הרצאות אסוואת' דמודראן

תוכן הקורס

1. 1Information Timing and Release: The Debate over Quarterly Reporting and Fed Guidance!31:41
2. 2Country Risk: Determinants, Measures and Implications - The 2026 Edition37:00
3. 3The Indexing Question: Should SpaceX, OpenAI and Anthropic be in the S&P 500?46:03
4. 4The Numbers are in: A Post-Prospectus SpaceX Valuation!45:19
5. 5An Ode to Restraint: Lessons from the Tim Cook Legacy!36:09
6. 6To Trillion(s) and Beyond: The SpaceX IPO Odyssey31:52
7. 7The Market's Narrative: How Investors are pricing in the Iran War!19:30
8. 8Finding your Investing Lodestar: In Search of an Investment Philosophy!43:45
9. 9Session 35 (of 42): The Case for Passive Investing - Active Investors' Track Record15:35
10. 10Session 25 (of 42): Information Trading - Earnings Reports12:52
11. 11Session 10 (of 42): Temporal Price Patterns8:47
12. 12Session 18 (of 42): Get in on the ground floor - The IPO Story16:25
13. 13Session 8 (of 42): Market Efficient II - Testing market-beating schemes and strategies24:19
14. 14Session 6 (of 42): Trading Costs and Taxes25:18
15. 15Session 7 (of 42): Market Efficiency I - Laying the Groundwork15:48
16. 16Session 42 (of 42): The Grand Finale13:00
17. 17Session 41 (of 42): The Promise and Peril of Alternatives!12:03
18. 18Session 40 (of 42): Bitcoin and Crypto18:23
19. 19Session 39 (of 42): Collectibles!37:15
20. 20Session 38 (of 42): Alternative Investments34:43
21. 21Session 37 (of 42): Passive Investing Choices14:39
22. 22Session 36 (of 42): More on Investor Performance - Continuity and Consistency16:29
23. 23Session 34 (of 42): Market Timing - Does it work?18:29
24. 24Session 29 (of 42): Not riskless, not even close - Pseudo or Speculative Arbitrage15:21
25. 25Session 32 (of 42): Market Timing - Mean Reversion and Macro Fundamentals15:33
26. 26Session 30 (of 42): Market Timing - Setting the Table12:00
27. 27Session 31 (of 42): Market Timing - Non-financial and technical indicators20:31
28. 28Session 33 (of 42): Market Timing - Valuing the Market17:28
29. 29Session 27 (of 42): Too Good to be True - Pure Arbitrage26:43
30. 30Session 26 (of 42): Information Trading - Other Announcements17:33
31. 31Session 28 (of 42): Close Enough - Near Arbitrage17:53
32. 32Session 23 (of 42): Information Trading - Following the Insiders12:41
33. 33Session 24 (of 42): Information Trading - Following the Analysts20:54
34. 34Session 22 (of 42): Information Trading - Trade on the News10:09
35. 35Session 21 (of 42): Growth Investing - Against the tide of history!15:39
36. 36Session 9 (of 42): Random Walks and Momentum23:54
37. 37Session 15 (of 42): Value Investing - The Activists18:01
38. 38Session 17 (of 42): Investing on Hope - Introduction to Growth Investing17:26
39. 39Session 11 (of 42): Technical Analysis19:21
40. 40Session 14 (of 42): Value Investing - The Contrarians13:05
41. 41Session 20 (of 42): Activist Growth Investing - Be your own change agent!22:11
42. 42Session 19 (of 42): Growth Investing - Growth at a Reasonable Price (GARP)12:21
43. 43Session 16 (of 42): Value Investing - Where's the beef?18:05
44. 44Session 12 (of 42): Introduction to Value Investing20:59
45. 45Session 13 (of 42): Value Investing - The Passive Screeners21:14
46. 46Session 5 (of 42): Valuation - The Basics23:59
47. 47Session 4 (of 42): Understanding Risk III: The Risk in Equities26:58
48. 48Session 3 (of 42): Understanding Risk II: The Risk in Bonds13:16
49. 49Session 2 (of 42): Understanding Risk I: Defining and Measuring Risk15:14
50. 50Session 1 (of 42): Introduction to Investment Philosophies19:19
51. 51AI Disruption: Doomsday Scenario or Fizzle?28:51
52. 52Data Update 8 for 2026: Dividends and Buybacks - The Investing Harvest!36:35
53. 53Data Update 7 for 2026: Debt and Taxes32:00
54. 54Data Update 6 for 2026: In Search of Profitability and Value!36:17
55. 55Data Update 5 for 2026: Risk and Hurdle Rates - The 2026 Edition!32:13
56. 56Data Update 4 for 2026: A Tumultuous Year (2025) for Global Markets!28:05
57. 57Data Update 3 for 2026: The Trust Deficit - From Bonds to Gold to Bitcoin!23:41
58. 58Data Update 2 for 2026: A Test for US Equities27:53
59. 59Data Update 1 for 2026: The Push and Pull of Data29:34
60. 60Introduction to Investment Philosophies, 3rd Edition6:22
61. 61Trillion dollar Market Caps: Fairy Tale Pricing or Great Businesses?34:55
62. 62A Golden Year: Gold's Price Surge in 2025 - Macro Signal or Pricing Noise?32:54
63. 63A "Fairly Highly Valued" (Stock) Market: The Fed Chair Opines but should anyone listen?32:16
64. 64The Imitation Game: Defending against AI's Dark Side!25:12
65. 65Country Risk 2025: The Story behind the Numbers!31:15
66. 66To Bitcoin or not to Bitcoin: The Corporate Cash Question25:50
67. 67Alternative Investing: Promise and Performance!29:17
68. 68Ratings Redux: The Moody's US Ratings Downgrade and Aftermath30:40
69. 69Session 28: The Fat Lady is Singing!1:18:06
70. 70Session 26: Closing Thoughts (and a discourse of the value of control)1:18:18
71. 71Session 26: The End Game1:07:38
72. 72The Greed & Fear Tango: The Markets in April 2025!29:33
73. 73Session 27: Closure on Acquisitons + Value Enhancement1:28:57
74. 74Session 25: Acquisition Closure + Value Enhancement1:23:27
75. 75Session 25: Valuation - The Final Frontier!1:19:13
76. 76Session 26: Distressed Equity as an Option and Acquisition Valuation1:19:54
77. 77Session 24: Distressed Equity as an Option and Acquisition Valuation1:22:11
78. 78Session 24: Closure on Dividends and First Steps on Valuation1:20:35
79. 79Session 25: Patents and Natural Resource Options1:32:34
80. 80Session 23: Patents and Natural Resources as Options1:27:53
81. 81Session 23: Assessing Dividend (and Cash Return) Policy1:24:18
82. 82Session 24: IPO Closure and Introduction to Real Options42:33
83. 83Session 22: Closure on IPOs and Introduction to Real Options42:33
84. 84Session 22: Dividend Trade offs47:20
85. 85Buy the Dip? The Allure and Dangers of Contrarian Investing28:07
86. 86Session 23: Private company valuation1:15:32
87. 87Session 21: Valuing Privately owned businesses (not publicly listed)1:23:11
88. 88Session 21: Dividends and Cash Return - First Steps1:24:15
89. 89Session 22: Pricing Closure and Asset-based Valuation/Pricing1:17:37
90. 90Session 20: Pricing Closure and Asset-based Valuation/Pricing1:19:36
91. 91Session 20: Debt Design1:20:22
92. 92Session 21 (UG) and Session 19 (MBA): Pricing Analytics and Peer Groups1:16:15
93. 93Session 19: The APV and Peer Group Approaches to Financing Mix1:21:27
94. 94Session 20: Tariff Talk46:44
95. 95Session 18: Tariff Talk and Market PE ratios51:24
96. 96The Anatomy of a Crisis: Tariff Talk and Market Reaction!41:06
97. 97Session 18: Finishing up with Cost of Capital Optimization51:46
98. 98Session 19: Pricing Continued1:17:11
99. 99Session 17: Optimizing the Debt Mix with Cost of Capital approach1:21:35
100. 100Session 17: Pricing 1011:21:59
101. 101Session 18: Intrinsic Value Closure and Pricing Beginnings1:27:59
102. 102Session 16: Closure on Intrinsic Value1:16:52
103. 103Session 16: The Debt Equity Tradeoff1:35:03
104. 104Session 17: Valuing Declining, Emerging Market and Financial Service companies1:34:59
105. 105Session 15: Valuations across the life cycle1:25:00
106. 106Session 15: Celsius Case Analysis, Real Options and Investment Post-mortems1:22:05
107. 107Session 16: Valuing the market and companies across the life cycle1:17:09
108. 108Session 14: Closure on stories and numbers and fist valuations!1:39:46
109. 109Session 14: Choosing between investments and Side Costs/Benefits1:37:24
110. 110Investing Politics: Making Sense of Trump, Tariffs and Tesla!32:58
111. 111Session 15: More story telling and first company valuations1:16:58
112. 112Session 13: Stock-based Compensation and Stories in Valuation1:25:26
113. 113Session 13: Dealing with uncertainty and more project analyses1:16:17
114. 114Session 14: Last Loose Ends + First Steps on Storytelling1:17:17
115. 115Session 12: Loose Ends in Valuation1:26:17
116. 116Session 12: Incremental, time-weighted Cash Flow Returns1:21:05
117. 117Session 13: Loose Ends in Valuation1:20:42
118. 118Session 11: More on Growth and Terminal Value1:50:50
119. 119Session 11: Hurdle Rates Closure and First Steps on Investment Returns1:22:01
120. 120Data Update 9 for 2025: Dividends and Buybacks - Inertia and Me-tooism!29:28
121. 121Session 12: The Terminal Value44:54
122. 122Session 10: Estimating Growth49:53
123. 123Session 10: Debt and the Cost of Debt56:34
124. 124Session 11: Closure on Growth and First Steps on Terminal Value1:33:01
125. 125Session 9: Digging Deeper into Cash Flows1:22:50
126. 126Session 9: More on beta - bottom up betas and private company betas1:20:38
127. 127Session 10: FCFE Closure and First Steps on Growth1:49:10
128. 128Session 8: Closure on Cost of Capital + First steps on cash flows1:20:05
129. 129Session 8: Expected returns and Costs of Equity1:20:33
130. 130Data Update 8 for 2025: The Draw and Drawbacks of Debt34:36
131. 131Session 9: Tax rates, Cap Ex and Working Capital1:18:35
132. 132Session 7: Measuring Relative Risk - Betas and Alternatives1:22:12
133. 133Session 7: Equity Risk Premiums and Betas4:59:13
134. 134Session 8: Cost of capital closure + First steps on cash flows1:19:56
135. 135ROE, Returns to Shareholders, Good/Bad Companies and Efficient Markets: Back to Basics22:24
136. 136Session 7: Betas, relative risk and first steps on cost of debt1:17:16
137. 137Session 6: Company Exposure to Country Risk + Implied Equity Risk Premiums1:28:00
138. 138Session 6: Riskfree Rates and Equity Risk Premiums1:22:27
139. 139Data Update 7 for 2025: The End Game in Business35:05
140. 140Session 6: Implied Equity Risk Premiums1:18:22
141. 141Session 5: Closure on Riskfree Rates & Equity Risk Premiums1:23:08
142. 142Session 5: Closure on the end game and first steps on risk1:22:49
143. 143Data Update 6 for 2025: From Macro to Micro - The Hurdle Rate Question29:41
144. 144Data Update 5 for 2025: It is a small world after all!30:37
145. 145Session 5: Finishing up riskfree rates and moving on to risk premiums1:17:02
146. 146Session 4: DCF Big Picture and First Steps in Riskfree Rates1:24:47
147. 147Session 4: Closure on the End Game - Stakeholders, Sustainability and ESG1:24:34
148. 148Session 4: The DCF Big Picture and first steps on Riskfree rates1:17:38
149. 149Session 3: Valuation Introduction (completed) and Cashflow Consistency1:22:06
150. 150Session 3: Corporate Governance - Power abhors a vacuum!1:22:52
151. 151DeepSeek crashes the AI Party: Story break, change or shift?38:27
152. 152Session 3: Valuation approaches (continued) and first steps on intrinsic value1:17:50
153. 153Session 2: The Bermuda Triangle of Valuation1:20:52
154. 154Session 2: The End Game in Business1:22:26
155. 155Data Update 4 for 2025: Interest Rates, Inflation and the Fed!26:54
156. 156Session 2: The Bermuda Triangle of Valuation1:17:16
157. 157Session 1: Class themes, structure and sequence1:19:57
158. 158Session 1: Class themes, structure and logistics1:23:12
159. 159Data Update 3 for 2025: The times they are a'changin...29:23
160. 160Session 1: Class Logistics and Structure1:15:51
161. 161Data Update 2 for 2025: The Party Continued for US Equities26:14
162. 162Data Update 1 for 2025: The Draw (and Dangers) of Data!19:50
163. 163For the fun of it: An Open House for my Spring 2025 Classes31:39
164. 164The Siren Song of Sustainability: The Theocratic Trifecta's Third Leg!27:17
165. 165The Wisdom (and Madness) of Crowds: Political Markets as Election Predictors!25:55
166. 166The Sugar Daddy Effect? Corporate Venture Capital, Sovereign Wealth Funds and Green Investing!32:46
167. 167A Big Tech Breakup: Cui Bono?43:40
