VALUATION: SPRING 2021 Aswath Damodaran 2 General Information ¨ Office: In cyberspace. Aswath Damodaran Subscribers: 202000 . I have been a long time advocate of using technology to deliver classes online, and my first attempts to do so date back to the 1990s, well before the appearance of Coursera, EdX and a host of other online platforms. The university governance system stinks, investments are driven by ego and me-tooism, the funding process is unsustainable, and universities seem to revel in mistreating their primary customers, the students, who deliver the tuition revenues that represent the bulk of their revenues. Aswath Damodaran 145 146 Measuring Potential Dividends ¨ Some analysts assume that the earnings of a firm represent its potential dividends. Cost of Capital (continued) - Market values for debt and equity - Lease committments to Debt - Weights for debt and equity Introduction to Investment returns It must be the end of the year, because experts are on television making their case why high flying some stocks will surely plummet in 2021. A Division of NBCUniversal. Let me pick the companies that I think will benefit,'" Damodaran, known as the "dean of valuation" for his company analyses, said on "Fast Money.". ... once-every-two-weeks live zoom sessions where you can ask me questions and certificate at the end of the class, if you pass the exams/quizzes and complete the project requirements. I love what Zoom, Cisco WebEx, Microsoft Team and Google Classes have created as platforms, to allow me to teach my classes online, ... Aswath Damodaran I am a Professor of Finance at the Stern School of Business at NYU. This month Aswath Damodaran, a distinguished professor at New York University called Peloton Interactive, Inc. (Nasdaq: PTON) and Zoom Video Communications (Nasdaq: ZM) investors lazy and said Tesla, Inc. (Nasdaq: TSLA) shares are priced … As a final take-away, I am questioning myself whether I am suffering from video-phobia & over-spending my time towards videos which is when your final email to Spring 2020 Corporate Finance class came handy(Sorry, I tweaked & added Valuation as well to that) "If you really, really want to master corporate finance (& valuation), don't waste too much time reading books & papers or listening to lectures. Bio. "All four are richly priced," Damodaran said Tuesday on CNBC's " Squawk on the Street ." I will mute audios to start the class, but you will have the power to unmute yourself. Information is provided 'as is' and solely for informational purposes, not for trading purposes or advice. 2 General Information ... ¨ Zoom rules: Please try to be at the class, and unless you have really good reasons you do not want to, please have your video and audio ready to go. Source: Aswath Damodaran. In this interview, Gavin talks Pick another company (preferably as different as you can get from your project company) and take it through the project(& valuation) analysis.". Aswath Damodaran I am a Professor of Finance at the Stern School of Business at NYU. Related Videos. Last week, was my data week, wh... What is a hurdle rate for a business? Aswath Damodaran has, as far as I know, not made millions by investing in stocks whose intrinsic value is far higher than their market value. Information is provided 'as is' and solely for informational purposes, not for trading purposes or advice. I have been lucky in my academic life that I have never been good enough at any one area of finance to become a specialist/expert, and have had to develop diverse interests in both teaching and research and different ways of delivering (timing, platform) what I know, to create something resembling a niche. ¨ E-mail: [email protected] nyu.edu ¨ Home Page: ¨ Office Hours ¤ Monday: 11 am – 12 pm, EST ¤ Wednesday: 11 am – 12 pm, EST ¤ All office hours will be online, with breakout rooms for privacy ¤ The “fair game” principle applies ¨ The teaching assistants/fellows for this class are: 1. Prof. Dr. ASWATH DAMODARAN VALUATION: ART, SCIENCE OR MAGIC? Discover Professor Aswath Damodaran’s Eloquens Author Channel with our new case study video. Data Update 4 for 2021: The Hurdle Rate Question! February 3, 2021. 