Om denne podkasten
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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Episoder
De 50 nyeste av 1 263 episoder
- 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…
- 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…
- 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…
- 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…
- 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…
- 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…
- 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…
- 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…
- 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…
- 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…
- 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 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 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 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 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 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 41 (of 42): The Promise and Peril of Alternatives! · 16 minIn this session, we look at why alternative investments have not delivered their promised benefits to the institutional investors who have bought into their allure, and examine…
- Session 40 (of 42): Bitcoin and Crypto · 23 minIn this session, we look at bitcoin specifically, an investment that has captured public imagination, with its soaring price and look at whether it belongs in investment…
- Session 39 (of 42): Collectibles! · 44 minIn this session, we focus exclusively on collectibles, an investment class that can only be priced, not valued, starting with gold, the longest standing collectible of all…
- Session 38 (of 42): Alternative Investments · 41 minIn this session, we look at asset classes and invstments that fall outside the standard template. These alternative investments include private equity and venture capital, which…
- Session 37 (of 42): Passive Investing Choices · 18 minIn this session, we look at the choices available for investors who choose the passive investing route. The first option is to invest in index funds, which have grown in terms of…
- Session 36 (of 42): More on Investor Performance - Continuity and Consistency · 20 minLearn more about your ad choices. Visit megaphone.fm/adchoices
- Session 34 (of 42): Market Timing - Does it work? · 23 minIn this session, we look the track record of market timers. We begin with mutual funds and note that the cash holdings of mutual funds are implicit measures of market timing…
- Session 29 (of 42): Not riskless, not even close - Pseudo or Speculative Arbitrage · 19 minIn this session, we focus on strategies that are often labeled as “arbitrage” but are really speculative, risky strategies that may or may not generate excess returns. First, we…
- Session 32 (of 42): Market Timing - Mean Reversion and Macro Fundamentals · 19 minIn this session, we begin by looking at market timing approaches that are built on the presumption that there is a normal level for a financial market and that prices revert back…
- Session 30 (of 42): Market Timing - Setting the Table · 14 minIn this session, we begin by arguing that all investors are market timers, insofar as they decide how much to invest and when to invest, with the difference being more of degree…
- Session 31 (of 42): Market Timing - Non-financial and technical indicators · 25 minIn this session, we begin by classifying non-financial indicators that have been used to time markets into three groups: spurious indicators that are correlated the market but…
- Session 33 (of 42): Market Timing - Valuing the Market · 22 minIn this session, we look at extending valuation approaches developed for valuing individual stocks to valuing the entire market. We begin by using an intrinsic valuation model to…
- Session 27 (of 42): Too Good to be True - Pure Arbitrage · 32 minIn this session, we lay down the requirements for pure arbitrage: assets that have identical cash flows that trade at different prices at the same point in time in different…
- Session 26 (of 42): Information Trading - Other Announcements · 22 minIn this session, we turn our attention to public announcements other than earnings. We begin by looking at acquisition announcements, establishing that the winners in…
- Session 28 (of 42): Close Enough - Near Arbitrage · 22 minIn this session, we look at near arbitrage, where you have two very similar (but not identical) assets trading at different prices at the same point in time or two identical…
- Session 23 (of 42): Information Trading - Following the Insiders · 16 minIn this session, we look at a strategy of following the insiders in a company, buying when they are buying and selling when they are, on the assumption that insiders know more…
- Session 24 (of 42): Information Trading - Following the Analysts · 25 minIn this session, we look at equity research analysts and consider whether following their advice is a market-beating strategy. We begin by looking at earnings estimates from…
- Session 22 (of 42): Information Trading - Trade on the News · 13 minIn this session, we introduce information trading (as a philosophy) by first delineating how efficient markets should respond to new information, as opposed to slow learning or…
- Session 21 (of 42): Growth Investing - Against the tide of history! · 19 minIn this session, we wrap up our discussion of growth investing by looking at why some investors may choose to be growth investors, even though it has historically not delivered…
- Session 9 (of 42): Random Walks and Momentum · 29 minIf markets follow a random walk, the price change in the next period should not only be independent of past price changes and completely unpredictable. Rather than debate the…
- Session 15 (of 42): Value Investing - The Activists · 23 minIn this session, we look at activist value investing, where you not only buy cheap companies, but also provide the catalysts for prices to adjust to value. In particular, we…
- Session 17 (of 42): Investing on Hope - Introduction to Growth Investing · 22 minIn this session, we set the table for growth investing as a philosophy by defining growth investing as an approach based upon the presumption that markets misprice growth assets…
- Session 11 (of 42): Technical Analysis · 24 minIn this session, we look at charts and technical indicators as predictors of stock prices. Rather than provide a laundry list of technical indicators, we classify them into five…
- Session 14 (of 42): Value Investing - The Contrarians · 17 minIn this session, we look at buying stocks that have lost favor with the market, on the presumption that investors tend to over react to bad news. In particular, we look at two…
- Session 20 (of 42): Activist Growth Investing - Be your own change agent! · 28 minIn this session, we look at growth investing strategies where you not only invest in growth companies but also play a role in their growth. In particular, we focus on venture…
- Session 19 (of 42): Growth Investing - Growth at a Reasonable Price (GARP) · 16 minIn this session, we look at screening stocks to find stocks where growth is being priced too low by markets. We first look at earnings growth screens, where you pick stocks that…
