Aswath Damodaran

Aswath Damodaran
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I teach corporate finance, valuation and investment philosophies at the Stern School of Business at New York University. I have online versions of all three courses here, as well as other finance-related videos. 1. The Corporate Finance Online playlist has an introductory video and 36 sessions that cover all of corporate finance (at least as I see it). 2. The Valuation playlist has 25 sessions that cover valuation approaches, issues and questions.3. The Investment Philosophies playlist has sessions that cover different investment philosophies.4. The Accounting and Statistics playlists reflect my quirky and unorthodox introductions to two disciplines that are critical to my valuation and corporate finance classes.5. The Blog Posts playlist has sessions that go wit my blog posts and reflect my standing as a dabbler, rather than expert, in all things finance-related. If you need the supporting material for any of the classes, check the links below.Links:Corporate finance materials: http://www.stern.nyu.edu/~adamodar/New_Home_Page/corpfin.htmlValuation materials: http://www.stern.nyu.edu/~adamodar/New_Home_Page/equity.htmlInvestment Philosophies: http://www.stern.nyu.edu/~adamodar/New_Home_Page/invphil.htmBooks: http://www.stern.nyu.edu/~adamodar/New_Home_Page/public.htmMy website: http://www.damodaran.com

  1. 54m ago

    Narrative and Numbers: A number cruncher learns to tell stories!

    My newest book, Narrative and Numbers: The Value of Stories in Business is now out in bookstores. I explain what I try to do in the book and I hope that you get a chance to read it (and enjoy it).Amazon link to book: https://www.amazon.com/Narrative-Numbers-Business-Columbia-Publishing/dp/0231180489Columbia University Press link: https://cup.columbia.edu/book/narrative-and-numbers/9780231180481Website for the book: http://people.stern.nyu.edu/adamodar/New_Home_Page/numbers&narrative.htm Learn more about your ad choices. Visit megaphone.fm/adchoices

    Narrative and Numbers: A number cruncher learns to tell stories!

  2. 6h ago

    Session 15: More excursions on the dark side of valuation

    In this session, we continued on the dark side of valuation with a look at mature companies on the verge of transitions, and how you have to value the status quo company and the restructured one to make a judgment on investing in it. We then moved on and looked at declining companies, where your forecasts may have to show declining revenues and margins, and added a twist with distressed companies, where you have to follow up your DCF. In the second half of the class we examined the issues (country risk, cross holdings and currency gyrations) that are part of emerging market company valuations and began our assessment of why banks pose special challenge in valuation.Start of the class test: https://www.stern.nyu.edu/~adamodar/pdfiles/eqnotes/tests/dcfvaltests2.pdfSlides: https://www.stern.nyu.edu/~adamodar/podcasts/valspr23/session15slides.pdfPost class test: https://www.stern.nyu.edu/~adamodar/pdfiles/eqnotes/postclass/session15Ctest.pdfPost class test solution: https://www.stern.nyu.edu/~adamodar/pdfiles/eqnotes/postclass/session15Csoln.pdf Learn more about your ad choices. Visit megaphone.fm/adchoices

    Session 15: More excursions on the dark side of valuation

  3. 12h ago

    Data 2017 Update 1: The Promise and Perils of Data

    Learn more about your ad choices. Visit megaphone.fm/adchoices

    Data 2017 Update 1: The Promise and Perils of Data

  4. 18h ago

    Session 17: More excursions on the Dark Side of Valuation

    In today’s session, we continued on the dark side of valuation with a look at mature companies on the verge of transitions, and how you have to value the status quo company and the restructured one to make a judgment on investing in it. We then moved on and looked at declining companies, where your forecasts may have to show declining revenues and margins, and added a twist with distressed companies, where you have to follow up your DCF. In the second half of the class we examined the issues (country risk, cross holdings and currency gyrations) that are part of emerging market company valuations and began our assessment of why banks pose special challenge in valuation. In particular, we valued Deutsche Bank in October 2016, and if you are fascinated with this horror story, you may want to read this post from the time:https://aswathdamodaran.blogspot.com/2016/10/deutsche-bank-greek-tragedy-at-german.htmltart of the class test: https://pages.stern.nyu.edu/~adamodar/pdfiles/eqnotes/tests/dcfvaltests2.pdfSlides: https://pages.stern.nyu.edu/~adamodar/podcasts/valUGspr23/session17slides.pdfPost class test: https://pages.stern.nyu.edu/~adamodar/pdfiles/eqnotes/postclass/session17Dtest.pdfPost class test: https://pages.stern.nyu.edu/~adamodar/pdfiles/eqnotes/postclass/session17Dsoln.pdf Learn more about your ad choices. Visit megaphone.fm/adchoices

    Session 17: More excursions on the Dark Side of Valuation

  5. 1d ago

    Session 15: The Tesla Bot Case and Side Benefits/Costs in Projects

    The bulk of this session was spent discussing the Tesla Bot case (see below for the case) and the broader implications for investment and valuation. In the last 30 minutes of class, we turned our attention to the side costs and side benefits in projects, including opportunity costs and synergies and how to incorporate them into decisions. (I am sorry, but I screwed up on sharing the slides for this section for the first 15 minutes or so, but the link to the slides is below as well).Tesla Bot Case: https://pages.stern.nyu.edu/~adamodar/pdfiles/cfexams/TeslaBots.pdfTesla Bot Presentation: https://pages.stern.nyu.edu/~adamodar/pdfiles/cfexams/TeslaBotPresentation.pdfSlides for rest of class: https://pages.stern.nyu.edu/~adamodar/podcasts/cfspr23/session15slides.pdfPost class test: https://pages.stern.nyu.edu/~adamodar/pdfiles/cfovhds/postclass/session15test.pdfPost class test solution: https://pages.stern.nyu.edu/~adamodar/pdfiles/cfovhds/postclass/session15soln.pdf Learn more about your ad choices. Visit megaphone.fm/adchoices

    Session 15: The Tesla Bot Case and Side Benefits/Costs in Projects

  6. 1d ago

    Active Investing: Rest in Peace or Resurgent Force?