5 august. If a university were treated as a business, and we were asked to objectively assess its performance, we would give it failing grades on multiple counts. I was hoping to move on from Tesla to my data update posts, but my last post on Tesla drew some attention, in good and bad ways, partly be... Webcast page for MBA Corporate Finance, Spring 2020, Webcast page for MBA Corporate Finance, Spring 2019, Webcast page for MBA Valuation, Spring 2020, Webcast page for MBA Valuation, Spring 2019, YouTube page for MBA Corporate Finance, Spring 2020, YouTube page for MBA Corporate Finance, Spring 2019, YouTube page for MBA Valuation, Spring 2020, YouTube page for MBA Valuation, Spring 2019, Webcast page for Foundations of Finance Online, Webcast page for Corporate Finance Online, Webcast page for Investment Philosophies Online, YouTube playlist for Foundations of Finance Online, YouTube playlist for Corporate Finance Online, YouTube playlist for Investment Philosophies Online, NYU Certificate in Investment Philosophies. A Do-it-yourself (DIY) Valuation of Tesla: Of Investment Regrets and Disagreements! He leads the design and product development of fassforward’s services. He teaches the corporate finance and valuation courses in the MBA program. I know many of my friends had difficulties to understand which of your course to go through and this blog post just helps address that. Home » Tesla Stock – NYU’s ‘Dean of Valuation Aswath Damodaran on GameStop, AMC business problems ADVERTISEMENT Tags: AMC Entertainment Holdings Inc BlackBerry business business news GameStop Corp hedge funds Investment strategy short-selling Stock markets Tesla Inc About me; Gender: MALE: Industry: Education: Occupation: Professor of Finance: Location: New York, New York, United States: Introduction: I am a Professor … Influential figures jostling the fate of companies is nothing new, said Aswath Damodaran, a professor of finance at New York University. In 2020, COVID may have accomplished what hundreds of years of competitors and critics have not, and exposed the underbelly of the university model. “It is precisely times like these that matter most,” he said. Will there be some topics that get covered in more than one of these classes? Data Update 2 for 2021: The Price of Risk! Aswath Damodaran: Are Markets Overvalued Right Now? Most talked about tickers COF (13 videos) TSLA (6 videos) IPO (4 videos) DIS (3 videos) AAPL (3 videos) ... Zoom Video Communications-A Clear selection. All Rights Reserved. I am sure many of you find yourself working in unfamiliar settings, as you struggle to get your job done from home, and juggle multiple roles (parents, teachers, handymen). My twitter feeds (almost entirely on valuation/corporate finance) can be found at @Aswath Damodaran. 10.24K Followers. Aswath Damodaran has, as far as I know, not made millions by investing in stocks whose intrinsic value is far higher than their market value. Got a confidential news tip? My not-so-profound thoughts about valuation, corporate finance and the news of the day! - Aswath Damodaran - Feb 04, 2021 [Value Partners Market Outlook 2021] - An update on the art of value investing - Feb 04, 2021 ; The Storming of the Bastille: The Reddit Crowd targets the Hedge Funds! Quotes are not sourced from all markets and may be delayed up to 20 minutes. This post was originally published on his blog Musings on Markets. Data Update 3 for 2021: Currencies, Commodities, Collectibles and Cryptos. Aswath Damodaran. Data is a real-time snapshot *Data is delayed at least 15 minutes. Aswath Damodaran I am a Professor of Finance at the Stern School of Business at NYU. Momentum can carry expensive stocks like Tesla and Apple much higher. Get this delivered to your inbox, and more info about our products and services. I remember October 1987, the one-day collapse of the S&P 500 index, down 22%. Thanks for great summary of courses you offer, Professor! 08/05/2020 From Class Room to Class Zoom: Teaching in COVID Times! Aswath Damodaran had some advice for the audience at the 73rd CFA Institute Annual Virtual Conference: Don’t abandon valuation fundamentals during the COVID-19 crisis. Industry Name: Number of firms: Beta : D/E Ratio: Effective Tax rate: Unlevered beta: Cash/Firm value: Unlevered beta corrected for cash: HiLo Risk: Standard deviation of equity Marking Time: A new year, a fresh semester and its class time! Why Uber … Good luck and Godspeed! 3.7K Views. Sign up for free newsletters and get more CNBC delivered to your inbox. The last thing that many of you may want to do is to add another online task to your to-do list, but just in case you do have the time and the inclination, I thought I would give you a look at the courses that I teach (or have taught) and the platforms that I offer them on, to find a course/platform combination that is to your liking. I also know that some of you were expecting to be back in school soon and have been disappointed to find out that you will be taking your classes online again. If you an uninterested in any of these classes, there is clearly nothing more to say. When you talk about online education, take account of, like, Chegg. A Viral Market Update XIII: The Strong (FANGAM) ge... From Class Rooms to Class Zooms: Teaching during C... Valuation builds on corporate finance, but is, The investment philosophies class is aimed at, Foundations of Finance Online (Included in Corporate Finance and Valuation