168. 168Just do it! Brand Name Lessons from Nike's Troubles!37:09
169. 169Fed up with Fed Talk: Central Banking Fairy Tales and Facts!27:07
170. 170Dealing with Decline: Intel, Walgreens and Starbucks put to the test!33:51
171. 171The Power of Expectations: Nvidia's Earnings Report and Market Reaction32:34
172. 172Beat you Bot: Building your moat against AI!32:38
173. 173Chapter/Session 16: Investing in Middle Age38:11
174. 174Chapter/Session 17: Investing in Decline28:30
175. 175Chapter/Session 18: Managing across the life cycle32:35
176. 176Chapter/Session 19: Aging with grace!23:02
177. 177Chapter/Session 20: Lessons for the Road22:08
178. 178Chapter/Session 15: Investing in Youth27:40
179. 179Chapter/Session 14: Investment Philosophies 10129:24
180. 180Chapter/Session 13: Valuing and Pricing Declining Firms32:02
181. 181Chapter/Session 12: Valuing Mature Firms32:24
182. 182Chapter/Session 11: Valuing Growth Firms42:47
183. 183Chapter/Session 10: Valuing and Pricing Start-ups and Young High Growth Firms28:51
184. 184Chapter/Session 9: Valuation and Pricing 10125:53
185. 185Chapter/Session 7: Business Financing across the Life Cycle28:04
186. 186Chapter/Session 8: Cash Return (Dividends) across the Life Cycle18:11
187. 187Chapter/Session 6: Business Investing across the Life Cycle31:01
188. 188Chapter/Session 5: Corporate Finance 10126:17
189. 189Chapter/Session 4: Corporate Life Cycle - Transitions30:57
190. 190Chapter/Session 3: The Corporate Life Cycle - Measures and Determinants27:17
191. 191Chapter/Session 2: The Corporate Life Cycle - Basics27:54
192. 192Chapter/Session 1: The Search for a Unifying Theory19:19
193. 193The Corporate Life Cycle: The Key Ideas35:12
194. 194Country Risk: The 2024 Update36:53
195. 195The Corporate Life Cycle: Implications for Managing and Investing8:50
196. 196Session 28 (Val Undergrad): Closing the sale!1:23:11
197. 197Session 26 (Val MBAs): The Grand Finale!1:25:38
198. 198Session 26: The Fat Lady is Singing!1:25:19
199. 199Session 25 (Val MBAs): Acquisitions (Completed) and Value Enhancements!1:22:24
200. 200Session 27 (Val Undergrad): Acquisitions Completed and Value Enhancement1:20:07
201. 201Session 25: Valuation - The Last Frontier!1:23:05
202. 202Session 26 (Val Undergrad): Distressed Equity as an Option and Acquirers' Anonymous1:17:26
203. 203Session 24 (Val MBAs): Distressed Equity as an Option + Acquirers' Anonymous1:23:19
204. 204Session 24: Closure on Dividends and first steps on Valuation1:21:05
205. 205Session 25 (Val Undergrad): Real Option Applications - Patents and Natural Resource Reserves1:17:01
206. 206Session 23 (Val MBAs): Real Option Applications1:21:37
207. 207Session 23: Good & Bad Reasons for paying dividends1:24:10
208. 208Session 24 (Val Undergrad): Introduction to Real Options44:21
209. 209Session 22 (Val MBAs): Introduction to options50:24
210. 210Session 22: Dividends - First Steps (Quiz shortened)52:46
211. 211Session 23 (Val Undergrad): Private Company & IPO Valuation1:19:41
212. 212Session 21 (Val MBAs): Valuing Private Companies and IPOs1:21:37
213. 213Session 21: Debt Design1:21:44
214. 214Session 22 (Val Undergrad): Asset-based and Private company valuation1:20:44
215. 215Session 20 (Val MBAs): Asset Based Valuation & First Steps on Private Business Valuation1:24:08
216. 216Session 20: Optimizing Debt Mix - APV and Peer Group Pressure1:23:46
217. 217Session 21 (Val Undergrad): Pricing - Peer Groups and Controlling for Differences1:29:45
218. 218Session 19 (Val MBAs): More on Pricing - Applications1:19:37
219. 219Session 19: Optimizing Financing Mix (Continued)1:22:46
220. 220Session 20 (Val Undergrad): Pricing - Descriptional and Analytical Tests1:32:30
221. 221Session 18 (Val MBAs): More on Pricing - Descriptional & Analytical Tests1:21:21
222. 222Session 18: Optimizing the Debt Mix1:23:09
223. 223Session 19 (Val Undergrad): Valuation Closure and Pricing 1011:19:28
224. 224Session 17 (Val MBAs): Pricing 1011:26:30
225. 225Session 17: The Debt/Equity Trade off1:23:11
226. 226Session 18 (Val Undergrad): Valuing Declining, Financial Service and Emerging Market firms1:36:28
227. 227Session 16 (Val MBAs): intrinsic Value - Heading to closure!47:00
228. 228Session 16: Options in Projects and Project Post-mortems46:25
229. 229Session 17 (Val Undergrad): More intrinsic valuations!42:36
230. 230Session 15 (Val MBAs): DCF Valuations across the Life Cycle1:23:16
231. 231Session 15: Costco Case Discussion & Beyond!1:22:41
232. 232Session 16 (Val Undergrad): DCF Valuations (finally)1:16:20
233. 233Session 14 (Val MBAs): Story Closure and First DCFs1:23:45
234. 234Session 14: Equity analysis, acquisitions as projects and NPV vs IRR1:24:57
235. 235Chapter 12: Rules for the Road9:32
236. 236Chapter 11: Roller Coaster Investing - Cyclical & Commodity firms15:45
237. 237Chapter 10: Bank on it - Financial Service firm valuation22:12
238. 238Chapter 9: Doomsday - Declining and Distressed firms13:47
239. 239Chapter 8: Valuation Viagra: Mature firm valuation19:28
240. 240Chapter 7: Growing pains - Mature growth firms!22:43
241. 241Chapter 6: Promise aplenty - Young Growth Companies24:28
242. 242Chapter 5: Stories and Numbers!22:11
243. 243Chapter 4: It's all relative!21:01
244. 244Chapter 3: Every asset has an intrinsic value!37:11
245. 245Chapter 2: Tools of the Trade!32:03
246. 246Chapter 1: Value - More than a number!9:32
247. 247The Little Book of Valuation - A Lead in!3:01
248. 248Session 15 (Val Undergrad): More on Stories and Numbers1:14:43
249. 249Session 13 (Val MBAs): Stock-based Compensation and Story Telling in Valution!1:24:26
250. 250Session 13: From Earnings to Time-weighted Incremental Cashflow Returns1:23:55
251. 251Session 14 (Val Undergrad): Loose Ends Closure & From Stories to Numbers3:12:38
252. 252Session 12 (Val MBAs): Loose Ends in Valuation1:24:20
253. 253Session 12: Show me the money: First steps in Return Measurement1:26:10
254. 254Session 13 (Val Undergrad): Loose Ends in Valuation1:26:32
255. 255Session 11 (Val MBA): More on Value Inputs & Terminal Value1:22:10
256. 256Session 11: Costs of Debt and Capital1:24:05
257. 257Session 12 (Val Undergrad): Value Inputs and Terminal Value3:20:07
258. 258Session 10 (Val MBA): More on Growth!1:22:21
259. 259Session 10: Bottom up Betas - Private Businesses48:54
260. 260Session 11 (Val Undergrads): Sustainable (Fundamental) Growth42:48
261. 261Session 9 (Val MBA): FCFE and Growth Rates51:09
262. 262Session 9: Beta Determinants and Bottom up Betas1:25:59
263. 263Session 10 (Val Undergrads): Cashflows to Equity and First Steps on Growth1:18:13
264. 264Session 8 (Val MBAS): More on cash flows1:22:23
265. 265Session 8: Betas and Beyond!1:22:06
266. 266Session 9 (Val Undergrads): More on cash flows1:21:06
267. 267Session 7 (Val MBAs): Cost of Capital Closure and First Steps on cash flows1:24:36
268. 268Session 7: Implied and Country Equity Risk Premiums1:27:08
269. 269Too Big a Risk? Catastrophic Risks in Business and Investing28:50
270. 270Valuation Modeling: Excel as a tool49:11
271. 271Session 8 (Val Undergrads): Cost of Capital and First Steps on Cash Flows1:18:12
272. 272Session 6 (Val MBAs): Implied Equity Risk Premiums and Betas1:21:05
273. 273Session 6: Risk - From Models to Inputs1:19:20
274. 274Session 7 (Val Undergrads): Alternatives to Beta,, Cost of Equity and Cost of Debt1:17:02
275. 275Session 5 (Val MBAs): Closure on Riskfree Rates and First Steps on Equity Risk Premiums1:23:48
276. 276Session 5: End Game Closure and First Steps on Risk1:23:55
277. 277Session 6 (Val Undegrads): Implied Equity Risk Premiums and First Steps on Relative Risk1:15:06
278. 278The Mag(nificent) Seven: The Seven Stocks that Saved the Market in 2023!30:43
279. 279Session 4 (Val MBA): DCF Structure and Risk Rates!1:24:22
280. 280Session 4: Externalities, Alternative to Shareholder Wealth Maximization and the End Game1:25:51
281. 281Session 5: (Val Undergrads) More on Riskfree Rates and First Steps on Equity Risk Premiums1:17:00
282. 282Session 3 (Val MBA): Setting the Table (Contd.) and First Steps on Intrinsic Value1:20:58
283. 283Session 3: The Real World Strikes Back - Corporate Governance1:23:59
284. 284Session 4 (Val Undergrads): The Architecture of DCFs and Riskfree Rates1:01:29
285. 285Session 2 (Val MBAs): The Bermuda Triangle of Valuation1:21:24
286. 286Session 2 (CF MBAs): The End Game in Business1:22:09
287. 287Data Update 5 for 2024: Profitability - The End Game for Business?29:11
288. 288Session 3 (Val Undergrads):: First Steps on Intrinsic Valuation1:16:26
289. 289Session 1 (Val MBAs): Valuation - Broad Themes and Logistical Details1:24:30
290. 290Session 1 (CF MBAs); Corporate Finance - The Big Picture1:22:14
291. 291Data Update 4 for 2024: Danger plus Opportunity - Risk enters the Equation!37:51
292. 292Data Update 3 for 2024: A Rule Breaking Year for Interest Rates17:25
293. 293Session 2 (Val Undergrads): The Bermuda Triangle of Valuation1:18:38
294. 294Session 1 (Val Undergrads): introduction to class1:15:36
295. 295Data Update 2 for 2024: A Comeback Year for Stocks!24:57
296. 296The School bell rings: Time for class!23:46
297. 297Data Update 1 for 2024: The data speaks, but what is it saying?22:45
298. 298Historical Returns: Dataset Support13:26
299. 299Debt Ratios: Dataset support7:04
300. 300The Difference Makers: Key Person(s) Value41:27
301. 301Dividends, Buybacks and FCFE: Dataset Support9:57
302. 302Excess Returns and EVA: Dataset Support6:47
303. 303Pricing Ratios: Dataset Support8:11
304. 304Return on Equity (ROE): Dataset Support4:57
305. 305Return on Invested Capital (ROIC): Dataset Support8:39
306. 306Sustainable Growth in Equity Earnings: Dataset Support5:02
307. 307Sustainable Growth in Operating Income: Dataset Support5:45
308. 308Total Beta: Dataset Support7:11
309. 309Cost of Capital: Dataset Support10:31
310. 310Implied ERP: Dataset Support9:20
311. 311Country Equity Risk Premiums: Dataset support11:06
312. 312A Tesla Revisit: Story Twists and Turns with Value Consequences40:21
313. 313Good Intentions, Perverse Outcomes: The Impact of Impact Investing33:45
314. 314Invisible, but Invaluable: Valuing Intangibles - The Birkenstock IPO52:21
315. 315Market Bipolarity: Exuberance versus Exhaustion!21:54
316. 316Putting the (Insta)cart before the (Grocery)horse: A COVID Favorite's Reality Check!41:29
317. 317A Business Upended: Streaming and the Future of The Entertainment Business43:12
318. 318Toys for Billionaires: Sports Franchises as Trophy Assets32:00
319. 319In Search of Safe Havens: The Trust Deficit and Risk-free Investments!30:29
320. 320The Price of Risk: With Equity Risk Premiums, Caveat Emptor!42:07
321. 321Country Risk: A 2023 Mid-year Update31:36
322. 322Investor Resilience or In Denial: A Look Back at the First Half of 202323:33
323. 323AI Winners, Losers and Wannabes: Valuing AI's Boost to NVIDIA's Value!45:16
324. 324Session 28: The Fat Lady is Singing!1:15:43
325. 325Session 26: Closing the sale!1:16:29
326. 326Session 26: The End Game1:19:58
327. 327Good (Bad) Banks and Good (Bad) Investments: At the right price...35:34
328. 328Breach of Trust: Decoding the 2023 Banking Crisis32:53
329. 329Session 25: Acquisitions (continued) and Value Enhancement1:26:28
330. 330Session 27: Acquisition End Game and Value Enhancement1:19:48
331. 331Session 25: Valuation, the final frontiers!1:25:46
332. 332Session 26: Equity as an Option and Acquirers' Anonymous1:45:10
333. 333Session 24: Equity as an Option and Acquirers' Anonymous1:23:15
334. 334Session 24: Dividend Closure and First Steps on Valuation1:30:42
335. 335Session 25: Undeveloped Reserves and Options to Expand and Delay47:10
