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I teach corporate finance, valuation and investment philosophies at the Stern School of Business at New York University. I have online versions of all three courses here, as well as other finance-related videos. 1. The Corporate Finance Online playlist has an introductory video and 36 sessions that cover all of corporate finance (at least as I see it). 2. The Valuation playlist has 25 sessions that cover valuation approaches, issues and questions.3. The Investment Philosophies playlist has sessions that cover different investment philosophies.4. The Accounting and Statistics playlists reflect my quirky and unorthodox introductions to two disciplines that are critical to my valuation and corporate finance classes.5. The Blog Posts playlist has sessions that go wit my blog posts and reflect my standing as a dabbler, rather than expert, in all things finance-related. If you need the supporting material for any of the classes, check the links below.Links:Corporate finance materials: http://www.stern.nyu.edu/~adamodar/New_Home_Page/corpfin.htmlValuation materials: http://www.stern.nyu.edu/~adamodar/New_Home_Page/equity.htmlInvestment Philosophies: http://www.stern.nyu.edu/~adamodar/New_Home_Page/invphil.htmBooks: http://www.stern.nyu.edu/~adamodar/New_Home_Page/public.htmMy website: http://www.damodaran.com
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- Session 3: Balancing Competing Interests · 1 h 36 minIn this session, we continue with our discussion of corporate governance by examining how lenders get exploited, markets have frictions and there are social costs. Learn more…
- Session 9: Beta Determinants and Bottom up Betas (Spring 2021) · 1 h 29 minIn today’s class, we looked past regression betas at how the choices companies make about the businesses they enter can determine their betas.. Summarizing the class, here is…
- Session 4: Alternatives to Stock Price Maximization and First Steps on Risk · 1 h 36 minHaving laid out all that can go wrong with stock price maximization, we looked at alternative corporate governance models and objectives. We then moved on to defining risk. (The…
- Session 11: Costs of Debt and Capital (Spring 2021) · 1 h 32 minn today’s class, we started by looking at the three criteria that sets debt apart: a contractual commitment that is usually tax deductible and comes with consequence for control…
- Session 9: Digging Deeper into Cash Flows · 1 h 29 minWe continued our discussion of earnings and cash flows, starting with an examination of why accountants treat capital expenses as operating expenses (R and D is a prime example)…
- Session 13: More on stories and first valuations (Spring 2021) · 1 h 29 minIn this class, we continued our discussion of stories, and how critical it is to keep the feedback loop open, so that you can make your stories better. We also talked about how…
- Session 7: Beta - Regression Diagnostics and Expected Returns · 1 h 36 minIn this session, we look at the standard approach to estimating betas, i.e., regressing returns on a stock against returns on market, and how that regression yields information…
- Session 14: Valuing markets and young companies (Spring 2021) · 1 h 32 minIn today’s class, we looked at how best to adapt valuation models to value companies on the dark side. Specifically, we examined how best to value young companies with limited…
- Session 17: More excursions on the dark side of valuation (Spring 2021) · 1 h 29 minIn this session, we continued on the dark side of valuation with a look at mature companies on the verge of transitions, and how you have to value the status quo company and the…
- Session 4: Externalities, Alternative to Shareholder Wealth Maximization and the End Game · 1 h 32 minThe objective function matters, and there are no perfect objectives. That is the message of the last two classes. Once you have absorbed that, I am willing to accept the fact…
- The Scaling and Profitability Trade-off: Venture Capital's weakest link! · 56 minEvery business is faced with the question of whether to become bigger or build a better business model (delivering more in profits) and in this session, I start by looking at the…
- From Eyeballs to ARR: Buzzy Pricing Metrics and the AI Trade! · 53 minAs the Anthropic IPO approaches, it is worth remembering that IPOs are priced by VCs and bankers, not valued, and that pricing can often be on metrics that are unfamiliar. That…
- Session 15: More excursions on the dark side of valuation (Spring 2021) · 1 h 33 minIn this session, we continued on the dark side of valuation with a look at mature companies on the verge of transitions, and how you have to value the status quo company and the…
