Aswath Damodaran On The Past And Future Of Facebook, Amazon, Google And Other Tech Giants

  ValueWalk Daily Free Newsletter - Everything Hedge Funds and value investing | [View Online](  If you think others would find this useful, please share it with them – we’d really appreciate it  Share:  [facebook](  [twitter](  [google](  [linkedin](  [SU](  We are still reformatting the newsletter please bear with us while we perfect it, which should be any day!.   [Free "dummies guide" to trading options.]( [sponsor]  Did you know trading options can actually be safer and more profitable than buying and selling stocks? Video and plain English training guide reveals how to get started tonight. 100% free.  [Download now.](  ---------------------------------------------------------------  [Aswath Damodaran On The Past And Future Of Facebook, Amazon, Google And Other Tech Giants]( If there is one thing that I have learned about markets over the years, it is that they have a way of leveling egos and cutting companies and investors down to size. The last three weeks have been humbling ones […] The post [Aswath Damodaran On The Past And Future Of Facebook, Amazon, Google And Other Tech Giants]( appeared first on [ValueWalk](. [Which US State Will Be the First to Suffer A Fiscal Collapse?]( I’m a big fan of federalism because states have the flexibility to choose good policy or bad policy. And that’s good news for me since I get to write about the consequences. One of the main lessons we learn (see here, here, here, here, and here) is that […] The post [Which US State Will Be the First to Suffer A Fiscal Collapse?]( appeared first on [ValueWalk](. [Clifton Robbins Friendly Activist Style Investing]( Clifton Robbins is a highly respected activist investor and the founder and CEO of Blue Harbour Group. I review his investing style and current stock holdings in the detailed portfolio review below. Collaborating with Management Teams While Blue Harbour is […] The post [Clifton Robbins Friendly Activist Style Investing]( appeared first on [ValueWalk](. [China’s Plan For The Next 5,000 Years]( Today’s article comes to you from our resident resource expert Jamie Keech. Coming out of university, I managed to catch the tail end of the so called “super-cycle”, arguably the biggest commodities boom in history fueled by China’s explosive growth […] The post [China’s Plan For The Next 5,000 Years]( appeared first on [ValueWalk](. [Fireworks Ahead For Gold?]( There are many odd correlation divergences taking place in the gold market, many of which may redress themselves in the form of mean reversion if historical patterns play out. Looking at it from a fundamental perspective, a Macquarie report sees […] The post [Fireworks Ahead For Gold?]( appeared first on [ValueWalk](. [Louis Gave – An Important Paradigm Shift Which Will Define The 21st Century]( “The deflationary period we’ve been in has come to an end.” – Louis-Vincent Gave, Founding Partner & CEO, Gavekal Research Bank Of America Gets Caught Again: And Again No One Goes To Jail Canadian Economy Nears Dangerous Juncture As Banks […] The post [Louis Gave – An Important Paradigm Shift Which Will Define The 21st Century]( appeared first on [ValueWalk](. [Can the Kool-Aid Be Remixed?]( Tomorrow we’ll get the Congressional Budget Office’s first look at the budgetary consequences of Donald Trump. That is, the CBO will release its 10-year budget outlook, which was delayed by a few months to allow enough time to assess recent […] The post [Can the Kool-Aid Be Remixed?]( appeared first on [ValueWalk](. [Timing Country Exposure With Value: A Valuation Measure Horserace]( Buy cheap. This is a motto many live by, not only in their daily lives but also in their investment philosophy. Historically, “buying cheap” stocks was a good idea (i.e., the so-called “value” premium). See 2017 Hedge Fund Letters. But […] The post [Timing Country Exposure With Value: A Valuation Measure Horserace]( appeared first on [ValueWalk](. [A Post Office Bail Out Is Near]( The U.S. Postal Service could be headed for a bailout if budget woes are not addressed with significant reforms, argued an expert Friday. Congress has looked to address the budget problems with the post office facing $15 billion in debt. The […] The post [A Post Office Bail Out Is Near]( appeared first on [ValueWalk](. [Corporate Finance Leaders Worldwide Optimistic]( Corporate finance leaders worldwide optimistic about expansion and