336. 336Session 23: Undeveloped reserves, the option to expand and the option to abandon48:34
337. 337Session 23: Dividends and Potential Dividends54:31
338. 338Session 24: Real Options - Fact and Fantasy1:16:48
339. 339Session 22: Real Options - Fact and Fiction1:21:20
340. 340Session 22: Dividends, Taxes and Trade offs1:22:24
341. 341Session 23: Private Company Valuation1:18:42
342. 342Session 21: Valuing Private Companies1:32:01
343. 343Session 21: Debt Design (Continued)1:31:45
344. 344Session 22: Sum of the parts Valuation and first steps on Valuing Privately owned businesses1:17:36
345. 345Session 20: Asset-based valuation and Intro to Private Company Valuation1:22:05
346. 346Session 20: Following up on optimizing debt mix1:34:01
347. 347Session 21: Closure on Pricing1:18:35
348. 348Session 19: Pricing Closure1:23:39
349. 349Session 19: Optimal Financing Mix - Determinants and Drivers1:20:07
350. 350Session 20: Analyzing Multiples1:19:11
351. 351Session 18: Deconstructing Multiples1:31:07
352. 352Session 18: Optimizing Financing Mix1:22:20
353. 353Session 17: Pricing 1011:22:23
354. 354Session 19: First Steps on Pricing1:17:30
355. 355Session 17: The Financing Mix Trade off1:25:44
356. 356Session 18: Tying up Intrinsic Value42:27
357. 357Session 16: Tying up Intrinsic Value52:54
358. 358Session 16: Closure on Investment Analysis47:24
359. 359Session 15: The Tesla Bot Case and Side Benefits/Costs in Projects1:27:18
360. 360Session 17: More excursions on the Dark Side of Valuation1:18:39
361. 361Session 15: More excursions on the dark side of valuation1:22:35
362. 362Session 16: Valuing companies across the life cycle1:13:21
363. 363Session 14: Valuing the Market and Young Companies1:27:23
364. 364Session 14: Equity Analysis, Acquisition Valuation and NPV vs IRR1:29:49
365. 365Session 15: More on story telling and first valuations1:19:18
366. 366Session 13: More on stories & first valuations1:32:28
367. 367Session 13: Incremental Cashflows and Dealing with Uncertainty1:21:34
368. 368Session 14: Last loose end and story telling in valuation1:19:02
369. 369Session 12: Last Loose Ends and First Steps on Storytelling1:22:29
370. 370Session 12: Measuring Investment Returns1:24:35
371. 371Session 13: More loose ends in valuation1:16:49
372. 372Session 11: Terminal Value Closure and First steps on the Loose Ends1:31:10
373. 373Session 11: Costs of Debt & Capital1:28:05
374. 374Data Update 7 for 2023: Dividends, Buybacks and Cashflows35:59
375. 375Session 12: The Tail that wags the Dog? Terminal Value in DCF1:25:17
376. 376Session 10: Growth and Terminal Value1:23:20
377. 377Session 10: Closure on Cost of Equity45:25
378. 378Session 11: Growth generalized!45:01
379. 379Session 9: Growth Rates46:52
380. 380Session 9: Betas - Drivers and Determinants1:22:25
381. 381Session 10: FCFE across the life cycle and Growth Rate Estimation1:21:04
382. 382Session 8: Cash Flows to Firm and Equity1:54:43
383. 383Session 8: Betas and beyond!1:23:04
384. 384Data Update 6 for 2023: The Upside and Downside of Debt31:47
385. 385Session 9: More on cash flows1:19:04
386. 386Session 7: Cost of Debt & Capital & First Steps on Cash Flows1:33:29
387. 387Session 7: Equity Risk Premiums1:25:23
388. 388Data Update 5 for 2023: Profitability, Returns and Value19:45
389. 389Session 8: Cost of Capital Wrap-up and First Steps on Cash flows1:19:26
390. 390Session 6: Betas and Beyond1:49:42
391. 391Session 6: Risk, Riskfree Rates and Equity Risk Premiums (a start)1:18:18
392. 392Session 7: Bottom-up Betas and Costs of Debt1:16:42
393. 393Session 5: Equity Risk Premiums1:22:42
394. 394Session 5: End Game Conclusion and First Steps on Risk1:27:41
395. 395Data Update 4 for 2023: Country Risk29:36
396. 396The Theocratic Trifecta: The Allure and False Promise of ESG, Sustainability and Stakeholder Wealth3:13:42
397. 397Session 6: Implied Equity Risk Premiums and Betas1:33:24
398. 398Session 4: Risk and Risk Rates1:22:44
399. 399Session 4: Alternatives to Shareholder Value Maximization1:22:33
400. 400Session 5: Equity Risk Premiums1:18:41
401. 401Session 3: The Groundwork for an intrinsic valuation1:23:55
402. 402Session 3: Where does the power lie?1:27:02
403. 403India Rising hits a Roadblock: The Short Selling Threat to the Adani Group!37:45
404. 404Dissent and Debate: Pushback on my Tesla Valuation!25:55
405. 405Session 4: DCF Structure and Discount Rate First Steps1:19:13
406. 406Session 2: The Bermuda Triangle and Approaches to Valuation1:21:52
407. 407Session 2: The End Game in Business1:23:22
408. 408Session 3: Intrinsic and DCF Valuation - Laying the Groundwork1:15:26
409. 409Session 1: Class Logistics and Animating Principles1:21:36
410. 410Data Update 3 for 2023: Interest Rates and Bond Returns in 202218:31
411. 411Session 1: Class Logistics, Mission and Themes1:21:42
412. 412Revisiting Tesla in January 2023: The Great Unraveling or a Return to Normalcy?27:40
413. 413Session 2: First Steps on Valuation - Bias and the Bermuda Triangle1:17:06
414. 414Session 1: Valuation 101 - Broad Themes and Class Logistics1:16:22
415. 415Data Update 2 for 2023: A Rocky Year for Equities!26:11
416. 416Data Update 1 for 2023: Setting the table23:30
417. 417A Return to Teaching: The Spring 2023 Edition24:57
418. 418Facebook (Meta) Lesson 3: Tell me a story!40:52
419. 419Facebook (Meta) Lesson 2: Accounting Inconsistencies and Consequences41:50
420. 420Facebook (Meta) Lesson 1: Corporate Governance - The What, Why and What now?46:44
421. 421Cash Flow: Back to Basics38:48
422. 422Uncertainty in Investing and Valuation: What if questions, Scenario Analysis and Simulations1:53:51
423. 423Sow the wind, Reap the whirlwind: An Inflation Update (September 23, 2022)30:25
424. 424A 2022 Zomato Update: Price, Value and the Gap!18:22
425. 425Session 12: Valuation1:03:16
426. 426Session 11: Dividend Policy1:20:39
427. 427Session 9: The Right Financing Mix1:34:26
428. 428Session 8: Measuring Investment Returns1:04:59
429. 429Session 7: Costs of Debt and Capital1:46:52
430. 430Session 6: Bottom Up Betas1:37:53
431. 431Session 5: Betas and Relative Risk1:41:05
432. 432Session 4: Risk Rates and Equity Risk Premiums1:13:43
433. 433Session 3: First Steps on Risk1:40:23
434. 434Session 2: The End Game in Business1:38:08
435. 435Session 1: Introduction to the class1:43:33
436. 436Session 4A: More on the Dark Side of Valuation1:38:59
437. 437Session 4B: More on Story Telling and Pricing1:11:02
438. 438Session 1A: Introduction and Valuation Themes1:47:21
439. 439Session 3B: Valuing Intangible Assets, Control and Young Companies1:04:24
440. 440Session 3A: Loose Ends in Valuation1:43:34
441. 441Session 2B: Valuation Inputs - Equity Risk Premiums, Growth Rates and Terminal Value1:04:17
442. 442Session 2A: Valuation Inputs - Discount Rates1:50:04
443. 443Session 1B: Intrinsic Valuation - Big Picture1:39:08
444. 444Session 10: More on financial mix and type1:43:29
445. 445Country Risk: A Mid-year Update for 202220:05
446. 446Risk Capital and Markets: A Temporary Retreat or Long term Retrenchment?23:41
447. 447An Inflation Follow Up: Company Exposure to Inflation's Effects21:11
448. 448Session 28: The Fat Lady is Singing!1:30:00
449. 449Session 26: The Grand Finale'1:11:19
450. 450Session: Closing Session1:22:39
451. 451In Search of a Steady State: Inflation, Interest Rates and Value28:07
452. 452Session 27: Value Enhancement1:17:51
453. 453Session 25: Value Enhancement1:24:38
454. 454Session 25: Valuation Inputs1:24:00
455. 455Session 26: Acquirers' Anonymous - Seven Steps to Sobriety1:17:53
456. 456Session 24: Acquirers' Anonymous - Seven Steps to Sobriety1:23:36
457. 457Session 24: Trust, Control and Dividend Policy1:22:05
458. 458Session 25: More on Real Options1:18:01
459. 459Session 23: More on Real Options1:24:10
460. 460Session 23: Potential Dividends and Actual Cash Returned53:28
461. 461Session 24: Option Pricing and the Option to Delay44:30
462. 462Session 22: Option Pricing Models and the Option to Delay52:16
463. 463Session 22: The Dividend Principle - First Steps1:23:15
464. 464Elon's Twitter Play: Valuation Question or Political Rorschach Test?25:24
465. 465Session 23: IPO Valuation and Real Options Introduction1:19:45
466. 466Session 21: IPO Valuation and First Steps on Real Options1:22:31
467. 467Session 21: Debt Design1:22:35
468. 468Session 22: Asset Based and Private Company Valuation1:19:42
469. 469Session 20: Asset Based and Private Business Valuation1:25:19
470. 470Session 20: Adjusted Present Value (APV) and Peer Pressure1:23:54
471. 471Session 21: Cloture on Pricing1:19:50
472. 472Session 19: Cloture on Pricing1:23:46
473. 473Session 19: The Payoff to Optimizing Debt Financing and Enhanced Cost of Capital Approaches1:25:55
474. 474Session 20: Pricing - Analysis and Deconstruction1:17:28
475. 475Session 18: Analyzing Multiples1:23:22
476. 476Session 18: Optimizing Capital Structure (Financing Mix)1:24:06
477. 477Session 19: Cloture on Intrinsic Valuation and First Steps on Pricing1:18:01
478. 478Session 17: Intrinsic Value Wrap and First Steps on Pricing1:22:24
479. 479Session 17: The Debt Equity Trade off1:22:35
480. 480Session 18: Valuing Emerging Market and Financial Service Companies46:51
481. 481Session 16: Emerging Market and Financial Service Companies51:02
482. 482Session 16: Closing the Books on Investment Analysis46:25
483. 483Session 17: More Excursions on the Dark Side of Valuation1:17:16
484. 484Session 15: More Excursions on the Dark Side of Valuation1:29:52
485. 485Session 15: The Case (Lowe's Furniture) and Implications for Investment Analysis1:24:54
486. 486Session 16: Valuing in crisis and Valuing young companies1:19:51
487. 487Session 14: Valuation during crises and Valuing Young Companies1:24:03
488. 488Session 14: Equity analysis, acquisition assessment and NPV vs IRR1:21:57
489. 489ESG's Russia Test: Trial by Fire or Crash and Burn?24:48
490. 490Session 15: Storytelling and Valuation (Continued)1:16:59
491. 491Session 13: Storytelling and Valuation (Continued)1:23:50
492. 492Session 13: Time-weighting cash flows and dealing with uncertainty1:39:05
493. 493Session 14: Last Loose Ends and Story to Numbers - Part 11:17:50
494. 494Session 12: Last Loose Ends and Story Telling1:22:58
495. 495Session 12: Measuring Investment Returns (Show me the money!)1:22:15
496. 496Russia in Ukraine: Let Loose the Dogs of War!21:26
497. 497Valuation Tools Webcast: From First Principles to Valuation Models1:55:45
498. 498Session 11: Costs of debt and capital1:20:08
499. 499Session 13: Loose Ends in Valuation - Part 11:17:18
500. 500Session 11: Loose Ends in Valuation1:24:34
501. 501In Practice Webcast: Using a Bloomberg Terminal (if you have one) to get Default Spreads5:14
502. 502Session 12: Growth Rates and Terminal Value1:18:51
503. 503Session 10: Growth Rates and Terminal Value1:22:39
504. 504Session 10 (Quiz-shortened): Private Company Betas and Costs of Debt48:49
505. 505Session 11: Analyst and Fundamental Growth39:45
506. 506Session 9: Growth Rates1:01:47
507. 507Session 9: Beta Determinants and Bottom up Betas1:22:44
508. 508Session 10: Cash Flows to the firm and Equity & first steps on growth1:18:10
509. 509Session 8: From earnings to cash flows1:27:30
510. 510Session 8: Regression Betas and beyond!1:18:45
511. 511Data Update 5: The Bottom Line!30:50
512. 512Session 9: Earnings and Cash Flows1:17:29
513. 513Session 7: Costs of Debt/Capital and Baby Steps on Cash flows1:21:32
514. 514Session 7: Equity Risk Premiums & First steps on Betas1:22:36
515. 515Session 8: Cost of Debt & Capital1:15:43
516. 516Session 6: Betas and Beyond!1:26:12
517. 517Session 6: Risk/Return Models, Riskfree Rate and Equity Risk Premiums1:23:32