- The Prospectus is here: My (but not the) Anthropic IPO Valuation! · 54 minThe long-awaited Anthropic prospectus is now public, and as promised, I value the company. I start with an examination of what we can learn from the prospectus about revenue…
- Session 5: (Val Undergrads) More on Riskfree Rates and First Steps on Equity Risk Premiums · 1 h 23 minWe started this class by completing the last loose ends on risk free rates, before turning our attention to equity risk premiums and what they purport to measures. We looked at…
- Heeding the Feedback Loop: A follow-up to my Anthropic Valuation · 58 minI valued Anthropic, after its prospectus filing and ahead of its IPO, at $1.475 trillion about a week ago, and was open about the fact that I was telling a big story, with inputs…
- Deconstructing the AI Trade: Market Meltdown, Correction or Clean up? · 45 minThe market's sharp drop on November 5, driven by a decline in tech, renewed a question that has been heard all year of whether this is the final call on the AI trade, where…
- Session 17: The Debt Equity Trade off (Spring 2021) · 1 h 18 minIn this class, we started our discussion of the financing question by drawing the line between debt and equity: fixed versus residual claims, no control versus control, and then…
- Earnings, Cashflows and Stock Prices: The AI Storm blows through! · 39 minThe key reason that US equities have held their own this year, in the face of rising interest rates, is a surge in aggregated earnings, which some have attributed to the massive…
- Session 21(Undergraduate): APV, Relative Analysis and Debt Mix · 1 h 28 minIn this class, we continued our discussion of the cost of capital approach to optimizing debt ratios by looking at the determinants of the optimal. In particular, it was…
- AI's Bar Mitzvah Moment? From Hype and Hope to Business Questions! · 51 minIt is undeniable that AI has taken over business and investing conversations since ChatGPT's debut on November 30, 2022. In addition to pushing up the market capitalizations of…
- Lessons from Leo: The Dark Side of Investment Conviction! · 43 minIf you have been reading the financial press or tracing social media, the story of Leo Aschenbrenner and the rise and fall of his hedge fund, Situational Awareness, has been…
- Session 19: Pricing Closure and Asset Based Valuation (Spring 2021) · 1 h 17 minIn this class, we closed the book on relative valuation by looking at how to price young companies, using forward multiples, and how to pick the "right" multiple for a valuation…
- Information Timing and Release: The Debate over Quarterly Reporting and Fed Guidance! · 38 minIn this session, I talk about two long-running stories in markets, the first relating to a SEC proposal to replace quarterly with semi-annual reporting for US firms and other to…
- Session 3 (Val MBA): Setting the Table (Contd.) and First Steps on Intrinsic Value · 1 h 27 minThis class started with a look at a major investment banking valuation of a target company in an acquisition and why having a big name on a valuation does not always mean that a…
- Country Risk: Determinants, Measures and Implications - The 2026 Edition · 43 minSince 2008, every year, in addition to posting updated data on equity risk premiums, I have done two update papers each year. I write the first, on equity risk premiums, in March…
- The Indexing Question: Should SpaceX, OpenAI and Anthropic be in the SandP 500? · 53 minAs debate has raged about whether SpaceX is worth $ 2 trillion plus, and how much Anthropic and OpenAI will be priced at, there is a parallel question that has created just as…
- Session 20: Private Company Valuation (Spring 2021) · 1 h 24 minIn this session, we talked about the challenges of valuing private company, especially when the buyer is undiversified and cares about liquidity. We argued that you need to…
- The Numbers are in: A Post-Prospectus SpaceX Valuation! · 52 minI value SpaceX a few weeks ago, using piecemeal information and entirely on narrative, and promised to return to the valuation when the prospectus was public. The prospectus has…
- Session 20 (MBA): Moving to the Optimal and The Right Kind of Debt · 1 h 33 minIn this session,we looked at applying closure to the optimal debt ratio analysis by looking at how quickly you should move to the optimal and what actions to take (recap versus…
- An Ode to Restraint: Lessons from the Tim Cook Legacy! · 43 minI have been a user of Apple products since the first Mac came out in the early 1980s, and I have been an investor off and on in the company for much of its life. The announcement…