hiring; automation and AI keeping them up at night, finds new Amex global survey See 2017 Hedge Fund Letters. More than eight in ten (85%) global finance executives worldwide anticipate economic expansion […] The post [Corporate Finance Leaders Worldwide Optimistic]( appeared first on [ValueWalk](. [Ed Yardeni, Predicting the Markets]( In one way or another every investor and trader predicts markets, even though some claim they’re not doing it and others decry the very attempt. Warren Buffett, for instance, famously said that “the only value of stock forecasters is to […] The post [Ed Yardeni, Predicting the Markets]( appeared first on [ValueWalk](. [Trade War Or Mr. Market?]( From the end of the trading day on November 9, 2016, after Donald Trump was elected President, to the beginning of February 2018, the stock market generally went up uninterrupted. We had 16 months of uneventful  happenings in the stock […] The post [Trade War Or Mr. Market?]( appeared first on [ValueWalk](. [Mind The Gap, And Other Non-Confirmations Of A Low]( As political risk continues to escalate, we are, as always, keenly focused on risk management and the mitigation of potential losses. To those ends, we are monitoring indicators of market breadth for evidence that the worst of the shakeout is […] The post [Mind The Gap, And Other Non-Confirmations Of A Low]( appeared first on [ValueWalk](. [Getting Even With China]( Don’t get mad, get even. — Joseph P. Kennedy, Sr father of President John F.Kennedy One of the most widely quoted movie lines of all time is “I’m mad as hell, and I’m not going to take this anymore!” It […] The post [Getting Even With China]( appeared first on [ValueWalk](. [7 Charts That Signal A Breaking Point]( Just like the weather, financial markets go through cycles. Most years, weather doesn’t change suddenly. We get some transition time between the colder and warmer seasons. I fear we may be in an economic transition right now. And it may […] The post [7 Charts That Signal A Breaking Point]( appeared first on [ValueWalk](. [Wells Fargo & Co (WFC) Fundamental Valuation Report]( This Report was generated using the tools available on StockCalc.com. Patchell Brook Equity Analytics Inc. emphasizes that the user assumes all risks associated with the use of this report or the Stockcalc website including, but not limited to, all terms […] The post [Wells Fargo & Co (WFC) Fundamental Valuation Report]( appeared first on [ValueWalk](. [Gold Sets New Volume Record – Again]( Gold has just broken a new all-time quarterly record for volume – again. With Q1 2018 in the record books, we can see below that gold has just exceeded its previous record volume, which was set in Q4 2017. The […] The post [Gold Sets New Volume Record – Again]( appeared first on [ValueWalk](. [How Stock Markets Have Responded To Tariffs In The Past]( Stock markets have been spooked by talk of a trade war between the US and China. The consensus view is that trade wars and tariffs are bad for economic growth and the stock market. See 2017 Hedge Fund Letters. It’s […] The post [How Stock Markets Have Responded To Tariffs In The Past]( appeared first on [ValueWalk](. [Dalio Doubles Down – Risk Of Shooting War With China]( Dalio reiterates yet again the possibility of a war with China echoing what George Soros said a few years ago and what the owner of this site has mentioned for several years now – Dalio points to some of Trump’s […] The post [Dalio Doubles Down – Risk Of Shooting War With China]( appeared first on [ValueWalk](. [“Is this the type of trading that sent Gary Cohn to the White House?]( As excerpted from Not My Grandfather’s Wall Street by David von Leib, America Star Books, 2015: The year was 1992. The locale: a prominent office building on Broad Street, New York City. The precious metals trading desk. Also see pripr articles […] The post [“Is this the type of trading that sent Gary Cohn to the White House?]( appeared first on [ValueWalk](. [Graphic Porn I]( Graphs are ubiquitous in finance. Done properly, they can help us grasp complex ideas or interrelations at a glance—or even transport us back to a silly early 90s pop song, like the chart above. (Sorry if I’ve given you a Right […] The post [Graphic Porn I]( appeared first on [ValueWalk](. [PetroYuan Shifts Means The End Of The Petrodollar Monopoly?]