518. 518Session 7: Betas and Relative Risk1:19:03
519. 519Session 5: Country and Company Risk Exposures & Implied ERP1:23:38
520. 520Session 5: End Game Closure and First Steps on Risk1:22:31
521. 521End of an Era or Temporary Setback: Revisiting the FANGAM Stocks28:44
522. 522Session 6: Company exposure to country risk and Implied Equity Risk Premiums1:17:29
523. 523Session 4: Risk and Riskfree Rates1:23:08
524. 524Session 4: More on corporate governance1:22:47
525. 525Data Update 4: Risk = Danger + Opportunity26:53
526. 526Session 5: Closure on riskfree rates and first steps on equity risk premiums1:16:22
527. 527Session 3: First Steps on Intrinsic Valuation1:22:42
528. 528Session 3: The Power Structure and Corporate Finance1:24:13
529. 529Session 4: The Big Picture of DCF and Riskfree Rates1:17:33
530. 530Session 2: The End Game for a Business!1:23:34
531. 531Session 2: Bias, Uncertainty and Complexity - Valuation's biggest challenges!1:23:32
532. 532Session 3: Valuation Introduction (continued) and First Steps on Intrinsic Valuation1:17:00
533. 533Session 1: Valuation - Themes and Overview1:23:40
534. 534Session 1: Corporate Finance - Big Picture and Themes1:27:08
535. 535Data Update 3 for 2022: The Inflation Effect on Investing26:27
536. 536Session 2: The Bermuda Triangle of Valuation1:16:17
537. 537Session 1: Setting the table1:15:19
538. 538Data Update 2 for 2022: A Winning Year for US stocks, but....25:53
539. 539Data Update 1 for 2022: It's Moneyball Time!27:59
540. 540Back in the Classroom: Time to Teach!22:09
541. 541The "Right" CEO: A Corporate Life Cycle Perspective36:15
542. 542Valuation: A Preview4:59
543. 543Corporate Finance: A Class Preview3:47
544. 544Tesla at a Trillion-Dollar Market Cap: Revisiting its Valuation30:41
545. 545The Billionaire Tax Proposal: A No-good, Awful, Terrible Idea!28:54
546. 546Triggered Disclosures: A Way out of the Disclosure Dilemma!26:32
547. 547The Indian Smartphone Revolution: Paytm's "Coming of Age" IPO27:24
548. 548An ESG Follow up: The Gravy Train (or circle) rolls on!30:55
549. 549Velvet Glove, Meet Iron Fist: The China Tech Crackdown40:05
550. 550Statistics 101: A Class Preview8:37
551. 551Session 2: Sampling in Statistics24:14
552. 552Session 3A: Descriptive Statistics - Applications in Finance & Investing21:04
553. 553Session 4: Statistical Distributions14:56
554. 554Session 4A: Statistical Distributions - Applications in Finance & Investing12:51
555. 555Session 5: Data Relationships31:59
556. 556Session 5A: Data Relationships - Applications in Finance & Investing29:25
557. 557Session 5B: Data Relationships - More Applications in Finance & Investing23:43
558. 558Session 6: Probability and Probabilistic Tools24:54
559. 559Session 6A: Probabilistic Tools in Finance & Investing34:15
560. 560Session 6B: Monte Carlo Simulations in Finance & Investing21:17
561. 561Session 1: Introduction to statistics16:50
562. 562Session 3: Descriptive Statistics19:26
563. 563Session 2A: Sampling - Applications in Finance & Investing26:22
564. 564Zomato.. Zomato... A DIY Valuation of Zomato29:39
565. 565The Zomato IPO: A Bet on Big Markets and User Platforms!34:51
566. 566The Disclosure Dilemma: When More (Data) is Less (Information)!29:32
567. 567The SPAC Revolution: IPO Disruptor or Blank Check Distortion?32:51
568. 568Inflation and Investing: False Alarm or Fair Warning?27:42
569. 569Investors Taxes and Value: Capital Gains, Dividends and Value18:58
570. 570Session 28: The Grand Finale1:36:16
571. 571Session 26: T'is the End!1:20:01
572. 572Session 26: The Fat Lady is Singing!1:22:26
573. 573Session 27: Value Enhancement1:18:48
574. 574Session 25: Value Enhancement1:25:53
575. 575Session 25: Valuation 1011:24:30
576. 576Session 26: Acquirers' Anonymous: Seven Steps to Sobriety1:23:39
577. 577Session 24: Acquirers' Anonymous: Seven Steps to Sobriety1:24:01
578. 578Session 24: Dividend Closure & First Steps on Valuation1:22:39
579. 579Valuation: Final Exam Review Session38:57
580. 580Session 25: Options to Abandon, Flexibility and Distressed Equity as an option1:24:52
581. 581Session 23: Option to Abandon, Flexibility and Distressed Equity (as option)1:18:46
582. 582Session 23: Actual versus Potential Dividends and Cash/Trust Nexus1:21:34
583. 583Session 24: The Options to Delay & Expand1:15:46
584. 584Session 22: Valuing options to delay and expand1:01:37
585. 585Session 22: Dividend Policy - Beyond Inertia and Me-tooism1:20:33
586. 586Session 21: Debt Design1:21:07
587. 587Session 23: IPO Valuation and first steps on Real Options1:18:28
588. 588Session 21: IPO Valuation and first steps on Real Options1:23:12
589. 589The Corporate Tax Question: Facts and Fiction23:24
590. 590Quiz 3: Review Session25:34
591. 591Session 22: Valuing Private Businesses1:20:27
592. 592Session 20: Private Company Valuation1:17:16
593. 593Session 20: Other Approaches to Optimizing Debt Mix & Follow up1:28:43
594. 594Session 21: Pricing Closure and Asset Based Valuation1:30:18
595. 595Session 19: Pricing Closure and Asset Based Valuation1:10:49
596. 596Session 19: Enhanced Cost of Capital Approach and Determinants of Optimal1:23:55
597. 597Session 20: Pricing Analytics and Examples1:16:06
598. 598Session 18: Pricing Analytics and Examples1:19:57
599. 599Session 18: Financing Hierarchies, Miller-Modigliani & Cost of Capital Approach to Debt Optimization1:28:16
600. 600Session 17: Deconstructing Pricing - Consistency Tests & Playing Moneyball1:21:43
601. 601Session 19: Pricing Deconstructed - Consistency and Moneyball Tests1:15:11
602. 602Session 17: The Debt Equity Trade off1:12:15
603. 603Session 18: A wrap on intrinsic value1:27:47
604. 604Session 16: Closing the books on intrinsic value1:20:07
605. 605Session 16: The Google Car - Case Discussion and Project Options1:28:14
606. 606Session 17: More excursions on the dark side of valuation1:22:35
607. 607Session 15: More excursions on the dark side of valuation1:26:16
608. 608Session 15: Investment Interactions, Side Costs and Side Benefits1:23:03
609. 609Interest Rates and Stock Prices: More than meets the eye!21:33
610. 610Session 16: Valuing young companies - A Wrap1:23:41
611. 611Valuation Quiz 2 Review27:15
612. 612Session 15: Valuing the market and young companies1:27:19
613. 613Session 14: Valuing markets and young companies1:25:16
614. 614Session 14: Investment Returns - Equity Analysis and Acquisitions1:19:54
615. 615Session 14: More on stories & numbers and first valuations!1:27:53
616. 616Session 13: More on stories and first valuations1:23:06
617. 617Session 13: Earnings to Cash flows to Incremental Cash Flows1:26:50
618. 618Session 13: Last loose ends plus Stories & Numbers1:19:57
619. 619Session 12: Last loose ends, Stories and Numbers1:27:37
620. 620Session 12: First Steps in Investment Returns1:26:01
621. 621Session 11: Cash, Cross holdings and Other Assets1:24:17
622. 622Session 12: Cash, Cross holdings and Other Assets1:19:27
623. 623Session 11: Costs of Debt and Capital1:25:38
624. 624Session 11: More on growth, terminal value and DCF model parts1:18:53
625. 625Session 10: More on growth, terminal value and DCF Model Choices1:23:44
626. 626Session 10: Divisional and Private Company Betas & Costs of Equity1:07:21
627. 627Session 10: Growth Rates - Historical, Analyst and Fundamental1:20:52
628. 628Session 9: Growth Rates - Historical, Analyst and Fundamental59:16
629. 629Session 9: Beta Determinants and Bottom up Betas1:23:00
630. 630Session 9: Earnings to Cash Flows1:23:56
631. 631Session 8: From earnings to cash flows1:22:57
632. 632Session 8: The Greeks are here (Regression Beta)1:23:51
633. 633Session 7: Cost of Debt and from discount rates to cash flows1:23:50
634. 634Session 8: Cost of Debt and from discount rates to cash flows1:25:29
635. 635Session 7: Equity Risk Premiums & First steps on betas1:18:43
636. 636Session 7: Betas and beyond!1:17:58
637. 637Session 6: Betas and beyond!1:22:12
638. 638Session 6: Risk and Return Models & Risk Rates1:20:06
639. 639Session 6: Implied Equity Risk Premiums1:16:19
640. 640Session 5: Riskfree Rates Closure and Equity Risk Premiums1:27:36
641. 641Session 5: Company ERP and Implied ERP1:24:48
642. 642Session 5: Closing the objective function and first steps on risk1:22:11
643. 643In Practice Webcast: Introduction to using a Bloomberg Terminal for data collection8:00
644. 644Session 4: DCF Big Picture and Risk Rates1:23:47
645. 645Session 4: Risk Rates and Equity Risk Premiums1:20:31
646. 646Session 4: Closing the Books on the Objective Function1:22:34
647. 647Data Update 4 for 2021: The Hurdle Rate29:19
648. 648Session 3: Managers and Markets (video fix replacement)1:19:00
649. 649Session 3: Introduction (wrap up) and First Steps on Intrinsic Value1:25:02
650. 650Session 3: First Steps on Intrinsic Value1:18:22
651. 651Session 2: The Bermuda Triangle of Valuation and Valuation Approaches1:22:23
652. 652Session 2: The Bermuda Triangle of Valuation and Valuation Approaches1:17:46
653. 653Session 2: Shareholders, Stakeholders and the End Game in Business1:25:18
654. 654The Price/Value Feedback Loop: Revisiting AMC and GME!18:25
655. 655Session 1: Class Logistics and Valuation Themes1:12:40
656. 656Session 1: Class Logistics and Broad Themes1:15:19
657. 657Session 1: Introduction to class1:26:12
658. 658Pitchforks and Torches at GameStop: The Reddit Raid on Hedge Funds!29:46
659. 659Data Update 3 for 2021: The Rest of the (Market) Story34:48
660. 660Data Update 2 for 2021: The Price of Risk!23:01
661. 661Marking Time: Another year, a new semester and fresh classes!13:05
662. 662Data Update 1 for 2021: A (Data) Look back at a Most Forgettable Year!26:11
663. 663Introduction to Valuation class (Short)6:29
664. 664Introduction to Corporate Finance Class (Short)5:18
665. 665The Sharing Economy comes home! The Airbnb IPO (at long last)!35:24
666. 666A Viral Market Update XIV: A Wrap on the COVID market, premature or not!23:29
667. 667Narrative and Numbers: Light in the Darkness31:11
668. 668Value Investing III: Rebirth, Reincarnation or Requiem?17:01
669. 669Value Investing II: A Lost Decade!18:34
670. 670Value Investing I: The Back Story!19:52
671. 671Screening for Stocks on S&P Capital IQ: A Quick Tour12:58
672. 672Doing good or Sounding Good: A Skeptical Look at ESG!28:08
673. 673Session 2: The Income Statement16:28
674. 674Session 1: The Financial Statements - An Overview12:39
675. 675Session 6A: Financial Ratios (Examples)17:08
676. 676Session 6: Financial Ratios18:12
677. 677Session 5A: Accounting Inconsistencies (Examples)22:16
678. 678Session 5: Accounting Inconsistencies16:26
679. 679Session 4A: The Statement of Cash Flows (Examples)15:36
680. 680Session 4: The Statement of Cash Flows13:24
681. 681Session 3A: The Balance Sheet (Examples)17:25
682. 682Session 3: The Balance Sheet14:05
683. 683Session 2A: The Income Statement (Examples)17:40
684. 684Accounting 101: A Preview2:05
685. 685Perception, Illusion and Reality: Stock Splits and Index Inclusions (Exclusions)28:30
686. 686A Viral Market Update XIII: The Strong (FANGAM) get stronger27:13
687. 687Session 12: Cracking the Currency Code!15:51
688. 688From Class Room to Class Zoom: Teaching in COVID Times!23:52
689. 689Session 5: Measuring Risk19:25
690. 690Postcards from the edge: Lessons from the COVID crisis40:42
691. 691Session 2: The Structure of a Business13:13
692. 692Session 3: Cash Flows9:02
693. 693Session 4: What is risk?13:01
694. 694Session 6: The Time Value of Money15:33
695. 695Session 7: Valuing Bonds15:37
696. 696Session 8: Introduction to Equity Valuation10:53
697. 697Session 9: Introduction to Option Valuation16:35
698. 698Session 10: Inflation, the Hidden Tax15:24