certificate classes). He is the author of four books on equity valuation. One issue that I have always wanted to write about is the potential for a feedback loop between price and value (I can see you already rolling your … I have tried to make the content equally accessible in all of the platforms. Since the content on these courses is identical to the free online versions (even though NYU has chosen to add advanced to the valuation class and applied to the corporate finance class names), you will have to decide whether these add ons are worth the price that NYU charges for them. With a wealth of knowledge in the academic world, there is great potential for the sharing of knowledge. Often referred to as "the new Benjamin Graham", Aswath Damodaran has become one of the most important figures in the world of value investing with his very popular NYU Classes He received his MBA and Ph.D from the University of California at Los Angeles. He has been the recipient of numerous awards for outstanding teaching, including the NYU university-wide Distinguished Teaching Award, and was named one of the nation's top business school teachers by BusinessWeek in 1994. Industry Name: Number of firms: Beta : D/E Ratio: Effective Tax rate: Unlevered beta: Cash/Firm value: Unlevered beta corrected for cash: HiLo Risk: Standard deviation of equity The views expressed here are those of the author and do not necessarily represent the views of … Aswath Damodaran. When classes had to be moved online mid-semester in the spring of 2020, I was more prepared than most to deliver my classes online, having had some experience in the game. Comments by banker John Pierpont Morgan more than 100 years ago, or Chrysler boss Lee Iacocca in the 1980s, could move markets. - ONLINE TRAINING VIA ZOOM The mix of basic valuation techniques and applications provided in this seminar should appeal to a widely diverse audience. Commonly known as the ‘dean of valuation’, Aswath Damodaran, professor of valuation at Stern School of Business at New York University (NYU), discusses his book Narrative and Numbers, how to … If you want to see which chapters map on to which sessions, click here. ... Zoom, Instacart, etc. This month Aswath Damodaran, a distinguished professor at New York University called Peloton Interactive, Inc. (Nasdaq: PTON) and Zoom Video Communications (Nasdaq: ZM) investors lazy and said Tesla, Inc. […] Thank you for the great service you are doing to world in sharing the knowledge through your four courses, blog posts, YouTube videos & in many other formats. It has always been true that learning is not restricted to classrooms, and that your education may begin in a classroom, but it finds its grounding when you practice it in the real world, warts and all. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. Aswath Damodaran vor 4 Jahren 1 Stunde, 27 Minuten 3.423 Aufrufe The bulk of today's class was spent on the Netflix Studio case. This 28-session equity valuation class will be recorded starting January 27, 2020, and the lectures are accessible in multiple ways.You can get the supporting lecture notes by clicking on the pdf files below - the pages covered by each lecture are provided next to each lecture. I don't believe that I have either the knowledge or the intellect to answer every question that I am asked, but my job in teaching is to expose the process by which I try to get an answer, misguided and incorrect though it may be. One of the nation's leading valuation experts, NYU Stern professor Aswath Damodaran, says the high-profile IPO is worth closer to $60 billion. That said, this mistreatment is not a new phenomenon and the university model has endured for centuries, foiling and co-opting potential challengers over this period. With each class that I teach, I have multiple versions that you can access, and you are welcome to pick the one that best fits the time you have available to spend on the class, and what you hope to get out of it. Zoom session (accessible only those in the class) Video podcast (downloadable) Audio podcast (downloadable) YouTube; Take the second quiz (a or b) and check out the solution (a or b) as well as the distribution of grades for the class. They also include quizzes, an exam and a final project, the last of which I will grade and return to you with feedback. Damodaran’s warning extends beyond Uber, serving as a bearish signal for investors eager to bet on newly public companies such as Lyft Inc. , Zoom Technologies Inc. (ZOOM) and Pinterest Inc. . 