#investing#books have long spoken of it glowingly but happy to note @AswathDamodaran-IMHO among top three #valuation experts in world-went out of his way, in recent lecture to his valuation course, to recommend "Expectations Investing" by @mjmauboussin & A. Rappaport. (1/2)
Can't actually recall other instances of Aswath speaking so highly of a work mid-lecture (which doesn't mean he hasn't) -& the book itself is a masterpiece. Happily, newly revised/expanded edition out 9/21. "Expectations Investing" @mjmauboussin & A. Rappaport. #investing#books
While at it, IMHO, one can never go wrong by reading as much as possible of any/all of Professor Damadoran's #finance#books
I'm esp. partial to "The Dark Side of Valuation" & "Damodaran on Valuation" - but "Investment Valuation", "Narrative & Numbers", "The Little Book of Valuation", "Strategic Risk Taking" & "Applied Corporate Finance" are fabulous. #finance#books
Want to add: gun to head, my favorite @mjmauboussin#book is "More Than You Know: Finding Financial Wisdom in Unconventional Places". "Think Twice" & "The Success Equation" are marvelous. Mix of decision science, behavioral finance, valuation, cross-discipline=right to my heart
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I support @DeutscheBank declaring they'll no longer do biz w/ Mr. Trump. Not like he's a profit center, he's loss leader at institution w/ crippled reputation. That said if firm line is "fastest way to sever ties=forgive $300mm defaulted loans"=I'd rather they have said nothing.
(it would be indeed be true that most expeditious cutting of ties would be forgiveness. & frankly, the President has stiffed even his institutional lenders to such an extent that there's probably a special line item reserve just for him) (cont)
But if the reporting is accurate that Mr. Trump has personally guaranteed these loans, Deutsche, should it so choose, virtually certainly can put him into corp & personal bankruptcy - it'd be stunning if loan docs don't have cross-default & cross-acceleration clauses (cont/
#Yankees#Finance Hal (ultimately via Yankees Global Enterprises holdco that owns the team, YES stake etc.) is indeed getting paid some. But don’t confuse SIxth Street’s $50bn AUM as bearing on price. Deal values Legends at $1.35bn. Yanks will own 24.5% after close. BUT (1/5)
#Yankees NB, in 2017, New Mountain Capital bought ~33% of Legends (biz was then valued at $700mm, so man valuation has risen). New Mountain is being taken out in this deal, so ~$455mm goes to them, ~$233mm split roughly evenly between Yanks/Cowboys (2/5)
#Yankees (my understanding & all reports I see suggests Yankees/Cowboys stake is evenly split). So you’re looking at prob ~$116.5mm cash consideration when deal closes & Yankees Global Enterprises keeps large minority stake in what’s been high growing, cash cow biz (3/5)