699. 699Session 11: Interest Rates - Drivers and Determinants17:31
700. 700Session 1: First Steps in Finance11:05
701. 701Viral Market Update XII: The Resilience of Risk Capital26:11
702. 702A Viral Market Update XI: An Ode to Flexibility25:59
703. 703A Viral Market Update X: A Corporate Life Cycle Perspective20:55
704. 704A Viral Market Update IX: Making Sense of the Market, A DIY Valuation of the S&P 50025:05
705. 705A Viral Market Update VIII: A Crisis test of Value vs Growth, Active vs Passive, Small vs Large!27:58
706. 706Session 26: The Grand Finale1:26:40
707. 707Session 28: It's Over!1:14:19
708. 708Session 26: The Fat Lady is singing!1:21:48
709. 709Session 25: The Value Drivers1:28:04
710. 710Session 25: Acquisition Valuation1:21:09
711. 711Session 27: The Value of Control1:18:06
712. 712Session 26: More on acquisitions and first steps on value enhanceement1:19:02
713. 713Session 24: The value of flexibility (operating and financial) and distressed equity as an option1:22:25
714. 714Session 24: Dividend Assessment and first steps on Valuation1:23:42
715. 715Session 23: Real Options - Patents, Undeveloped Natural Resource Reserves & Options to expand1:29:05
716. 716Session 25: Acquisition, a Value Destroyer?1:19:35
717. 717Session 23: Assessing Dividend Policy1:24:07
718. 718Session 22: Basics of Options (for Real Options)1:00:03
719. 719Session 24: Distressed Equity as an Option36:57
720. 720Session 22: Dividends - Measures and Drivers1:16:51
721. 721A Viral Market Update VII: Mayhem with Mulltiples20:19
722. 722Session 21: Private Company Valuation1:33:11
723. 723Session 23: The options to expand & abandon, financial flexibility & distressed equity1:10:54
724. 724Session 21: Debt Design Continued1:17:54
725. 725Session 22: Introduction to Real Options1:13:20
726. 726Session 20: Pricing Closure and Asset-based Valuation1:23:14
727. 727Session 20: Moving to the Optimal + Debt Design1:20:59
728. 728Session 19: Pricing Examples59:14
729. 729Session 19: Enhanced Cost of Capital, APV and Relative Analysis1:01:08
730. 730Session 18: Optimum Capital Structure - The Cost of Capital Approach1:01:55
731. 731Session 18: Pricing (continued)1:13:01
732. 732Session 19: More on Pricing..1:17:33
733. 733Session 17: Last DCF Rites and First Steps in Pricing1:22:28
734. 734Session 17: First steps on capital structure1:22:27
735. 735A Viral Market Update VI: Updating the Price of Risk (Equity Risk Premiums & Default Spreads)18:02
736. 736Session 18: Pricing 1011:16:53
737. 737Session 16: Truncation Risk and Bank Valuation56:04
738. 738Session 16: Wrapping up Investment Analysis54:22
739. 739Session 15: Mature companies in transition, Distressed Companies and Emerging Market companies1:22:52
740. 740Session 17: Closing the books on Intrinsic value1:23:50
741. 741Session 15: Netflix Fit Case and Side Costs of Projects1:30:10
742. 742A Viral Market Meltdown V: Back to Basics?19:50
743. 743Session 14: Valuing Young Companies1:27:48
744. 744Session 16: Valuing Emerging Market Companies52:24
745. 745Session 14: Acquisition Analysis and Investment Decision Rules1:26:08
746. 746Valuation Tools Webcast: Becoming a spreadsheet ninja (not)!34:04
747. 747Session 15: More dark side valuations, across the life cycle1:28:36
748. 748Session 13: More stories to numbers and baby steps on valuation1:26:43
749. 749Session 13: Uncertainty in Investing and Equity-focused Analysis1:20:28
750. 750Session 14: Valuations at last1:23:26
751. 751Session 12: Earnings to Time Weighted Incremental Cash flows1:26:33
752. 752Session 12: Stories to Numbers1:21:13
753. 753A Viral Market Meltdown IV: Preparing for a post-virus World15:32
754. 754Data Update 7 for 2020: The Dark Side of Debt13:55
755. 755Data Update 6 for 2020: Growth, Profitability and Reinvestment20:29
756. 756A Viral Market Update III: Price vs Value, Investing vs Trading!23:35
757. 757Session 11: Loose Ends in Valuation1:24:03
758. 758Session 13: Stories and Numbers1:10:31
759. 759Session 11: From Discount Rates to Returns1:25:20
760. 760Session 12: More Loose Ends in Valuation1:20:05
761. 761Session 10: Growth (Contd.), Terminal Value and Choosing a DCF Model1:25:05
762. 762Session 10: Private Company Costs of Equity, Debt & its Cost (SKIP FIRST 40 MINUTES. QUIZ TIME)1:25:05
763. 763A Viral Market Meltdown II: Clues in the Market Debris?18:53
764. 764Session 9: Quiz and Analyst/Fundamental Growth Rates1:25:05
765. 765Session 11: Terminal Value, Picking the right DCF Model and First Loose Ends1:20:05
766. 766Session 10: Fundamental Growth and Terminal Value1:20:04
767. 767Session 9: Bottom Up Betas1:25:05
768. 768Session 8: Tying up Cash Flows & Moving on to Growth1:25:05
769. 769Session 8: The Determinants of Betas (and Macro Risk Exposure)1:25:05
770. 770Data Update 5 for 2020: Costs of debt, equity and capital20:20
771. 771Session 9: FCFE and Growth Rates1:20:05
772. 772Session 7: From Discount Rates to Cash Flows1:25:05
773. 773Session 7: Regressions, Betas and Costs of Equity1:25:05
774. 774A Viral Market Meltdown: Fear or Fundamentals?15:52
775. 775Session 8: From Earnings to Cash Flows1:20:05
776. 776Session 6: Betas and Cost of Debt1:25:05
777. 777Session 6: Equity Risk Premiums1:25:05
778. 778Data Update 4 for 2020: Country Risk and Currency Questions23:35
779. 779Session 7: Costs of debt & capital & first steps on cash flows1:15:05
780. 780Session 5: Company Exposure to Country Risk & Implied Equity Risk Premiums1:20:05
781. 781Session 5: Marginal Investors, Risk Measures and Models1:20:05
782. 782Session 6: Betas and Costs of Equity1:15:05
783. 783Session 4: Riskfree Rates & Equity Risk Premiums1:20:05
784. 784Session 4: Closing the books on the Corporate End Game1:20:04
785. 785Data Update 3 for 2020: The Price of Risk13:02
786. 786Session 5: Equity Risk Premiums - Country Risk and Implied Premiums1:15:05
787. 787Session 3: Intrinsic Valuation 101 - First Steps1:20:05
788. 788Session 3: More on the corporate objective1:20:05
789. 789A Do-it-Yourself (DIY) Valuation of Tesla: Of Investment Regret and Disagreement!19:51
790. 790Session 4: Discount Rates - Baby Steps1:15:05
791. 791Session 2: Introduction to Valuation1:20:05
792. 792Session 2: The Objective in Corporate Finance- The Utopian World1:20:05
793. 793Session 3: First Steps on Intrinsic Valuation1:15:05
794. 794Session 1: Introduction to class1:20:05
795. 795Session 1: Introduction to Class - Broad themes and class details1:20:05
796. 796An Ode to Luck: Revisiting Tesla in January 202017:57
797. 797Session 1: Introduction to Valuation (and the class)1:15:05
798. 798Data Update 2 for 2020: A Retrospective on a Disruptive Decade (2010-19)28:04
799. 799Data Update 1 for 2020: Setting the table15:49
800. 800A Teaching Manifesto: An Invitation to my Spring 2020 Classes!24:17
801. 801Regime Changes and Value: An Aramco Valuation Follow up!19:14
802. 802A Coming-out party for an Oil Colossus: Pricing and Valuing Aramco's IPO!31:32
803. 803Softbank's WeWork Rescue: Savior Economics or Sunk Cost Problem?20:57
804. 804Disrupting the IPO Process: Challenging the Banker-run Model!28:23
805. 805IPO Lessons for Public Market Investors28:14
806. 806US Equities: Market Bubble or Groundhog Day?23:13
807. 807What do VCs prize and price? Lessons from Peloton, Uber and WeWork IPOs26:22
808. 808Runaway Story to Meltdown in Motion: The Unraveling of the WeWork IPO32:28
809. 809Shareholder Value to Stakeholder Interests: CEO Capitulation or Empty Doublespeak?32:59
810. 810Country Risk: A 2019 mid-year update18:32
811. 811Macro Bet or Micro Delusion? The Marketing of Beyond Meat18:50
812. 812Curfew for a Corporate Teenager? Tesla in June 201928:20
813. 813Session 28: The Fat Lady Sings!1:20:05
814. 814Session 26: The Grand Finale!1:25:05
815. 815Session 26: Icing on the Cake!1:25:05
816. 816Session 27: Value Enhancement1:20:05
817. 817Session 25: Valuation's Final Pieces1:25:05
818. 818Session 25: Value Enhancement1:25:05
819. 819Session 26: Acquisition Valuation1:20:05
820. 820Session 24: Acquisition Valuation1:25:05
821. 821Session 24: Valuation 1011:25:05
822. 822Corporate Finance: Final Exam Review44:55
823. 823Session 25: Distressed Equity & Acquisition Analysis1:20:05
824. 824Session 23: Financial Flexibility & Distressed Equity1:25:05
825. 825Session 23: Dividend Assessment Continued52:53
826. 826Session 24: Option to Expand, Financial Flexibility & Distressed Equity1:20:05
827. 827Session 22: Quiz 3 and the Options to Expand/Abandon52:51
828. 828Session 22: The Dividend Trade off and Potential Dividends (FCFE)1:25:05
829. 829Session 23: The Option to Delay1:20:05
830. 830Session 21: Real Options - Introduction and First Steps1:25:05
831. 831Session 21: Debt Design Closing + First Steps on Dividends1:25:05
832. 832Quiz 3: Review Session45:33
833. 833Session 22: Quiz 3 & First Steps on Options47:20
834. 834Session 20: Private Company Valuation1:25:05
835. 835Session 20: Designing the perfect Debt1:25:05
836. 836Session 21: Valuing Private Businesses1:20:05
837. 837Session 19: Pricing Closure and Asset Based Valuation1:25:05
838. 838Session 19: Optimal Financing Mix - Other Approaches1:25:05
839. 839Session 20: Closing thoughts on Pricing and Asset Based Valuation1:20:05
840. 840Session 18: Pricing Continued1:25:05
841. 841Session 18: The Cost of Capital Approach to Optimizing Financing Mix1:25:05
842. 842The Uber Launch: Personal Mobility Revolution or Car Service Overreach?23:35
843. 843Session 17: To Miller Modigliani and beyond!51:38
844. 844Session 19: More on Pricing1:20:05
845. 845Session 17: First Steps in Pricing1:25:05
846. 846Session 16: Last Intrinsic Valuation Pieces and First Steps on Pricing51:40
847. 847Session 18: Pricing Basics1:20:05
848. 848Corporate Finance Quiz 2: Review Session32:48
849. 849Session 16: Investment Post Mortem and the Debt Equity Tradoff1:25:05
850. 850Quiz Review: Management Options7:15
851. 851Quiz Review: Cross Holdings9:47
852. 852Session 15: Excursions on the Dark Side of Valuation1:25:05
853. 853Session 17: Valuation on the Dark Side (Contd) and First Steps on Pricing1:20:05
854. 854Session 15: The Whole Foods Dining Case, Synergy and Options in Investing1:25:05
855. 855Session 16: Valuing Distressed & Emerging Market Companies46:33
856. 856Session 14: Valuing Markets and Young Companies1:25:05
857. 857Session 14: Acquisition Analysis, NPV vs IRR and Side Costs/Benefits1:25:05
858. 858Session 15: Valuing young companies and mature companies in transition1:20:05
859. 859Session 13: More on Stories and first steps on Valuation1:25:05
860. 860Session 13: Time Weighted Returns, Equity analysis & Dealing with Uncertainty1:25:05
861. 861Session 14: Stories & Numbers (continued) and Valuation Examples1:20:05
862. 862Session 12: Loose Ends and Stories to Numbers1:25:05
863. 863Session 12: Investment Returns - Earnings to Incremental Cash flows1:25:05
864. 864Session 13: Stories and Numbers1:20:05
865. 865Session 11: Cost of Capital & First Steps on Returns1:25:05
866. 866Session 11: Picking a DCF Model & Loose Ends in Valuation1:25:05
867. 867Session 12: Loose Ends in Valuation1:20:05
868. 868Session 10: Fundamental Growth and Terminal Value1:25:05
869. 869Session 10: Quiz and Private Company Betas51:19
870. 870Quiz 1 Review27:54
871. 871Session 11: Loose Ends 1 - Dealing with cash45:16
872. 872Lyfting Off? The Lyft IPO24:33
873. 873Session 9: Historical Growth and Analyst Estimates of Growth50:23
874. 874Session 9: Bottom Up Betas1:25:05
875. 875Session 10: Growth Rates, Terminal Value & Model Choice48:57
876. 876Session 8: From Earnings to Cash Flows1:05:19
877. 877Session 8: The Determinants of Betas52:28
878. 878Session 9: Growth Rates - Historical, Outside and Fundamental1:20:05
