Risk Capital and Markets: A Temporary Retreat or Long Term Pull Back?
As inflation has taken center stage, markets have gone into retreat globally, and across asset classes. In 2022, as bond rates have risen, stock prices...
Country Risk: A 2022 Mid-year Update!
It has been my practice for the last two decades to take a detailed look at how risk varies across countries, once at the start...
Reaping the Whirlwind: A September 2022 Inflation Update!
In my early 2021 posts on inflation, I argued that while the higher inflation that we were just starting to see could be explained by...
A Zomato 2022 Update: Value, Pricing and the Gap
On July 21, 2021, I valued Zomato just ahead of its initial public offering at about ₹41 per share. The market clearly had a very different...
META Lesson 1: Corporate Governance
As we get deeper into earnings season for the third quarter of 2022, the biggest negative surprises are coming from technology companies, with the tech...
Earnings and Cash Flows: A Primer on Free Cash Flow
It is never pleasant to be in the midst of a market correction, but a market correction does operate as a cleanser for excesses that...
META Lesson 3: Tell me a story!
In my first two posts on Facebook, I noted that its most recent earnings report, and the market reaction to it, offers an opportunity for...
META Lesson 2: Accounting Inconsistencies and Consequences
In my last post, I used Facebook's recent troubles to talk about the importance of corporate governance, and how we, as investors, have abandoned the...
A Follow up on Inflation: The Disparate Effects on Company Values!
In my last post, I discussed how inflation's return has changed the calculus for investors, looking at how inflation affects returns on different asset classes,...
In Search of a Steady State: Inflation, Interest Rates and Value
The nature of markets is that they are never quite settled, as investors recalibrate expectations constantly and reset prices. In most time periods, those recalibrations...