When it comes to valuing stocks, the most reliable valuations come from imaginative number crunchers and disciplined storytellers, says Aswath Damodaran.
Equity fund managers are underperforming their benchmarks again this year, continuing a trend that started sometime shortly after the Big Bang.
In a recent speech, Federal Reserve Bank of Dallas president Richard Fisher aptly remarked, “Stock market metrics such as price to projected forward earnings, price-to-sales ratios and market capitalization as a percentage of GDP are at eye-popping levels not seen since the dot-com boom of the late 1990s.”
Goldman Sachs recently released its “S&P 500 Beige Book,” a quarterly survey of corporate conference calls which similarly collects “anecdotal evidence of fundamental and thematic trends” from which they highlight major themes.
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