879. 879Session 7: From Discount Rates to Cash Flows1:25:05
880. 880Session 7: Regression Betas1:25:05
881. 881Investing Idol Worship: The Kraft Heinz Lesson18:17
882. 882Session 8: From Earnings to Cash flows1:20:05
883. 883Session 6: Betas and Costs of Equity1:25:05
884. 884Session 6: Equity Risk Premiums1:25:05
885. 885January 2019 Data Update 9: Playing the Pricing Game20:50
886. 886Session 7: From Discount Rates to Cash Flows - The Earnings Start1:20:05
887. 887Session 5: Equity Risk Premiums - Country & Company1:25:05
888. 888Session 5: Risk and Return - First Steps1:22:44
889. 889Session 6: Betas, Costs of Equity and Debt1:20:05
890. 890Session 4: Risk Rates1:25:05
891. 891Session 4: Closure on the Objective Function1:25:05
892. 892Session 5: Company ERP and Implied ERP1:20:05
893. 893Session 3: First Steps on Intrinsic Value1:25:05
894. 894Session 3: Managers, Markets and Morality!1:25:05
895. 895January 2019 Data Update 8: Buybacks - Fact and Fiction29:59
896. 896Session 4: First steps on discount rates - Risk rates and ERP1:20:05
897. 897Session 2: The Bermuda Triangle of Valuation & Valuation Approaches1:25:05
898. 898Session 2: The Objective in Corporate Finance - Utopia1:23:27
899. 899January 2019 Data Update 7: Debt - Neither Poison nor Nectar!21:42
900. 900Session 3: Intrinsic Valuation - Baby Steps1:20:05
901. 901Session 1: Rev your engines...1:25:05
902. 902Session 1: Setting up the class1:25:05
903. 903Session 2: Valuation - The Bermuda Triangle and Approaches to Valuation1:12:33
904. 904Bias: The Achilles heel of Valuation Practice!11:48
905. 905Session 1: Setting up the class1:20:05
906. 906January 2019 Data Update 6: Profitability, Growth and Value17:12
907. 907Excess Return (EVA) Data: Guide to Spreadsheet12:09
908. 908January 2019 Data Update 5: Of Hurdle Rates and Funding Costs25:57
909. 909Cost of Capital Data: Guide to Spreadsheet5:18
910. 910Beta Data: Guide to Spreadsheet4:57
911. 911January 2019 Data Update 4: The Many Faces of Risk!25:51
912. 912Back to Class: A Teaching Manifesto!11:55
913. 913Introduction to Class1:50
914. 914January 2019 Data Update 3: Playing the Numbers Game12:27
915. 915January 2019 Data Update 2: The Bond Market Message10:58
916. 916Data Update 1 for 2019: Stocks are risky (in case we had forgotten)!12:49
917. 917Signal or Noise? Yield Curves, Economic Growth and Stock Prices16:18
918. 918Investment Whiplash: Better lucky than good?16:07
919. 919Preview of the class (general and brief)3:01
920. 920Preview of the Class (General and very brief)2:04
921. 921The GE End Game: The Bataan Death March or Resurrection?24:59
922. 922An October Surprise: Making Sense of Market Mayhem!22:25
923. 923High and Higher: The Money in Marijuana14:05
924. 924Apple and Amazon at a Trillion $: A Follow up on Uncertainty and Catalysts26:23
925. 925Trillion Dollar Duo: An Apple and Amazon Retake!16:04
926. 926Trillion Dollar Toppers: Market Triggers, Value Drivers and Pricing Catalysts!18:53
927. 927Deja Vu in Turkey: Currency Crisis and Corporate Insanity!19:26
928. 928Tesla's Going Private? Stray Tweet or Game Changing News?19:23
929. 929Country Risk 2018: A Mid-Year Update17:21
930. 930Share Count Confusion: Dilution, Employee Options and Multiple Share Classes!23:21
931. 931Twists and Turns in the Tesla Story: A Boring, Boneheaded Update!21:40
932. 932User Based Companies: The Good, the Bad and the Ugly!16:58
933. 933Walmart's Flipkart Gambit: Growth Rebirth or Costly Facelift?12:39
934. 934Amazon: Glimpses of Shoeless Joe!22:18
935. 935Alphabet Soup: All Alpha (Google), No Bets?13:35
936. 936Netflix: The Future of Entertainment or House of Cards?21:28
937. 937Facebook: Friendless, but still formidable!17:15
938. 938Aswath Damodaran Live Stream
939. 939Come Easy, Go Easy: The Takedown of the FANG Stocks15:28
940. 940Spotify Loose Ends: Pricing, Subscriber Value and Big Data!16:54
941. 941Stream On: An IPO Valuation of Spotify!20:36
942. 942Damodaran Online: There is an app for that!11:26
943. 943Interest Rates and Stock Prices: Looking Under the Hood!14:02
944. 944In Practice Webcast 14a: Valuing Control15:12
945. 945In Practice Webcast 13a: Following up on Dividend Assessment12:38
946. 946In Practice Webcast 13b: Evaluating Dividend Policy - Peer Group Approach10:05
947. 947In Practice Webcast 10b: Estimating an Optimal Debt Ratio - Special Cases12:26
948. 948In Practice Webcast 10c: Estimating an Optimal Debt Ratio - Peer Group or Me Too Capital Structure9:04
949. 949In Practice Webcast 10a: You have an optimal debt ratio, now what?17:11
950. 950In Practice Webcast #7a:: Estimating the Cost of Capital for a firm, division or project24:25
951. 951Testing Times: Market Turmoil and Investment Serenity16:12
952. 952January 2018 Data Update 10: The Price is right!16:39
953. 953DataUpdate 9 for 2018: Dividends, Buybacks & Cash Balances21:41
954. 954In Practice Webcast 7b: Estimating Cost of Capital for a Privately Owned Business13:14
955. 955Data Update 8 for 2018: Debt and Taxes21:45
956. 956Capital Structure (updated for January 2018)15:12
957. 957Data Update 7 for 2018: Profits, Excess Returns and Value24:39
958. 958Data Update 6 for 2018: The Cost of Capital25:30
959. 959January 2018 Data Post 5: Country Risk Update20:18
960. 960January 2018 Data Update 4: The Currency Conundrum14:48
961. 961Data Update 3: Taxing Questions22:00
962. 962Data Update 2 for 2018: The (Continued) Resilience of US Equities16:52
963. 963Data Update 1 for 2018: The Numbers don't lie, or do they?14:49
964. 964Bitcoin Blowback: Back to the Drawing Board?13:29
965. 965The Bitcoin Boom: Asset, Commodity, Currency or Collectible?14:50
966. 966Loss Leader or Value Creator? Breaking down Amazon Prime18:18
967. 967Tax Reform: Promise of Plenty or Poisoned Chalice?28:07
968. 968Tesla: A Disruptive Force with a Debt Problem?18:48
969. 969Crypto Currency: Hope, Hype and Hoopla!26:21
970. 970Online Education: Promise, Pitfalls and Potential9:21
971. 971The Dark Side of Globalization: An Update on Country Risk21:24
972. 972User/Subscriber Economics II: Growth, Costs and Business Models20:47
973. 973User and Subscriber Economics/Value: A User-Based Valuation of Uber27:52
974. 974Uber's Bad, Awful, Horrible Week: Doomsday Scenario or Business Reset?25:11
975. 975A Tale of Two Markets: Risk on or Risk off? The best of times or the worst of times?15:29
976. 976Session 28: The Last Hurrah!1:22:05
977. 977Session 26: The Grand Finale1:27:05
978. 978Session 27: Value Enhancement1:22:05
979. 979Session 25: More on valuation1:27:05
980. 980Using the Ginzu Spreadsheet in Valuation32:34
981. 981Session 26: Acquisition Valuation1:22:05
982. 982Session 24: Closing Dividend Books and Opening Valuation Act1:27:05
983. 983Session 25: Financial Flexibility and Distressed Equity as Options1:22:05
984. 984Session 23: FCFE, Dividends and Cash Balances51:36
985. 985Session 23: FCFE, Dividends and Cash Balances1:27:05
986. 986Session 24: Natural Resource Reserves, The Option to Expand & Abandon45:14
987. 987Session 22: The Dividend Trade off - Good and Bad Reasons for Paying Dividends1:27:05
988. 988Session 23: Real Options Introduction1:22:05
989. 989Session 21: Debt Design and Dividend Basics1:27:05
990. 990Session 22: Private Company Valuation - The Rest of the Story1:22:05
991. 991Session 20: From actual to optimal and designing debt (intuitive)1:27:05
992. 992Session 21: Closing up pricing, asset based valuation & private company valuation1:22:05
993. 993Session 19: Financing Mix - The Rest of the Story1:27:05
994. 994Session 20: Pricing young companies and across the market1:22:05
995. 995Session 18: Cost of Capital as Financing Mix Optimizer1:27:05
996. 996Session 19: More on Pricing1:22:05
997. 997Session 17: The Miller Modigliani Theorem & Financing Hierarchies52:56
998. 998Session 18: Money Ball and Analyzing Multiples47:10
999. 999Session 16: The Debt Equity Trade off1:27:05
1000. 1000Session 17: First Steps on Pricing1:22:05
1001. 1001Session 15: The Home Depot Case & Closing the books on Investment Analysis1:27:05
1002. 1002Session 16: Intrinsic Value - Wrapping up1:22:05
1003. 1003Session 14: Beyond NPV1:27:05
1004. 1004Valeant: Damaged Goods or Deeply Discounted Drug Company?18:40
1005. 1005Session 15: Journeys on the Dark Side of Valuation1:22:05
1006. 1006Session 13: Time Weighted Returns, Equity Analysis and Dealing with Uncertainty1:27:05
1007. 1007Session 14: DCF Valuations - Training Wheels1:22:05
1008. 1008Session 12: From Earnings to Cash flows1:27:05
1009. 1009Data 2017 Update 10: The Pricing Game17:07
1010. 1010Good Companies, Good Managers, Good Investments: Deciphering the Divide10:21
1011. 1011Session 13: Stories and Numbers1:22:05
1012. 1012Session 11: Cost of Capital & First Steps in Investment Returns1:27:05
1013. 1013Session 12: Loose Ends in Valuation1:22:05
1014. 1014Session 10: Debt and its cost49:30
1015. 1015Session 11: Terminal Value and First Steps on Loose Ends1:22:05
1016. 1016Session 9: Bottom Up Betas1:27:05
1017. 1017Session 10: Top Down Growth45:49
1018. 1018Session 8: The Determinants of Betas1:27:04
1019. 1019Session 9: Historical, Analyst & Fundamental growth1:22:05
1020. 1020Session 7: The Beta Regression1:27:05
1021. 1021Snap, the Perishable Picture Company: Valuing the IPO20:31
1022. 1022Session 8: From Earnings to Cash Flows1:22:05
1023. 1023Session 6: Equity Risk Premiums1:27:05
1024. 1024Session 7: Cost of Capital Closure and First Steps on Cash Flows1:22:05
1025. 1025Session 5: Risk & Return Models & The Marginal Investor1:27:04
1026. 1026The Greatest Cash Machine in History: An Analysis of Apple (February 2017)16:08
1027. 1027Session 6: Measuring Relative Risk (Equity) & Cost of Debt1:22:05
1028. 1028Session 4: Closing the books on the objective function & Opening the one on Risk1:27:05
1029. 1029Session 5: Implied Equity Risk Premiums1:22:05
1030. 1030Session 3: Managers, Markets and Morality1:27:04
1031. 1031Data 2017 Update 9: Dividends, Rodney Dangerfield of Corporate Finance18:30
1032. 1032Session 4: Risk Rates (continued) and first steps on ERP1:22:03
1033. 1033Session 2: The Objective in Corporate Finance1:27:05
1034. 1034Data 2017 Update 8: Debt, the Dark and Light Side!11:51
1035. 1035Session 3: DCF Overview and First Steps on Discount Rates1:22:05
1036. 1036Session 1: Introduction to the Class1:27:04
1037. 1037Data 2017 Update 7: Of Good and Bad Businesses!12:57
1038. 1038Data 2017 Update 6: The Cost of Capital13:58
1039. 1039Session 2: Setting the Table1:22:05
1040. 1040Data 2017 Update 5: A Taxing Year Ahead?19:15
1041. 1041Data 2017 Update 4: Country Risk15:07
1042. 1042Session 1: Introduction to the Class1:22:05
1043. 1043Data 2017 Update 3: Cracking the Currency Code17:20
1044. 1044Data 2017 Update 2: The US Markets in 201612:53
1045. 1045Narrative and Numbers: A number cruncher learns to tell stories!8:31
1046. 1046Data 2017 Update 1: The Promise and Perils of Data18:10
1047. 1047Session 26: The End Game1:27:06
1048. 1048Active Investing: Rest in Peace or Resurgent Force?21:40
1049. 1049Session 25: Value Enhancement1:27:06
1050. 1050Session 24: Acquisition Valuation1:27:06
1051. 1051Session 23: The Options to Expand & Abandon, Financial Flexibility and Distressed Equity1:27:06
1052. 1052Session 22: The Option to Delay51:34
1053. 1053Terminal Value Myth 5: The Terminal value ate my DCF!8:32
1054. 1054Terminal Value Myth 4: Negative Growth Rates are impossible9:01
1055. 1055Terminal Value Myth 3: Growth is good, more growth is better!12:09
1056. 1056Terminal Value Myth 2: As g approaches r, it is to Infinity and beyond!10:23
1057. 1057Terminal Value Myth 1: Don't believe in forever? You can't do DCF!7:42