    When Jack Bogle started the Vanguard 500 Index fund in 1975, I am sure that he never visualized how successful he would be. In the last few decades, passive investing has widened its offerings (to include ETFs and other markets) and has taken away market share from active investing, but the pace of disruption seems to have quickened in the last decade. The best advertising for passive investing is the performance of active investors, who seem to lag their passive counterparts, across time, style classes and geographies. I argue that active investing is destined to shrink as a business and that while there are potentially dangerous consequences to the rush to passive investing, the process has its own correction mechanisms. Finally, even in the face of the evidence to the contrary, I explain my rationale for staying an active investor.Slides: http://www.stern.nyu.edu/~adamodar/pdfiles/blog/activeinvesting.pdfBlog Post: http://aswathdamodaran.blogspot.com/2016/12/active-investing-rest-in-peace-or.html Learn more about your ad choices. Visit megaphone.fm/adchoices

    Active Investing: Rest in Peace or Resurgent Force?

  7. 1d ago

    Session 16: Closure on Investment Analysis

    In this quiz shortened session, after the quiz, we looked at the final pieces on investment analysis, starting with side benefits from projects (from small pluses to synergy in acquisitions). We also looked at optionality in projects, i.e., times when you can legitimately override conventional investment metrics to take a project, because you may have the option to delay, expand or abandon the project. We then looked back at the process of analyzing projects in place, either for accountability (review forecasts versus actuals) and for decision making (continue, abandon or expand the project).Slides: https://pages.stern.nyu.edu/~adamodar/podcasts/cfspr23/session16slides.pdfPost class test: https://pages.stern.nyu.edu/~adamodar/pdfiles/cfovhds/postclass/session16atest.pdfPost class test solution: https://pages.stern.nyu.edu/~adamodar/pdfiles/cfovhds/postclass/session16asoln.pdf Learn more about your ad choices. Visit megaphone.fm/adchoices

    Session 16: Closure on Investment Analysis

  8. 1d ago

    Session 16: Tying up Intrinsic Value

    In this session, after the second quiz, we wrapped up our discussion of intrinsic valuation. For decades, we have valued banks using the dividend discount model, simply because getting cash flows is so difficult, but that approach is built on trusting management at banks to behave sensibly (paying out what they can afford to in dividends) and regulators to do the same. For me, that trust was breached in 2008, and I present a way of estimating FCFE for a bank, using investment in regulatory capital as my stand in for reinvestment. Next session, we will wrap up the valuation section and start on pricing. If you are interested in reading more about valuing financial service companies, try this link:https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1798578 The Deutsche Bank post is here:http://aswathdamodaran.blogspot.com/2016/10/deutsche-bank-greek-tragedy-at-german.htmlWith SVB’s collapse, which was triggered by duration mismatch, there might be a new iteration that I have to try to bring in that risk into the valuation. We also looked at valuing commodity and cyclical companies, and why capitalizing R&D can change the value of a pharmaceutical company.Slides: https://www.stern.nyu.edu/~adamodar/podcasts/valspr23/session16slides.pdfPost class test: https://www.stern.nyu.edu/~adamodar/pdfiles/eqnotes/postclass/session16Ctest.pdfPost class test solution: https://www.stern.nyu.edu/~adamodar/pdfiles/eqnotes/postclass/session16Csoln.pdf Learn more about your ad choices. Visit megaphone.fm/adchoices

    Session 16: Tying up Intrinsic Value
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About

I teach corporate finance, valuation and investment philosophies at the Stern School of Business at New York University. I have online versions of all three courses here, as well as other finance-related videos. 1. The Corporate Finance Online playlist has an introductory video and 36 sessions that cover all of corporate finance (at least as I see it). 2. The Valuation playlist has 25 sessions that cover valuation approaches, issues and questions.3. The Investment Philosophies playlist has sessions that cover different investment philosophies.4. The Accounting and Statistics playlists reflect my quirky and unorthodox introductions to two disciplines that are critical to my valuation and corporate finance classes.5. The Blog Posts playlist has sessions that go wit my blog posts and reflect my standing as a dabbler, rather than expert, in all things finance-related. If you need the supporting material for any of the classes, check the links below.Links:Corporate finance materials: http://www.stern.nyu.edu/~adamodar/New_Home_Page/corpfin.htmlValuation materials: http://www.stern.nyu.edu/~adamodar/New_Home_Page/equity.htmlInvestment Philosophies: http://www.stern.nyu.edu/~adamodar/New_Home_Page/invphil.htmBooks: http://www.stern.nyu.edu/~adamodar/New_Home_Page/public.htmMy website: http://www.damodaran.com

Information

  • Creator
    Aswath Damodaran
  • Years Active
    2026
  • Episodes
    689
  • Rating
    Clean

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