Invisible, yet Invaluable: Valuing Intangibles in the Birkenstock IPO!
A few days ago, I valued Instacart ahead of its initial public offering, and noted that the reception that the stock gets will be a...
Market Bipolarity: Exuberance versus Exhaustion!
As we enter the last quarter of 2023, it has been a roller coaster of a year. We started the year with significant uncertainty about...
Putting the (Insta)cart before the (Grocery) horse: A COVID Favorite’s Reality Check!
After years of rumors of an imminent IPO, Instacart has finally filed for a public offering of it’s shares, aspiring to raise about $600 million...
A Business Upended: Streaming disrupts the Entertainment Business!
It has been an unsettling summer for anyone with a stake in the movie, television and broadcasting businesses. The strike by screen actors and writers...
Toys for Billionaires: Sports Franchises as Trophy Assets!
I have always loved sports, playing tennis and cricket when I was growing up, before transitioning to fan status, cheering for my favored teams from...
In Search of Safe Havens: The Trust Deficit and Risk-free Investments!
In every introductory finance class, you begin with the notion of a risk-free investment, and the rate on that investment becomes the base on which...
The Price of Risk: With Equity Risk Premiums, Caveat Emptor!
If you have been reading my posts, you know that I have an obsession with equity risk premiums, which I believe lie at...
Country Risk: A July 2023 Update!
I have looked at country risk, in all its dimensions, towards the middle of each year, for the last decade, for many reasons. One is...
Market Resilience or Investors In Denial? A Mid-year Assessment for 2023!
I am not a market prognosticator for a simple reason. I am just not good at it, and the first six months of 2023 illustrate...