( By Dan Steinbock      As oil can now be traded with RMB-denominated contracts, the rise of the petroyuan will accelerate the internationalization of the Chinese currency as investors begin to increase their allocations into Chinese financial assets. In late March, […] The post [PetroYuan Shifts Means The End Of The Petrodollar Monopoly?]( appeared first on [ValueWalk](. [Spotlight: Rio Tinto And The World’s First “Intelligent” Mine]( Later this year, Rio Tinto will seek board approval to spend $2.2B to build the world’s first “intelligent” mine, a network of robots and autonomous vehicles all working together on the site of the earth’s largest iron ore complex in […] The post [Spotlight: Rio Tinto And The World’s First “Intelligent” Mine]( appeared first on [ValueWalk](. [Trader War Stories, The Green Lumber Fallacy, And Bitcoin Short Sales]( Tyler here with this week’s Macro Musings. As always, if you come across something cool during the week, shoot me an email at tyler@macro-ops.com and I’ll share it with the group. See 2017 Hedge Fund Letters. Recent Articles/Videos — Buy […] The post [Trader War Stories, The Green Lumber Fallacy, And Bitcoin Short Sales]( appeared first on [ValueWalk](. [Beating The Market 16 Out Of 18 Times]( In a previous Value Walk post (“A Security Selection Method That Beats The Market”), I mentioned that, since June 8th, I’ve been posting Portfolio Armor‘s top ten names each week. These names are ranked based on my site’s estimate of their […] The post [Beating The Market 16 Out Of 18 Times]( appeared first on [ValueWalk](. [Tesla Inc (TSLA): The Beginnings of a Downward Spiral?]( Although not entirely new territory for the electric car maker, the last few weeks have been quite the roller coaster ride for Tesla (NASDAQ:TSLA). Short investors, currently in no small number, and many vocal commentators have been flagging the mighty […] The post [Tesla Inc (TSLA): The Beginnings of a Downward Spiral?]( appeared first on [ValueWalk](. [If I Pass The CFA Exam Will I Get Higher Pay?]( The CFA exams are favored as one of the top financial services qualifications to achieve—across the world. A common misconception is held though that simply passing the exams will help you get higher pay. Education always opens the door to […] The post [If I Pass The CFA Exam Will I Get Higher Pay?]( appeared first on [ValueWalk](. [Top 5 Commodities – The Impending Energy Revolution]( With the world embarking on a potential Third Industrial Revolution, according to one well-known economic advisor to China and the European Union, Jeremy Rifkin, the landscape for the commodities of today may well not be the commodities of tomorrow. […] The post [Top 5 Commodities – The Impending Energy Revolution]( appeared first on [ValueWalk](. [Hedge funds in the red again amid choppy trading conditions and weak global equity performance]( Hedge funds remained in the red for second month amid choppy trading conditions and weak global equity performance See 2017 Hedge Fund Letters. Hedge funds registered their second consecutive month of losses since the start of 2018, with the Eurekahedge […] The post [Hedge funds in the red again amid choppy trading conditions and weak global equity performance]( appeared first on [ValueWalk](. [Citigroup Fundamental Valuation Report]( This Report on Citigroup was generated using the tools available on StockCalc.com. Patchell Brook Equity Analytics Inc. emphasizes that the user assumes all risks associated with the use of this report or the Stockcalc website including, but not limited to, […] The post [Citigroup Fundamental Valuation Report]( appeared first on [ValueWalk](. [VALUETALKS – Shale Revolution With Simon Lack Of SL Advisors]( Good afternoon listeners, Today is a very special episode with Simon Lack, managing partner at SL Advisors. Prior to SL Advisors, Simon worked at JP Morgan for 23 years and was part of a committee responsible for allocating over 1 […] The post [VALUETALKS – Shale Revolution With Simon Lack Of SL Advisors]( appeared first on [ValueWalk](. [US govt says its budget deficit will PERMANENTLY exceed $1 trillion]( Yesterday the US government’s own Congressional Budget Office (CBO) published a pretty sobering report about the state of Uncle Sam’s finances– and what the future holds. According to the CBO, the federal government’s spending habits are in such dire straits […] The post [US govt says its budget deficit will PERMANENTLY exceed $1 trillion]( appeared first on [ValueWalk](. [The Narrative Giveth And The Narrative Can Taketh Away]( The day-to-day and intraday market swings over the past six weeks have been absolutely ferocious. There really hasn’t been a big aggregate change in market levels since the middle of February (down a bit), but that modest overall decline masks […] The post [The Narrative Giveth And The Narrative Can Taketh Away]( appeared first on [ValueWalk](. [The Facebook Feeding Frenzy: Time For A Pause!]