Aswath Damodaran's Blog

My title is Aswath Damodaran, and I instruct business finance and valuation at the Stern School of Business at New York Faculty. I'm a teacher very first, who additionally appears to appreciate untangling the puzzles of business finance and valuation, along with writing about the experiences of mine. As a result, I'm at the intersection of 3 businesses, education, financial services and publishing, which are all huge, inefficiently run and need to be disrupted. I might not have the capability to alter the status quo in just about any of these businesses, though I can stir the container, which site is the effort of mine to do it.

Broadly speaking, the site is divided into four sections. The first, teaching, contains every one of the classes of mine, beginning with the MBA courses that I instruct at Stern and also like the smaller (2 day to 3 day) executive sessions I've on business finance and valuation. You are going to find not just the substance for the classes (lecture paperwork, quizzes), but additionally webcasts of the classes that you are able to access on various platforms. I have martial arts classes specifically customized to an internet market on valuation, corporate investment and finance concepts, and the quirky versions of mine of accounting as well as statistics classes. The next, writing, includes back links to nearly every aspect I've created and continue writing, beginning with the books of mine and also extending to my practitioner documents (on equity danger premiums, cash flows along with other matters valuation related). The last, data, includes the yearly posts which I offer on business averages, for US and worldwide businesses, on both company finance and also valuation metrics (including multiples). It's also in which I offer the estimates of mine of equity risk premiums as well as expense of capital. The quarter, tools, includes the spreadsheets that I've created with time to value and also analyze businesses and brief in practice webcasts on how you can evaluate companies.

I've been informed that my site is ugly, and I apologize for its clunky feel and look. While several of you've available making it look much better for me, and I thank you for the kindness of yours, I have to have the ability to alter, alter and adjust the site as I go along and also to accomplish that, I've to handle what I understand about site design, and that isn't a lot of. You are able to test the search engine below and when that doesn't work, try out this guide on the website.

Teaching: The Spring 2019 Corporate Finance training, today completely archived, is found below and also the archived Spring 2019 Valuation type is linked . The internet versions of these classes could be found here and NYU offers certificate versions here. I in addition taught 3 courses within the spring of 2020, but fifty percent the class was taught internet, and also you are able to get all the backlinks here: Corporate Valuation and Finance on the Valuation and MBAs to the undergraduates. In spring 2021, I'll be teaching all 3 classes again and you are able to get the links to them right here. In case you want a brief brush up on the fundamentals of finance, I've included a course on the foundations of financing and also a minimalist accounting group to the internet list of mine. In 2021, I included a statistics type into the mix, again instructed from the viewpoint of somebody who uses stats instead of a statistical expert.

Writing: This paper on valuing Tesla (with Brad Cornell) received readers' award (Bernstein Levy) in Journal of Portfolio Management. Download the most recent version of my yearly equity risk premium revision by clicking here and also the most recent version of my yearly country risk revision by clicking here. I in addition have a paper on valuing users, members and subscribers. The book of mine on Narrative & Numbers, from Columbia Faculty Press, ought to stay in book stores as well as the final edition of The Dark Side of Valuation came out in 2018. Lastly, Brad and I've authored a new papers on what we contact the huge industry delusion, on how the allure of big markets that comes with overconfident entrepreneurs/investors are able to produce over pricing across businesses. In 2020, we added a paper on ESG, a principle which is oversold and overhyped by the proponents of its, in addition to a paper on value investing's travails within the last ten years. In 2020, I in addition posted a number of 14 articles on the COVID problems, with the focus on markets, in time that is real, which I've now put together as a newspaper (way as well long) on what I learned and unlearned. I simply included a paper on the disruption beginning to the IPO process.

Information: The newest total data update was on January five, 2022; my upcoming one will likely be in January 2023. My country risk premiums also get kept updated midyear; my newest update was on January one, 2022. Check under data for links and downloads, and archived data from previous seasons.