1:33:50. (This story is for CNBC Pro subscribers only.) Quotes are not sourced from all markets and may be delayed up to 20 minutes. (This story is for CNBC Pro subscribers only.). While I hear your grief on moving classes from physical to virtual world, I also feel a student's lament in not getting to attend classes in-person (at-least a part of me) although I have accepted that I may never get a chance to attend a full-time in-person university class for the rest of life (because life gets in the way). I teach classes in corporate finance and valuation, primarily to MBAs, … The Storming of the Bastille: The Reddit Crowd targets the Hedge Funds! First, as classes moved online, there were many where students hardly noticed the difference, as classes taught without energy, enthusiasm and engagement in a physical classroom sound the same online, and are easier to mute. This crosses diverse topics, including Leadership, culture, decision-making, information design, storytelling, and learning design. The Sharing Economy come home: The IPO of Airbnb! I. 2 General Information ... ¨ Zoom rules: Please try to be at the class, and unless you have really good reasons you do not want to, please have your camera on, and audio ready to go. Aswath Damodaran. A Jedi Guide to Valuation in an Uncertain Universe. Gavin McMahon is a founder and Chief Content Officer for fassforward consulting group. I spent the first week of 2021 in the same way that I have spent the first week of every year since 1995, collecting data on publicly traded... As we approach the turn of the calendar year, I have my own set of rituals that prepare me for the new year. Zoom recording (only if you are registered in the class) Video podcast (downloadable) Audio Podcast (downloadable) YouTube video . But NYU Stern professor Aswath Damodaran believes their valuations are all too high. Aswath Damodaran: Everything I know about valuation I’ve learned in the process of teaching that class. Peloton Interactive Inc. stationary bicycles sit on display at the company's showroom on Madison Avenue in New York, U.S., on Wednesday, Dec. 18, 2019. ¨ I love what Zoom, Cisco WebEx, Microsoft Team and Google Classes have created as platforms, to allow me to teach my classes online, but as I explain in this long-ago session I did on teachingas a craft, there is an element of magic that can show up only in a classroom, and even there only rarely. Zoom’s stock also rose dramatically along with its user count. (2) To value and price privately owned and non-traded businesses, (3) To value and price stand-alone assets. As I write this Zoom stock is trading at a price of $215 per share. Follow. (1) To value and price publicly traded companies, small and large, young and old, developed and emerging markets, as an investor. 2 General Information ... ¨ Zoom rules: Please try to be at the class, and unless you have really good reasons you do not want to, please have your video and audio ready to go. - Aswath Damodaran - Feb 11, 2021 ; The Price-Value Feedback Loop: A Look at GME and AMC! Thus, I will cover the basics of estimating cost of capital in corporate finance, but with the perspective of estimating hurdle rates for companies that are evaluating projects, and again in valuation, but from the perspective of investors trying to value a company. Session 13: Uncertainty in Investing and Equity-focused Analysis von Aswath Damodaran vor 10 Monaten 1 Stunde, 20 Minuten 5.573 Aufrufe In , this Zoom session, we started by looking at how to deal , with uncertainty , , and cautioned against two practices: 1. I teach classes in corporate finance and valuation, primarily to MBAs, … Aswath Damodaran Aswath Damodaran 1. (1) To provide perspective on the core principles that govern investing, financing and dividend decisions, and how choices on one of these dimensions can and often do affect choices on the other. As far as his assessment on Pinterest, Damodaran sees it a $14 billion, and $16 billion for Lyft and $7 billion for Zoom. Don't get me wrong! It must be the end of the year, because experts are on television making their case why high flying some stocks will surely plummet in 2021. “You need to go back to the first principles of valuation. New York University finance professor Aswath Damodaran told CNBC on Thursday he believes the coronavirus-fueled surge in … - ONLINE TRAINING VIA ZOOM The mix of basic valuation techniques and applications provided in this seminar should appeal to a widely diverse audience. TA Review Sessions: Will be set up on Zoom. Valuing Companies with Intangible Assets Since these are offered through NYU, they come with a price tag, that some of you may find too high. The spring 2020 class was distorted by the crisis, and if you prefer a more conventional class, I have the 2019 versions listed as well: As you will see on these pages, each recorded lecture comes with the slides that I used for that lecture and a post-class test and solution. That represents a price to earnings ratio of about 2,000 and a price to revenue ratio of more than 50. The Price-Value Feedback Loop: A Look