( In my last post, I noted that the FANG stocks have been in the spotlight, as tech has taken a beating in the market, but it is Facebook that is at the center of the storm. It was the news […] The post [The Facebook Feeding Frenzy: Time For A Pause!]( appeared first on [ValueWalk](. [Questions About Catalyst Capital Group]( It was corporate skulduggery at its most audacious. Last September Frank Newbould dined at Scaramouche, a swanky downtown Toronto restaurant, with a businessman who said he would like to hire Newbould as an arbitrator. In reality, this was a ruse […] The post [Questions About Catalyst Capital Group]( appeared first on [ValueWalk](. [The Downside To Playing It Safe In The Banking Industry]( Wharton’s William Diamond discusses his research on why banks tend to invest in assets with the lowest risk. Wharton finance professor William Diamond, who is new to the faculty this year, is diving deep into the function of banks within […] The post [The Downside To Playing It Safe In The Banking Industry]( appeared first on [ValueWalk](. [Let Loose The Dogs Of War… How To Navigate Late-Cycle Market Volatility]( Paul Tudor Jones once said, “You look at every bear market and they’ve always basically occurred because of an uptick in inflation and an uptick in interest rates.” [REITs] See 2017 Hedge Fund Letters. PTJ is right… Those of you […] The post [Let Loose The Dogs Of War… How To Navigate Late-Cycle Market Volatility]( appeared first on [ValueWalk](. [Stepan: A Dividend King With Growth Challenges]( Stepan Co. (SCL) has a dividend track record that few companies can rival. This year will be Stepan’s 50th consecutive year of increasing dividends, making it one of just 25 companies in the entire market with a dividend increase streak […] The post [Stepan: A Dividend King With Growth Challenges]( appeared first on [ValueWalk](. [Trump Is Underestimating The Petro-Yuan And China’s Weapons To Fight This Trade War]( I always ask myself one thing when looking at investments. “Is this fragile, robust, or positioned to be anti-fragile? What’s my risk and reward?” See 2017 Hedge Fund Letters. I use a top down approach to try and forecast longer […] The post [Trump Is Underestimating The Petro-Yuan And China’s Weapons To Fight This Trade War]( appeared first on [ValueWalk](. [While Markets Scramble For Direction, On The Edge Of The Cliff, Turkey Cracks]( Dum Markets Consulitur, Turkey Expugnatur The catalyst for a deep repricing in markets can be entirely endogenous, within the space of its dangerous and fragile market structure. See 2017 Hedge Fund Letters. Alternatively, the list of exogenous catalysts is famously […] The post [While Markets Scramble For Direction, On The Edge Of The Cliff, Turkey Cracks]( appeared first on [ValueWalk](. [Cape: The “Value” Of Sector Rotation]( DoubleLine Shiller Enhanced CAPE/CAPE International webcast for the month of April 2018. See 2017 Hedge Fund Letters. TAB I – DoubleLine Shiller Enhanced CAPE® Strategies What is Double Value? The DoubleLine Shiller Enhanced CAPE® Strategy creates “Double Value” for investors […] The post [Cape: The “Value” Of Sector Rotation]( appeared first on [ValueWalk](. [Why Passive Investing Isn’t A Panacea]( The active/passive debate has been raging for years, and both approaches have merit. But there’s more to the story than meets the eye. Investors who commit too much to passive—and not enough to active—could face mounting risks. See 2017 Hedge […] The post [Why Passive Investing Isn’t A Panacea]( appeared first on [ValueWalk](. [Debt, Tech And Trade Wars Cloud The Investment Horizon]( Global equities posted their first quarterly decline in two years during a volatile first quarter. Growing concerns about rising rates, trade wars and regulation in the technology sector will require a new mindset for investors. See 2017 Hedge Fund Letters. […] The post [Debt, Tech And Trade Wars Cloud The Investment Horizon]( appeared first on [ValueWalk](. [Those Thieving Bastards (Trade Wars And IP Theft)]( It’s ironic that while the boy child in charge of the world’s largest surveillance program feigns concern and those in charge feign outrage, the theft of intellectual property is being used as a weapon by the US government against China. […] The post [Those Thieving Bastards (Trade Wars And IP Theft)]( appeared first on [ValueWalk](. [Jim Chanos on Tesla – Musk Will Leave; China Debt Woes]( Jim Chanos on Tesla Inc TSLA future from today – see the video and an informal transcript below The post [Jim Chanos on Tesla – Musk Will Leave; China Debt Woes]( appeared first on [ValueWalk Premium](. [What Funds Remain Highly Ranked After February’s Stress Test?]