Apple: Most valuable company
Apple overtakes Exxon-Mobil to become NYSE’s most valuable company, and therefore probably the world’s most valuable company. $337.2bn market cap at close of the NYSE today.
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creating value, economics, Emerging Markets, financial risk, investments, managing uncertainty, measurement
Have all the World Cup expenses been counted?
Read more: Have all the World Cup expenses been counted?Airports Company SA, “ACSA” now has some of the highest fees in the world. Apparently they need to fund the huge “investment expenditure” incurred in upgrading on our airports recently for the World Cup. This begs the questions: What business plans were used in determining investment on our airports? How did actual experience compare to…
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SA Bond Market – antiquated or efficient?
Read more: SA Bond Market – antiquated or efficient?[Update: for some incomprehensible reason the embedded video clips below only work on YouTube. Click the image for a link to the YouTube page] Andrew Canter (of Future Growth) makes some strong statements about the “phone and dealer” approach to the South African bond market. When one of the arguments against Andrew’s preferred centralised, electronic…
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Actuarial and Risk, alternative investments, economics, financial risk, hedging, investments, market risk, optimisation
Fixed Interest is a viable asset class
Read more: Fixed Interest is a viable asset classI heard someone talking on Classic Business tonight. Pity I didn’t catch his name so I can avoid his advice in future. He was saying that he doesn’t see the point in investing in debt instruments. Â He explained that the return is low and the risk high since if the company gets into trouble, you’ll…
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creating value, credit risk, currency risk, economics, Emerging Markets, Equity Risk Premium, insight, investments, managing uncertainty, market risk, measurement
Pretty as a picture
Read more: Pretty as a pictureI haven’t yet found a WordPress plugin that creates really great word / tag clouds. I created this one from my post Clear, Simple and Wrong using Wordle. I think it sums up the post well.
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Actuarial and Risk, alternative investments, business tools, credit risk, data analysis, economics, Equity Risk Premium, financial risk, investments, market risk, measurement, news, optimisation
Implied Pension Return Assumptions and the Equity Risk Premium
Read more: Implied Pension Return Assumptions and the Equity Risk PremiumWhen companies value pension obligations and required contribution rates, they make assumptions about the expected future investment returns. (Accounting standards require market-based rates reflecting fixed interest returns, but that’s a separate point). So what assumptions are pension funds making? The WSJ has an interesting article showing that the average US pension fund is assuming future…
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Actuarial and Risk, alternative investments, economics, Equity Risk Premium, financial risk, insight, investments, market risk, measurement
Why you’re mis-estimating the Equity Risk Premium #1
Read more: Why you’re mis-estimating the Equity Risk Premium #1You base your estimates of the ERP on US history alone Your ERP estimate is too high because your calculation suffers from survivorship bias and errs by including the largest economy for which the most data is currently available rather than a random sample. The US has been a spectacularly successful economy over the last…
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Actuarial and Risk, alternative investments, banking, capital, capital structure, credit risk, economics, financial risk, investments, optimisation
Junk bonds in place of an IPO
Read more: Junk bonds in place of an IPOThe 30 second intro to Junk Bonds Junk Bonds, also known as High Yield Bonds, are debt instruments issued by companies with poor credit ratings, or are the debt instruments of companies that were issued as high quality bonds from strong companies that have since fallen on hard times (“Fallen Angels”). Typically these are any…