1058. 1058Session 21: IPO and VC Valuation & First Steps on Real Options1:27:06
1059. 1059Faith, Fear and Feedback: Ready for the Valeant Test?16:15
1060. 1060Session 20: Private Company Valuation1:27:06
1061. 1061All in the family: The Ups and Downs of Family Group Companies24:04
1062. 1062Session 19: Closing the books on Pricing & Asset-based valuation1:27:06
1063. 1063Session 18: Relative Valuation - Analysis and Application1:27:06
1064. 1064The Election Surprise: The Trump Election's Market Effect24:56
1065. 1065Session 17: Analyzing Multiples -- Part 151:51
1066. 1066Session 16: Value and Price - Discerning the Difference1:27:05
1067. 1067Discount Rate Myth 5: As rates approach zero, value goes to infinity!13:33
1068. 1068Discount Rate Myth 4: The Discount Rate is the receptacle for all your hopes & fears12:03
1069. 1069Discount Rate Myth 3: The Discount Rate cannot change in a DCF!9:40
1070. 1070Discount Rate Myth 2: It's all about D in a DCF9:41
1071. 1071Discount Rate Myth 1: If you don't like betas, you cannot do DCF13:44
1072. 1072Session 15: More on the Dark Side of Valuation1:27:06
1073. 1073Session 14: The Dark Side of Valuation (Young companies)1:27:06
1074. 1074Session 13: Story Changes and First DCFs1:27:06
1075. 1075Session 12: Last Loose Ends & Narrative and Numbers1:27:06
1076. 1076Session 11: Loose Ends in Valuation1:27:06
1077. 1077Session 10: Growth Estimates and Terminal Value1:27:05
1078. 1078Session 9: Analyst Estimates of Growth & Fundamental Growth first steps52:38
1079. 1079Deutsche Bank: A Greek Tragedy at a German Institution?17:45
1080. 1080Session 8: From Earnings to Cash Flows1:27:06
1081. 1081Venture Capital: It is a pricing, not a value, game!17:00
1082. 1082Session 7: Cost of Debt and Accounting Earnings1:27:06
1083. 1083Session 6: Measuring Relative Risk and first steps on cost of debt1:27:06
1084. 1084Session 5: Implied Equity Risk Premium (audio fixed)1:16:53
1085. 1085Session 5: Implied Equity Risk Premiums1:27:06
1086. 1086Inauguration of Association of Israeli Appraisers2:04
1087. 1087Session 4: More on risk rates and first steps on equity risk premiums1:27:05
1088. 1088Session 3: The Building Blocks for Intrinsic Value & Risk Rates1:27:06
1089. 1089Fairness Opinions: Time to fish or cut bait!18:57
1090. 1090Session 2: The Bermuda Triangle and Valuation Approaches1:27:06
1091. 1091The Keystone Kops of Valuation: Lazard, Evercore and the TSLA/SCTY Deal24:29
1092. 1092Session 1: Introduction to the Class1:27:06
1093. 1093Mean Reversion: Statistical Fact or Dangerous Delusion?24:01
1094. 1094Superman and Stocks: It's not the cape (CAPE), it's the kryptonite (Cash Flow)23:43
1095. 1095The Bonfire of Venture Capital: The Good, Bad and Ugly side of Cash Burn21:01
1096. 1096Introduction to Class2:29
1097. 1097The Ride Sharing Business: Is this a Bar Mitzvah Moment?18:12
1098. 1098Brunelleschi's Dome8:52
1099. 1099Tesla: A Story Stock but what's the story?20:14
1100. 1100Brexit: The Signals amidst the Noise19:10
1101. 1101Icahn exits, Buffett enters, Whither Apple? The Big Name Investor Effect13:49
1102. 1102A Preview of my Valuation Seminar3:23
1103. 1103Stare into the Abyss: Facing up to uncertainty with simulations21:31
1104. 1104Review for Final Exam1:07:06
1105. 1105Session 28(Undergraduate): The Last Hurrah1:22:06
1106. 1106Session 26 (MBA): The Last Hurrah!1:27:06
1107. 1107Session 27 (Undergraduate): Valuation1:22:06
1108. 1108Session 25(MBA): Valuation Agonistes1:27:06
1109. 1109The Margin of Safety: Tool for Action or Excuse for Inaction13:13
1110. 1110Session 26 (Undergraduate): Dividend Closing & Valuation Opening1:22:06
1111. 1111Session 24 (MBA): Dividend Analysis and First Steps on Valuation1:27:06
1112. 1112Journeying to the Dark Side: Coping with Uncertainty15:56
1113. 1113Session 23(MBA): Potential Dividends and Cash Balances53:06
1114. 1114Session 25 (Undergraduate): Potential Dividends and Cash Balances1:22:07
1115. 1115Session 23(MBA): FCFE (Potential Dividends) and Cash Balances1:27:06
1116. 1116Quiz3: Review Session (MBA)1:07:07
1117. 1117Session 24 (Undergraduate): The Trade off on Dividends48:22
1118. 1118Session 22(MBA): Dividend Trade Off1:27:05
1119. 1119Quiz 3: Review Webcast1:07:06
1120. 1120Session 23: More Debt Design & First Steps on Dividends1:22:06
1121. 1121Session 21(MBA): More Debt Design & First Steps on Dividends1:27:06
1122. 1122Valeant: Information Vacuums, Management Credibility and Investment Value20:41
1123. 1123Session 22 (Undergraduate): Moving to the Optimal & The Right Debt1:22:06
1124. 1124Session 20 (MBA): Moving to the Optimal & The Right Kind of Debt1:27:06
1125. 1125Session 21(Undergraduate): APV, Relative Analysis and Debt Mix1:22:06
1126. 1126Session 19 (MBA): APV and Relative Assessment - Optimal Financing Mix1:27:06
1127. 1127Session 20 (Undergraduate): The Cost of Capital and Financing Mix1:22:06
1128. 1128Session 18 (MBA): The Cost of Capital and Optimizing Debt1:27:08
1129. 1129Session 19 (Undergraduate): More on the debt trade off & the cost of capital approach1:22:07
1130. 1130Session 17 (MBA): The MM Theorem & Cost of capital approach52:19
1131. 1131Session 18 (Undergraduate): The Debt Trade off (continued)47:18
1132. 1132Session 16: The Trade off on Debt1:27:06
1133. 1133Session 17 (Undergraduate): The Netflix Studio - Case Discussion1:22:06
1134. 1134Session 15 (MBA): Netflix Case and Closing the Books on Investment Analysis1:27:06
1135. 1135Session 16 (Undergraduate): Options in Projects and First Steps on Debt1:22:06
1136. 1136Session 14 (MBA): To NPV and beyond..1:27:06
1137. 1137Session 15 (Undergraduate): NPV vs IRR, Side Costs and Side Benefits1:22:06
1138. 1138Session 13 (MBA): Time Weighted CF returns, Uncertainty & Equity Analysis1:27:06
1139. 1139Session 14 (Undergraduate): Time Weighted Returns & Equity Analysis1:22:06
1140. 1140Session 12 (MBA): Earnings to Cash flows to Incremental Cash Flows1:27:06
1141. 1141Negative Interest rates: Impossible, Irrational or Just Unusual25:09
1142. 1142Session 13: From Earnings to Incremental Cash Flows - A Journey1:22:06
1143. 1143Session 11 (MBA): Cost of Capital & First Steps on Investment Analysis1:27:07
1144. 1144Session 12 (Undergraduate): Show me the money (Measuring Investment Returns)1:22:06
1145. 1145Session 10 (MBA): Private Company Betas, Debt and its Cost50:26
1146. 1146Review for Quiz 1 (MBA)1:07:06
1147. 1147Session 9 (MBA): Add on to explain bottom up beta11:39
1148. 1148Session 11(Undergraduate): Debt and its cost43:18
1149. 1149Session 9 (MBA): Bottom up Betas1:27:06
1150. 1150Quiz 1: Review Session (Undergraduate)1:07:06
1151. 1151Session 10 (Undergraduate): Bottom Up Betas1:22:06
1152. 1152Session 8 (MBA): Determinants of Betas1:27:06
1153. 1153Session 9 (Undergraduate): Determinants of Betas1:22:06
1154. 1154Session 7 (MBA): The Greeks are here.. Regression Betas1:27:06
1155. 1155Icarus or Lazarus? The GoPro and LinkedIn Question13:27
1156. 1156Session 8 (Undergraduate): Reading a Beta Regression1:22:09
1157. 1157Session 6 (MBA): Risk Rates and Equity Risk Premiums1:27:06
1158. 1158Management Matters: Facebook and Twitter14:21
1159. 1159In Practice 3a: Estimating ERP for a company14:01
1160. 1160Session 7 (Undergraduate): Equity Risk Premiums (Implied) and Company1:22:06
1161. 1161Session 5 (MBA): Risk and Return - First Steps1:27:06
1162. 1162The Disruptive Duo: Amazon and Netflix!13:31
1163. 1163The Race to the top: Apple versus Alphabet15:08
1164. 1164Session 6 (Undergraduate): Risk Rates and Risk Premiums (Part 1)1:22:06
1165. 1165Session 4 (MBA): Closing the books on the objective function1:27:06
1166. 1166Session 5 (Undergraduate): Risk and Return Models1:22:06
1167. 1167Session 3 (MBA): Managers, Markets and Mayhem1:27:06
1168. 1168The Violent Earnings Season: Price and Value Perspectives16:52
1169. 1169Session 4 (Undergraduate): Conflicts of Interest and Corporate Objectives1:22:05
1170. 1170Session 2 (MBA): The Objective in Corporate Finance1:27:06
1171. 1171Session 3 (Undergraduate): Corporate Governance1:22:07
1172. 1172Session 1 (MBA): The Foundations of Corporate Finance1:27:06
1173. 1173Session 2 (Undergraduate): More themes in corporate finance & introducing its objective1:22:06
1174. 1174Session 1 (Undergraduate): Introduction to Class1:22:05
1175. 1175Data Update 20168:30
1176. 1176Preview of class2:42
1177. 1177Intergalactic Finance: Valuing the Star Wars Franchise14:27
1178. 1178The Compressed Tech Life Cycle: The Investor Handbook15:21
1179. 1179The Compressed Tech Life Cycle: The Management Handbook14:57
1180. 1180Session 26: Closing and Review1:30:07
1181. 1181Session 25: Value Enhancement1:30:06
1182. 1182Aging in Dog Years? The Short & Glorious Life of a Tech Company10:50
1183. 1183Session 24: Acquisition Valuation1:30:06
1184. 1184Yahoo: The End Game?11:08
1185. 1185Session 23: Distressed Equity as an option1:30:06
1186. 1186Session 22: The Options to Delay and Expand1:30:06
1187. 1187Session 21: Introduction to Real Options50:12
1188. 1188Session 20: Private Company, IPO and VC valuation1:30:06
1189. 1189Botox, Viagra or Placebo?: The Pfizer Allergan Deal18:08
1190. 1190Session 19: Closing the Relative Valuation Book & Asset-based Valuation1:30:06
1191. 1191Runaway Stories and Fairy Tale Endings: The Cautionary Tale of Theranos10:21
1192. 1192Checkmate or Stalemate: Valeant's fall from investing grace12:13
1193. 1193Divergence: The Changing Drug Business10:06
1194. 1194Session 18: Comparables and Controlling for Pricing Differences1:30:06
1195. 1195Session 17: Pricing - Distribution and Determinants1:30:06
1196. 1196Session 16: Introduction to Relative Valuation (Pricing)51:48
1197. 1197Session15: The Last Pieces of Intrinsic Value and First Steps on Pricing1:30:05
1198. 1198Session 14: More valuations on the dark side1:30:06
1199. 1199Session 13: First Valuations1:30:06
1200. 1200Session 12: More Loose Ends & Narrative and Numbers1:30:07
1201. 1201Big Deal but is it a good deal? The ABInBev Acquisition of SABMiller15:20
1202. 1202The Future of the Ride Sharing Business: Playing Pundit!15:11
1203. 1203A Price Premium for the Prancing Horse: The Ferrari IPO11:14
1204. 1204Session 11: Choose a DCF Model & Loose Ends in Valuation1:30:06
1205. 1205Lyft on or Lyft off? The Other Ride Sharing Companies11:30
1206. 1206The Corporate Life Cycle: Investing, Finance and Management Lessons11:55
1207. 1207Session 10: Fundamental Growth & Terminal Value1:30:06
1208. 1208Session 9: Analyst Estimates of Growth & Fundamental Growth46:37
1209. 1209Session 9: Analyst Estimates of Growth & Fundamental Growth1:01:07
1210. 1210Session 8: From Earnings to Cash Flows1:30:06
1211. 1211Session 7: Estimating Earnings1:30:07
1212. 1212The Price of Scandal: Sturm und Drang at Volkswagen15:13
1213. 1213Session 6: Cost of Debt and Capital1:30:06
1214. 1214Session 5: ERP and Relative Risk Measures1:30:06
1215. 1215No happy ending? My Vale Journey9:46
1216. 1216Session 4: Equity Risk Premiums1:30:06
1217. 1217Session 3: The Risk Rate1:30:06
1218. 1218The Uber Narrative Rollercoaster: A Wild Ride!21:45
1219. 1219The Naming Game18:24
1220. 1220Session 2: The Bermuda Triangle of Valuation & the big picture1:30:06
1221. 1221The Fed did it!12:03
1222. 1222Session 1: Introduction to class1:20:07
1223. 1223The Macro Delusion and Pricing Bubbles: The Good, Bad and the Ugly!16:16
1224. 1224What is this class about?2:29
1225. 1225Session 26: The Grand Finale1:30:06
1226. 1226Session 26: Closing and Review1:30:07
1227. 1227Session 25: Value Enhancement1:30:06
1228. 1228Session 25: More on valuation1:30:08
1229. 1229Session 24: Acquisition Valuation1:30:06
1230. 1230Session 24: Closing the books on dividends & First steps on value1:30:07