at GME and AMC! These biases can appear in a number of different parts of a DCF as Damodaran shows (see below – click the image to zoom). - Aswath Damodaran - Jan 30, 2021 © 2021 CNBC LLC. Bottomline, August is Back-to-School time! - Aswath Damodaran - Feb 04, 2021 [Value Partners Market Outlook 2021] - An update on the art of value investing - Feb 04, 2021 ; The Storming of the Bastille: The Reddit Crowd targets the Hedge Funds! Of course, but in my view (and remember again that I am biased), these are topics that are worth repeating and looking at through a different lens. "I think very early in the pandemic, Zoom and Peloton to me became the symbols of lazy investing — lazy investing in the sense of, 'Hey, I want to take advantage of the pandemic. Zoom commands these multiples despite the fact that the video conferencing market is crowded and highly competitive. If you are using one of my valuation books for reference, try the supporting websites. I will mute audios to start the class, but you will have the power to unmute yourself. Aswath Damodaran. The professor, 62, received his master’s degree and doctorate from the University of California, Los Angeles. Second, of the many things that students misses after classes moved online, the classes themselves were low down the list, well below friends, college sports and parties. Prof. Dr. ASWATH DAMODARAN VALUATION: ART, SCIENCE OR MAGIC? The videos are also available as YouTube playlists for each class: These classes have more polished versions of the videos that I recorded for my online class, come with exams and projects, and I do live Zoom sessions every two weeks, with each class, for the clearing up of doubts and questions. (2) To get comfortable with the tools, models and theories that lead to the "right" corporate finance decisions. I have been honored & fortunate enough to know about these courses and have been one of thousands of beneficiaries of your Foundations of Finance, Corporate Finance and Valuation Class (Investment Philosophies class has to wait). As this crisis has stretched from days to weeks, and from weeks to months, my office at home has become a home recording studio, but my updated camera still captures me in shades of dishevelment, and my new microphone cannot completely shut out the sounds of home, from my dog barking at the front door, to Alexa notifying me that a new package has arrived, to the microwave pinging. Aswath Damodaran, PhD | Aswath Damodaran is the Kerschner Family Chair Professor of Finance at the Stern School of Business at New York University. Session 1: Setting the table von Aswath Damodaran vor 6 Jahren 1 Stunde, 30 Minuten 19.660 Aufrufe Lays out the structure of the class and the big picture of … Aswath Damodaran's Blog. Calculus Class Zoom Meeting 4/8/2020 von El Molino Math vor 9 Monaten 43 Minuten 137.335 Aufrufe Session 1: Introduction to Valuation Session 1: Introduction to Valuation von Aswath Damodaran vor 6 Jahren 16 Minuten 851.829 Aufrufe Lays out the rationale for … In the years since, my primary teaching at the Stern School of Business has been focused on two courses. Don't get me wrong! And for those of you find that price to be too high, there is always the free version! With each class, you can stream the class from the NYU server, at least for the latest semesters. Lyft, Zoom and Pinterest all priced above their marketed range, while Uber is prepping for what will be this year’s biggest IPO, seeking a $100 billion price tag. You can accuse me of biting the hand that feeds me, but I have always though that the university model of education, especially as practiced by research universities, is dysfunctional and ripe for disruption. Aswath Damodaran, el ‘decano de la valoración’, ... Creo que la educación en línea muestra un caso obvio, que es el de Zoom, que va a ser un asesino en el mercado cuando acabe la crisis. We want to hear from you. Since the NYU server gets wiped clean every two or three years, I have YouTube playlists of the same classes at the links below: The YouTube videos have the links to the slides and the post class tests/solutions. There is almost nothing I teach in my classes that is timeless or profound, and I have learned that there is so much more that I do not know about the topics that I teach, than I do. - Aswath Damodaran - Jan 30, 2021 Third, the fact that most universities were unable or unwilling to cut tuition, even as classes move online, drew attention to the magnitude of the tuition and how little of it is directly connected to student education. From Class Rooms to Class Zooms: Teaching during COVID times! Influential figures jostling the fate of companies is nothing new, said Aswath Damodaran, a professor of finance at New York University. Sounding good or Doing good? Its overall average is 