Musings on Markets

Every discipline develops its own dogma and finance is no exception; we make assumptions about how markets are structured and investor beha...

On Friday, congressional conference committee members announced that they had reached agreement on the final contours of the financial overh...

I have always believed that valuation is simple at its core and that we choose to make it complex. Furthermore, the determinants of value ha...

What is the fair value of an asset? Sounds like a simple question but the question has taken on a life of its own, given recent changes in b...

My last post on valuing the Tata companies, all of which have significant holdings in other companies, has raised a natural follow up questi...

I am sorry about the long break between posts but I was on the road for much of the last two weeks and grading exams prior to that. I starte...

It looks like that they have found the culprit for the 1000-point intraday swing on the Dow 30 on May 6. It turns out that rather than the h...