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Change Your Perspective

The Big Picture

Fair Value : Valuation of equities is one of those things that seems to confuse so many. Earnings are a fact, analysts’ earnings estimates are an opinion. If a company’s earnings are above or below consensus, it was the analysts who got it wrong and not vice versa.

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MiB: David Einhorn, Greenlight Capital

The Big Picture

Time magazine named him to their “100 most influential people in the world” in 2013. He famously shorted Allied Capital in the 2ooos and Lehman Brothers about a year before it collapsed into bankruptcy in 2008. In our wide-ranging discussion, Einhorn stated that “Market structures are broken and value investing is dead.”

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Revisiting the Market Valuation in the Wake of This Year’s Decline

Validea

With the S&P 500 now close to 20% off its highs, I thought now might be a good time to look to our market valuation tool to see where things stand. But before I do that, I wanted to first cover two caveats I always put in articles about market valuation. With that all being said, let’s look at the current valuation data.

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Should I Time the Market?

The Irrelevant Investor

Given where valuations are, and that he has many decades ahead of him, would it make sense to wait for a better pitch over the next five years? We could have had the exact same conversation in 2013 as the market was approaching new all-time highs. In March 2013, at a CAPE of 22.5, And stocks weren't exactly a bargain.

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: Wastewater specialist Gradiant raises $225 mln despite slowdown in venture capital deals

MarketWatch

Gradiant, a Boston-based designer of water treatment solutions for the semiconductor, pharmaceutical and food industries, said it reached a valuation of $1 billion in its latest round of venture capital financing. The company said Wednesday it raised $225 million in Series D financing led by BoltRock Holdings and Centaurus Capital.

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Today in Market History

The Irrelevant Investor

Netflix has had triple digit returns in five of the last fourteen years, was the best performing S&P 500 stock in 2013, and 2015, and it's up 27% in 2017. I suppose a better way to say this is that it was cheap based on expectations, but expensive based on traditional valuation metrics.

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The Longest Bull Market of All-Time?

The Irrelevant Investor

Whether you measure it from the low in 2009 or when new highs were made in 2013, isn't this just semantics? Bull markets are in the eye of the beholder, and when we mark the beginning is of little importance, unlike things like earnings and valuation and interest rates. The Netflix of fitness has a $4 billion valuation.