( Article by RCM Alternatives Pain was felt throughout the Managed Futures world in the month of February. Some had very large positions in a single sector that cost them dearly. Some lost most of their 2018 gains but was able […] The post [What Funds Remain Highly Ranked After February’s Stress Test?]( appeared first on [ValueWalk](. [Darling Ingredients Short Thesis]( Recap from March’s Picks The post [Darling Ingredients Short Thesis]( appeared first on [ValueWalk Premium](. [Whitney Tilson Going Global; Adds ” another chapter to my ongoing midlife crisis this past weekend”]( From Whitney Tilson’s latest email to investors Our conference on The Art, Pain and Opportunity of Short Selling is only three weeks from tomorrow on Thursday, May 3. I’ve seen some of the presentations and it’s going to be EPIC! […] The post [Whitney Tilson Going Global; Adds ” another chapter to my ongoing midlife crisis this past weekend”]( appeared first on [ValueWalk](. [2018 Q1 Hedge Fund Letters – UPDATED 4/12]( Created on 4/3/18 we will be adding much more over the coming months and weeks in particular so please stay tuned New material on April 12th A few updates on 4/9 4/8 some updates we expect much more though in coming weeks 4/7 updates and stay tuned for a lot in coming weeks 4/5 updates … The post [2018 Q1 Hedge Fund Letters – UPDATED 4/12]( appeared first on [ValueWalk Premium](. [Tesla – The Beginnings of a Downward Spiral?]( Although not entirely new territory for the electric car maker, the last few weeks have been quite the roller coaster ride for Tesla. Short investors, currently in no small number, and many vocal commentators have been flagging the mighty cash flow challenges for the automobile pioneer over the past year. The post [Tesla – The Beginnings of a Downward Spiral?]( appeared first on [ValueWalk Premium](. [American Express Company (AXP) – March’s Dividend Growth Model Portfolio]( This report highlights last month’s top performers and features a stock from the current portfolio. March’s Dividend Growth Stocks Model Portfolio was made available to members on March 28, 2018. The post [American Express Company (AXP) – March’s Dividend Growth Model Portfolio]( appeared first on [ValueWalk Premium](. [Danger Zone: Fund Managers That Don’t Analyze 10-Ks]( Check out this week’s Danger Zone interview with Chuck Jaffe of Money Life. The post [Danger Zone: Fund Managers That Don’t Analyze 10-Ks]( appeared first on [ValueWalk Premium](. [Position Close Update: Snyder’s-Lance Inc. (LNCE)]( Snyder’s-Lance Inc. (LNCE: $50/share) – Closing Short Position – up 42% vs. S&P up 34% Snyder’s-Lance was originally selected as a Danger Zone pick on 9/21/15. At the time of the report, the stock received a Very Unattractive rating. Our short thesis highlighted declining economic earnings (despite rising GAAP net income), competitive disadvantages, and overly … The post [Position Close Update: Snyder’s-Lance Inc. (LNCE)]( appeared first on [ValueWalk Premium](. [Slowing Growth, High Tech Among Big Themes For 2018: Moody’s]( There are several major themes that investors should watch in 2018, according to Moody’s. Those themes range from global growth and trade wars to the impact technology will have on an industry-by-industry basis. Buy Gold As Debt Levels Continue To Soar? The outlook for global growth will drive key credit trends in 2018, and here … The post [Slowing Growth, High Tech Among Big Themes For 2018: Moody’s]( appeared first on [ValueWalk Premium](. [ISS Buying EVA Dimensions Signals More Focus On Fundamental Research]( Institutional Shareholder Services (ISS), the largest proxy advisory firm in the U.S., acquired research firm EVA Dimensions last month to improve the quality of the fundamental research it gives to its clients. ISS, which advises shareholders on proxy votes surrounding corporate governance and executive compensation, may begin