- To Trillion(s) and Beyond: The SpaceX IPO Odyssey · 38 minIn a world where so many companies claim to be unique and futuristic, SpaceX is the real deal, a package of spaceships, satellites and AI. When he founded the company in 2002…
- Quiz 3: Review Session (Spring 2021) · 32 minIn this session, I review the material for the third quiz for the valuation class. This quiz covers three topics, pricing (multiples and peer groups), private company valuation…
- The Market's Narrative: How Investors are pricing in the Iran War! · 24 minThe month of March 2026 was dominated by one story - the war in Iran and how it would play out. The month started with questions about how long the war would last and what…
- Session 3: The Real World Strikes Back - Corporate Governance · 1 h 30 minIn this session, we spent almost a large chunk of out time on the assessment of where the power lies in a company. In the utopian world, the power lies entirely with…
- Finding your Investing Lodestar: In Search of an Investment Philosophy! · 50 minAn investment philosophy is a coherent set of beliefs about how markets work (and sometimes don't work) that underpins your investment strategies and choices, and it is a…
- Session 35 (of 42): The Case for Passive Investing - Active Investors' Track Record · 19 minIn this session, we make the argument for passive investing by looking at the performance of active investors. We begin by looking at individual investors and note that they…
- Session 21: IPO Valuation and first steps on Real Options (Spring 2021) · 1 h 29 minWe started today’s class by looking at IPOs, and how to incorporate both the proceeds and the pricing considerations of bankers (who guarantee an offering price) as well as how…
- Session 25 (of 42): Information Trading - Earnings Reports · 16 minIn this session, we begin our discussion of trading based upon public information by looking at earnings reports. Since markets react to the news in earnings reports, we begin by…
- Session 22 (Undergraduate): Moving to the Optimal and The Right Debt · 1 h 28 minIn today's session,we looked at applying closure to the optimal debt ratio analysis by looking at how quickly you should move to the optimal and what actions to take (recap…
- Session 10 (of 42): Temporal Price Patterns · 11 minIn addition to exhibiting correlation across time, stock prices seem to also follow patterns in calendar time. In this session, we look at two of the most commonly noted calendar…
- Session 18 (of 42): Get in on the ground floor - The IPO Story · 20 minIn this session, we look at the process by which private businesses enter the public market place and whether investors can exploit frictions in that process to generate higher…
- Session 21: Debt Design (Spring 2021) · 1 h 27 minIn this class, we looked at the design principles for debt. We started by completing a five step process for designing the perfect debt before looking at both intuitive and…
- Session 8 (of 42): Market Efficient II - Testing market-beating schemes and strategies · 30 minAs investors, we are easy prey for the sales pitches from firms trying to sell us the next “magic bullet” for investing success. In this session, we look at three ways to test…
- Session 2 (Val MBAs): The Bermuda Triangle of Valuation · 1 h 28 minThis class started with a test on whether you can detect the direction bias will take, based on who or why a valuation is done. The solutions are posted online on the webcast…
- Session 6 (of 42): Trading Costs and Taxes · 31 minWhen you trade, you incur costs and these costs can be a drag on your investment returns. In this session, we look past the brokerage costs of trading to bring in the larger…
- Session 7 (of 42): Market Efficiency I - Laying the Groundwork · 19 minOur beliefs about market efficiency and inefficiency determine how we invest. In this session, we look at what an efficient market is and note that market efficiency does not…
- Session 24: Dividend Closure and First Steps on Valuation (Spring 2021) · 1 h 29 minIn this class, we started by using the dividend assessment process of looking at FCFE/cash return and then gauging trust in management, using the companies that we have used as…
- Session 42 (of 42): The Grand Finale · 16 minIn this session, we close by looking at the process of finding the best investment philosophy for you, as an investor. To make this choice, you have to begin with a personal…
- Session 21(MBA): More Debt Design and First Steps on Dividends · 1 h 33 minIn this class, we then went through three basic approaches to debt design: an intuitive assessment of a company's products and pricing power, an analysis of expected cash flows…
