said! I believe in luck most and now I can say that I'm lucky that I'm reading this blog and came to know many things.<br /><br /><a href="http://www.sonictrades.com/" rel="nofollow">sonic trades</a><br />Anonymoushttps://www.blogger.com/profile/04578807651346116368noreply@blogger.comtag:blogger.com,1999:blog-8152901575140311047.post-87085792557482256362013-02-12T06:58:01.480-05:002013-02-12T06:58:01.480-05:00Merger and acquisitions is one such platform which...Merger and acquisitions is one such platform which is on its all time high. There are companies that play their crucial part in M&A dealings by acting as consultants and brokers.Mergers & Acquisitions Jobs Frankfurthttp://www.m-a-jobs.de/2012/12/25/senior-associate-vice-president-mergers-acquisitions-ma/noreply@blogger.comtag:blogger.com,1999:blog-8152901575140311047.post-19313417839316330632013-02-12T06:54:49.367-05:002013-02-12T06:54:49.367-05:00Private Equity Jobs Frankfurt are like providing m...Private Equity Jobs Frankfurt are like providing market analysis for opportunities within German speaking Europe and evaluating individual opportunities for presentation to the investment committee.Private Equity Jobs Frankfurthttp://www.m-a-jobs.de/2012/12/25/associate-hedge-fund-frankfurt/noreply@blogger.comtag:blogger.com,1999:blog-8152901575140311047.post-21703374003777413892013-02-08T12:03:06.443-05:002013-02-08T12:03:06.443-05:00Not only may issuing preferred stock be a price ca...Not only may issuing preferred stock be a price catalyst, but also merely eliciting public discussion with the company on returning cash may itself be a price catalyst.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-8152901575140311047.post-10543052846659834412013-02-08T10:30:15.112-05:002013-02-08T10:30:15.112-05:00The bottom line you're torn between being an i...The bottom line you're torn between being an investor in the company and an active trader.<br /><br />Many of your posts though they are thought provocative they are circular in nature.<br /><br />I think you should stick to the chart and write more about that.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-8152901575140311047.post-19342171674731666252013-02-08T10:24:06.565-05:002013-02-08T10:24:06.565-05:00I wonder if your confidence from Monte Carlo simul...I wonder if your confidence from Monte Carlo simulation is over-estimated since the three factors viewed idiosyncratically by the model are all likely to be correlated. For example, if revenue growth was negative then chances are op margin would be at the low end of the distribution and cost of capital at the high end. chrischttps://www.blogger.com/profile/16627392022044304042noreply@blogger.comtag:blogger.com,1999:blog-8152901575140311047.post-69921701379894066632013-02-08T10:16:57.356-05:002013-02-08T10:16:57.356-05:00I find your Tools and Drivers map interesting, and...I find your Tools and Drivers map interesting, and I wonder how you tested that drivers of intrinsic value, drivers of price and drivers of the gap form a model that consistenly validate the market dynamics of the past.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-8152901575140311047.post-17122519435497757512013-02-08T05:08:15.725-05:002013-02-08T05:08:15.725-05:00"Over the next month, there is a higher chanc..."Over the next month, there is a higher chance that the gap will increase rather than decrease, but as the horizon extends, the likelihood of the gap decreasing drops."<br /><br />You probably meant: "..., but as the horizon extends, the likelihood of the gap INCREASING drops."<br /><br />Also, could you please explain how you derived the numbers in your "gap vs. time horizon" chart? Pure feeling or is it based on any kind of analysis?ATnoreply@blogger.comtag:blogger.com,1999:blog-8152901575140311047.post-62707877715558405872013-02-08T03:29:32.413-05:002013-02-08T03:29:32.413-05:00hi
do you think the same about MSFT? about the g...hi<br /> do you think the same about MSFT? about the gap or so called gap i am not sure Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-8152901575140311047.post-71507163179513689662013-02-08T02:26:01.177-05:002013-02-08T02:26:01.177-05:00I don't like the preferred stock solution eith...I don't like the preferred stock solution either.<br /><br />I'm a little curious if the overseas subsidiaries can buy AAPL stock without triggering tax implications. Like if an Irish sub, say, can buy back AAPL in the Irish market, keep it within the Irish sub, and thus avoid US tax.MPCnoreply@blogger.comtag:blogger.com,1999:blog-8152901575140311047.post-59654383499037034462013-02-08T00:44:22.455-05:002013-02-08T00:44:22.455-05:00Prof,
Regarding your valuation of Apple in Dec 20...Prof,<br /><br />Regarding your valuation of Apple in Dec 2012 ($608 per share), I have 2 questions.<br /><br />1) In diagnostics you have used Change in EBIT*(1–t)over 10 years as 19269.48. It appears to be EBIT, not EBIT(1-t). Change in EBIT(1-t) comes to 4852. Marginal ROIC over 10 years comes to 15.62% not 62.05%. Would you please clarify?<br /><br />2) In none of the years reinvestment equals growth divided by ROC. Why this equation is not holding good?<br /><br />Appreciate your response.<br /><br />ThanksAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-8152901575140311047.post-75401893216350587982013-02-07T22:31:19.955-05:002013-02-07T22:31:19.955-05:00Dear Prof.,
Whenever Apple is valued, the (exces...Dear Prof., <br /><br />Whenever Apple is valued, the (excessive) cash always seems to come up. While there are disagreements about what should be done, how does your valuation take into consideration issues related to corporate governance and the rights of minority shareholders? Whenever <br /><br />Whenever I've looked at this company, I've felt the need to use a big haircut on cash. I've listened to your lecture on valuing cash, and understand the value of a dollar is a dollar. But your model seems to me more appropriate for valuing a merger target because it assumes that individual shares are able to "claim" cash, when in fact the board does not seem willing to distribute it (and distributing it may trigger new tax liabilities). Scottonoreply@blogger.comtag:blogger.com,1999:blog-8152901575140311047.post-32273736314190848872013-02-07T21:53:46.664-05:002013-02-07T21:53:46.664-05:001004Nice post! Your previous exit from AAPL was de...1004Nice post! Your previous exit from AAPL was definitely prescient, as were your comments on the new/activist investor mix. I agree that Einhorn's push may well be a short-term catalyst....but one that Apple certainly needs and the stock may gap back to the 500 mark. Thanks again for your interest/comments on Apple.Kyle Braundnoreply@blogger.comtag:blogger.com,1999:blog-8152901575140311047.post-80513062275304922172013-02-07T19:08:15.392-05:002013-02-07T19:08:15.392-05:00Hi professor,
Can you please comment on Einhorn&#...Hi professor,<br /><br />Can you please comment on Einhorn's proposal about unlocking billions in value by issuing preferred stock? Seems like a myth built on his assumption that 10x p/e will not change regardless of the composition of the "e". Can we expect P/E to contract by reducing the risk free interest income and thereby making the earnings riskier and more volatile given the new fixed charge on the business. Many thanks!<br /><br />http://blogs.barrons.com/techtraderdaily/2013/02/07/aapl-is-fantastic-says-einhorn-its-utterly-mis-valued-but-give-us-our-preferred-shares/<br />Anonymousnoreply@blogger.com