implementing EVA Dimensions’ models into its recommendations as … The post [ISS Buying EVA Dimensions Signals More Focus On Fundamental Research]( appeared first on [ValueWalk Premium](. [Warren Buffett: The Tale of Two Companies And Pricing Power]( “Company E is the ecstasy on the left. You can see earnings went up nicely: they went from $4 million to $27 million. They only employed assets of $17 million, so that is a wonderful business. On $17 million they earned $27 million, 150% on invested capital. That is a good business. The one on … The post [Warren Buffett: The Tale of Two Companies And Pricing Power]( appeared first on [ValueWalk Premium](. [UBS Wealth Management Combination Makes It King]( The enormous restructuring that Swiss bank UBS has undertaken since the financial crisis has made the group substantially financially stronger and reduced its dependence on capital-intensive capital market activities according to a new report from credit rating agency Moody’s. Retail Apocalypse? 4k Net New Stores To Open In 2017 UBS, which once held the title … The post [UBS Wealth Management Combination Makes It King]( appeared first on [ValueWalk Premium](. [Monthly Market Risk Update: April 2018]( Market risks come in three flavors: recession risk, economic shock risk, and risks within the market itself. So, what do these risks look like for April? Let’s take a closer look at the numbers. [timeless] See 2017 Hedge Fund Letters. Recession risk Recessions are strongly associated with market drawdowns. Indeed, 8 of 10 bear markets … The post [Monthly Market Risk Update: April 2018]( appeared first on [ValueWalk Premium](. [Snap-on Incorporated (SNA) – Better Profits Than Meet The Eye]( To determine the true profitability of a firm, investors must make numerous adjustments to reported earnings. Through this diligence, we uncovered a firm whose reported 2017 earnings understate the true profit growth of the business. With better-than-reported fundamentals, a long history of dividend growth, and undervalued stock price, Snap-On Inc. (SNA) earns a spot on … The post [Snap-on Incorporated (SNA) – Better Profits Than Meet The Eye]( appeared first on [ValueWalk Premium](. [Smart Beta Or Smart Marketing?]( The Unusual Choices of Evidence-based Investors. The post [Smart Beta Or Smart Marketing?]( appeared first on [ValueWalk Premium](. [Aging States – Economic Suffering Ahead?]( The International Monetary Fund (IMF) has warned this week, in the latest World Economic Outlook report, that a number of developed economies – including Britain, Japan and the US – risk economic contractions as the balance of ageing populations hangs heavy against output generating ability. Highlighting that over coming decades the balance will swing such … The post [Aging States – Economic Suffering Ahead?]( appeared first on [ValueWalk Premium](. [China – Deleveraging Up, Property Down, Liquidity Contracting]( While clashes with Trump may be grabbing global headlines, there is a far broader, and arguably deeper, range of factors in play when it comes to the performance of the Chinese economy this year. Risk appetite remains subdued and the economy appears to have reached the so-called “late phase” – with earnings growth experiencing a … The post [China – Deleveraging Up, Property Down, Liquidity Contracting]( appeared first on [ValueWalk Premium](. [Behavioral Finance Is Central To Value Investing]( The post [Behavioral Finance Is Central To Value Investing]( appeared first on [ValueWalk Premium](.  ---------------------------------------------------------------  [We Fund Your Trading Account: Up to 250k]( [sponsor]  If you'd like to learn to trade with NO risk to your own capital -- you need to attend this Free Online Investing Seminar. We will fund your trading account -- up to $250,000. The better trader you become -- the more trading capital we'll provide.   Funds are limited so don't miss this once-in-a-lifetime opportunity. To select a convenient time to learn more, just click on this link: [REGISTER HERE]( If you think others would find this useful, please share it with them – we’d really appreciate it  Share:  [facebook](  [twitter](  [google](  [linkedin](  [SU](    [Follow ValueWalk on Twitter]( | [Friend ValueWalk on Facebook]( Copyright © 2017 VALUEWALK LLC. All rights reserved. 295 Madison Ave, 12th Floor New York City NY 10017 USA  @ VALUEWALK LLC 2017 - All Rights Reserved [Unsubscribe]( | [Change Subscriber Options](