5.84% (again cap-weighted), but its average between 1999 and 2006 is 8.50% while its average between 2012 and today is only 3.37%. In 1985, in my very first year of teaching at the University of California at Berkeley, I taught five different classes from corporate finance to investments to central banking, knowing just enough of each to stay one step ahead of my students. and I am going back to basics of hands-on, practice, solving post-class problems/assignments with pencil & paper (or craft as you call valuation) to keep me in check and this is where I miss an in-person class. However, the link between the academic sphere and those outside is not as efficient as it could be. ... reality and not drive yourself in a frenzy because you cannot explain what other people are paying for Tesla, Airbnb or Zoom. Influential figures jostling the fate of companies is nothing new, said Aswath Damodaran, ... Internet Zoom updates to support hybrid working models, office re-entry As I have said repeatedly, and in many contexts, I would rather be transparently wrong than opaquely right, and I hope that if you take one or more of my classes, you will not only learn from my mistakes but also develop your own processes for answering the big questions in finance. Data Update 1 for 2021: A (Data) Look Back at a Most Forgettable Year (2020)! Thank you for motivating just right for me!! My blog posts can be found here. Its overall average is 5.84% (again cap-weighted), but its average between 1999 and 2006 is 8.50% while its average between 2012 and today is only 3.37%. - Aswath Damodaran - Feb 11, 2021 ; The Price-Value Feedback Loop: A Look at GME and AMC! Zoom's Stock Price. New York University finance professor Aswath Damodaran told CNBC on Thursday he believes the coronavirus-fueled surge in the stocks of Zoom Video and Peloton have pushed their valuations way too high. I will mute audios to start the class, but you will have the power to unmute yourself. As recently as a decade ago, there were some who proclaimed that MOOCs (massive open online courses) would upend universities, but that assault, like others before, failed and EdX and Coursera now operate as extensions of universities, rather than competitors. Aswath Damodaran is a Professor of Finance at the Stern School of Business at New York University. Aswath Damodaran I am a Professor of Finance at the Stern School of Business at NYU. Finally, it forced students and parents, who had been have been conditioned to believe that the only way to get an education is to spend four years at a university, out of their pre-conceptions and to experiment with alternative routes. Presentation at the CFA Institute Conference on Equity Research and Valuation. As some of you who have visited my website and read my bio know, I describe myself first and foremost as a teacher, and every semester, for the last decade, I have invited anyone who is … I myself was surprised to find I missed you walking around & teaching in Paulson Auditorium as you moved to Zoom sessions in second half, but realized what impact an in-presence (or in-presence like for me, my last in-person student experience goes back to 2002) experience can have which a recorded video may not have, only to awake sometime later of my acceptance of virtual learning that it was the same content. That said, this semester was a reminder, in case I needed one, of how much of what I love about teaching comes from physically being a classroom. This self-realization has made me adapt to new way of learning things of interest(recorded videos) to keep up with learning needs and this is what motivated me to religiously follow your Spring 2020 Corporate Finance. Author Aswath Damodaran is regarded as one of the best educators and thinkers on the topic of investment valuation; This indispensable guide is a must read for anyone wishing to gain a better understanding of investment valuation and its methods. While the case itself will soon be forgotten (as it should), I , (3) To understand why managers and owners often choose to deviate from the script and make sub-optimal decisions. Packet 1: 328-339: Valuing Financial Service firms. A Skeptical Look at ESG. I love what Zoom, Cisco WebEx, Microsoft Team and Google Classes have created as platforms,  to allow me to teach my classes online, but as I explain in. Aswath Damodaran: If you have liquidity, I think you should think about investing. Don’t pay heed to commodity prophecies, they’re always wrong: Aswath Damodaran; I take everybody including Warren Buffett, Ray Dalio with a grain of salt: Aswath Damodaran; Be incremental and multibaggers will follow: Aswath Damodaran, NYU Stern School of Business; Aswath Damodaran says valuation is not just a number, there’s a story to it

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