1231. 1231In Practice Webcast #13: Dividend Assessment13:09
1232. 1232In Practice Webcast #13: Dividend Assessment17:31
1233. 1233In Practice Webcast #12: The Trade off on Dividends10:50
1234. 1234Session 23: Valuing flexibility and distressed equity as options1:30:08
1235. 1235Session 23: Dividends, Potential Dividends and Cash Balances56:03
1236. 1236Session 22: Natural Resource Options and the Option to Expand54:16
1237. 1237Session 22: The Trade off on Dividend Policy1:30:07
1238. 1238In Practice Webcast #11: Designing Debt19:50
1239. 1239Session 21: Real Options - Introduction & Valuing Patents1:30:07
1240. 1240Session 21: Debt Design & First Steps on Dividends1:30:06
1241. 1241Session 20: Valuing Private Business (for sale and IPO)1:30:07
1242. 1242Session 20: Moving to Optimal & Designing the Right Debt1:30:05
1243. 1243In Practice Webcast #10: Estimating an Optimal Debt Ratio19:49
1244. 1244Session 19: Choosing the right multiple, asset based valuation1:30:07
1245. 1245Session 19: APV & Relative Analysis - Capital Structure1:30:06
1246. 1246Session 18: Applying Multiples and Market Regressions1:30:06
1247. 1247Session 18: More on the Cost of Capital Approach to Optimizing Financing Choices1:30:08
1248. 1248Introduction to Valuation Session2:41
1249. 1249Introduction to corporate finance session2:13
1250. 1250In Practice Webcast #9: The Trade off on Debt23:12
1251. 1251Session 17: The cost of capital approach to optimizing financing mix49:24
1252. 1252Session 17: Analyzing multiples (contd) and applying multiples1:30:07
1253. 1253Session 16: Describing and Analyzing Multiples53:51
1254. 1254Session 16: The Debt Equity Trade off1:30:06
1255. 1255In Practice Webcast #8: Analyzing a typical project12:10
1256. 1256Session 15: Valuing Cyclical Companies, Value and Price and first steps on Relative Value1:30:06
1257. 1257Session 14: More on the Dark Side (Emerging Market, Financial Service and Transition Companies)1:30:06
1258. 1258Session 14: Project interactions, side costs & benefits1:30:07
1259. 1259Session 13: The Dark Side of Valuation (Valuing markets & young companies)1:30:08
1260. 1260Session 13: Dealing with Uncertainty and Equity Analysis1:30:06
1261. 1261Session 12: Last loose ends, narrative + numbers and first valuation1:30:07
1262. 1262Session 12: From earnings to time-weighted incremental cash flows1:30:06
1263. 1263In Practice Webcast #6: Debt and its Cost19:59
1264. 1264Session 11: Loose Ends in Valuation: Cash, Cross holdings & Other Assets1:30:06
1265. 1265Session 11: Cost of Capital & First Steps on Returns1:30:06
1266. 1266Session 10: Terminal Value1:30:06
1267. 1267Session 10: Debt and its cost55:01
1268. 1268Review Session for Quiz 150:38
1269. 1269Quiz 1: Review Session1:08:06
1270. 1270In-Practice Webcast #5: Estimating a bottom up beta16:40
1271. 1271Session 9: Fundamental Growth1:00:45
1272. 1272Session 9: Estimating bottom up betas for companies1:30:06
1273. 1273Session 8: More on cash flows & first steps on growth1:30:06
1274. 1274Session 8: Determinants of Betas1:30:06
1275. 1275Session 7: Earnings and Cash flows -I1:30:05
1276. 1276Session 7: Beta - Regression Diagnostics and Expected Returns1:30:06
1277. 1277In Practice Webcast #4: Reading a Regression Beta Page15:15
1278. 1278Session 6: Measuring Beta, cost of debt & capital1:24:33
1279. 1279Session 6: Equity Risk Premiums1:30:06
1280. 1280Session 5: Implied Equity Risk Premiums (Fixed with slides)1:30:02
1281. 1281Valuation Tools Webcast: Reading a 10K43:27
1282. 1282Session 5: Risk and Return Models1:30:03
1283. 1283Session 5: Implied Equity Risk Premiums & First steps on relative risk measures1:30:07
1284. 1284In-Practice Webcast #2: Analyzing the stockholder base24:27
1285. 1285Session 4: Alternatives to Stock Price Maximization and First Steps on Risk1:30:09
1286. 1286Session 4: Equity Risk Premiums - Historical & Country1:30:01
1287. 1287Session 3: DCF Basics and the Risk rate1:30:00
1288. 1288Session 3: Balancing Competing Interests1:30:02
1289. 1289In Practice Webcast #1: Corporate Governance13:54
1290. 1290Session 2: Valuation Approaches1:30:01
1291. 1291Session 2: Corporate Governance - The Board of Directors1:30:03
1292. 1292Session 1: Introduction to class1:30:00
1293. 1293Session 1: Setting the table1:30:03
1294. 1294Valuation Spring 2015 Pre-class Introduction1:33
1295. 1295Corporate Finance Spring 2015: Pre-class Intro1:58
1296. 1296Valuation Tools Webcast #14: Valuing Equity as an Option15:42
1297. 1297Valuation Tools Webcast #13: The Option to Delay (Valuing Patents)14:55
1298. 1298Valuation Tools Webcast #12: Analyzing data for multiples16:03
1299. 1299Valuation Tools Webcast #11: Enterprise Value, Firm Value and Equity Value23:07
1300. 1300Valuation Tools Webcast #9: Dealing with Employee Options13:30
1301. 1301Valuation Tools Webcast #8: Terminal Value14:35
1302. 1302Valuation Tools Webcast #7: Measuring Accounting Returns20:42
1303. 1303Valuation Tools Webcast #6: Estimating Trailing 12-month number17:16
1304. 1304Valuation Tools Webcast #5: Capitalizing R&D13:12
1305. 1305Valuation Tools Webcast #4: Capitalizing Leases11:19
1306. 1306Valuation Tools Webcast #3: Implied Equity Risk Premiums18:27
1307. 1307Valuation Tools Webcast #2: Estimating Risk Rates13:58
1308. 1308Valuation Tools Webcast #1: Getting Data15:03
1309. 1309Session 1: Setting up the class1:18:51
1310. 1310Session 9: Random Walks and Momentum14:59
1311. 1311Session 8: Market Efficiency - Testing Market Beating Schemes29:45
1312. 1312Session 7: Market Efficiency - Laying the Groundwork18:28
1313. 1313Session 6: Trading Costs & Taxes27:18
1314. 1314Session 5: Valuation - The Basics27:33
1315. 1315Session 4: Financial Statement Analysis20:20
1316. 1316Session 3: Understanding risk - The risk in stocks28:08
1317. 1317Session 2: Understanding Risk - The Risk in Bonds16:05
1318. 1318Investment Philosophies: Overview of class4:47
1319. 1319Session 10: Temporal Patterns11:56
1320. 1320Session 11: Technical Analysis17:40
1321. 1321Session 12: Introduction to Value Investing24:36
1322. 1322Session 13: Value Investing - The Passive Screeners23:36
1323. 1323Session 16: Value Investors - where's the beef?22:26
1324. 1324Session 17: Investing on Hope - Growth & Small Cap Investing15:47
1325. 1325Session 14: Value Investing - The Contrarians12:14
1326. 1326Session 18: Get in on the ground floor - The IPO story13:43
1327. 1327Session 15: Value Investing - The Activists22:00
1328. 1328Session 22: Information Trading - Trading on the news9:25
1329. 1329Session 25: Information Trading - Public InformatIon - Earnings Reports10:37
1330. 1330Session 24: Information Trading - Following the analysts15:04
1331. 1331Session 27: Too Good to be true? Pure Arbitrage26:27
1332. 1332Session 23: Information Trading - Following the insiders12:31
1333. 1333Session 21: Growth Investing - Against the tide of history?11:02
1334. 1334Session 19: Growth Investing - Growth at a reasonable price (GARP)13:31
1335. 1335Session 20: Activist Growth Investing - Be your own change agent13:56
1336. 1336Session 26: Information Trading - Public information, other than earnings20:49
1337. 1337Session 30: Market Timing - Setting the Table9:48
1338. 1338Session 33: Market Timing Approaches - Valuing the Market13:14
1339. 1339Session 36: More in Investor Performance- Continuity & Consistency15:48
1340. 1340Session 34: Market Timing - Does it Work?17:34
1341. 1341Session 37: Passive Investing Choices14:09
1342. 1342Session 28: Close Enough? Near Arbitrage13:27
1343. 1343Session 38: The Grand Finale13:45
1344. 1344Session 31: Market Timing - Nonfinancial & Technical Indicators19:56
1345. 1345Session 35: The case for passive investing -Active Investor Track Records14:54
1346. 1346Session 29: Not Riskless - Pseudo & Speculative Arbitrage14:31
1347. 1347Session 32: Market Timing Approaches - Mean Reversion & Macro Fundamentals18:57
1348. 1348Session 24: Distressed Equity as an option12:40
1349. 1349Session 25: Closing Thoughts9:02
1350. 1350Session 15: PE Ratios16:32
1351. 1351Session 22: The Option to Delay (Patents & Natural Resources)15:56
1352. 1352Session 9: Terminal Value10:07
1353. 1353Session 23: The Options to Expand and Abandon12:56
1354. 1354Session 10: Value Enhancement15:48
1355. 1355Session 13: Loose Ends - Distress, Dilution and Illiquidity15:34
1356. 1356Session 11: Loose Ends in Valuation13:17
1357. 1357Session 19: Asset Based Valuation14:13
1358. 1358Session 17: Book Value Multiples13:25
1359. 1359Session 12: Acquisition Ornaments: Synergy, control & complexity15:38
1360. 1360Session 21: The Essence of Real Options15:48
1361. 1361Session 14: Relative Valuation - First Principles18:10
1362. 1362Session 20: Private Company Valuation15:58
1363. 1363Session 18: Revenue Multiples10:55
1364. 1364Session 16: Other Earnings Multiples12:21
1365. 1365Session 7: Estimating Cash Flows19:29
1366. 1366Session 2: Intrinsic Value - Foundation11:32
1367. 1367Session 6: Cost of Debt and Capital15:09
1368. 1368Session 4: Equity Risk Premiums16:50
1369. 1369Session 8: Estimating Growth15:09
1370. 1370Session 5: Betas (Relative Risk Measures)13:25
1371. 1371Session 3: The Risk Rate17:37
1372. 1372Session 1: Introduction to Valuation16:15
1373. 1373Session 1: Introduction13:59
1374. 1374Session 30: Valuation - Cash Flows & Discount Rates16:37
1375. 1375Session 29: Valuation - First Steps14:18
1376. 1376Session 27: Dividend Policy - Action & Follow Up17:35
1377. 1377Session 26: Dividend Policy - Assessment17:39
1378. 1378Session 25: Divided Policy - The Trade Off20:39
1379. 1379Session 28: Dividend Policy - The End Game11:18
1380. 1380Session 23: The Right Type of Financing24:30
1381. 1381Session 24: Dividend Policy - Trends & Measures15:45
1382. 1382Session 19: Optimal Financing Mix III - Following up the Cost of Capital Approach17:42
1383. 1383Session 21: Optimal Financing Mix V - Alternate Approaches17:27
1384. 1384Session 22: Moving to the Optimal Financing Mix15:13
1385. 1385Session 20: Optimal Financing Mix IV - Wrapping up the Cost of Capital Approach17:53
1386. 1386Session 12: Estimating Hurdle Rates - Debt & its Cost17:55
1387. 1387Session 13: Estimating Hurdle Rates- Financing Weights & Cost of Capital13:09
1388. 1388Session 15: Investment Returns II - Getting to Time Weighted Cash Flows17:04
1389. 1389Session 16: Investment Returns III - Wrapping up Loose Ends18:11
1390. 1390Session 18: Optimal Financing Mix II- The cost of capital approach19:11
1391. 1391Session 17: Optimal Financing Mix I - The Trade Off18:51
1392. 1392Session 14: Investment Returns I- Setting the Table23:12
1393. 1393Session 10: Estimating Hurdle Rates - Bottom up Betas17:02
1394. 1394Session 11: Estimating Hurdle Rates - More on bottom up betas14:52
1395. 1395Session 9: Estimating Hurdle Rates - Betas and Fundamentals12:50
1396. 1396Session 8: Estimating Hurdle Rates - Regression Betas20:34
1397. 1397Session 7: Estimating Hurdle Rates - Implied ERP, Country Risk and Company Risk13:03
1398. 1398Session 6: Estimating Hurdle Rates - Equity Risk Premiums - Historical & Survey15:43
1399. 1399Session 5: Estimating Hurdle Rates - The Risk Rate15:12
1400. 1400Session 4: Defining and Measuring Risk17:03
1401. 1401Session 3: The Objective in Corporate Finance - Reality13:47
1402. 1402Session 2: The Objective in Corporate Finance21:23
1403. 1403Session 31: Cash Flows & Growth Rates14:56
1404. 1404Session 32: Terminal Value22:15
1405. 1405Session 33: Valuation Loose Ends17:01
1406. 1406Session 34: The Value of Control12:52
1407. 1407Session 35: Relative Valuation19:59
1408. 1408Session 36: Closing Thoughts11:42
1409. 1409Session 1: Corporate Finance: What is it?17:41
1410. 1410Class Setup0:53