In this session, I laid out the five broad themes that underlie this class, that valuation is a craft, that it is simple & universal, that value and price represent different concepts, that a good valuation is a bridge between stories and numbers and that valuation is a tool for action (not intellectual curiosity).
Syllabus: http://www.stern.nyu.edu/%7Eadamodar/pdfiles/eqnotes/eqsyllfall16.pdf
Project description: http://www.stern.nyu.edu/%7Eadamodar/pdfiles/eqnotes/eqproj.pdf
Seth Klarman: Investors Can No Longer Rely On Mean Reversion
"For most of the last century," Seth Klarman noted in his second-quarter letter to Baupost's investors, "a reasonable approach to assessing a company's future prospects was to expect mean reversion." He went on to explain that fluctuations in business performance were largely cyclical, and investors could profit from this buying low and selling high. Also Read More
Aswath Damodaran - Valuation Session 1: Introduction To The Class
See the full slides below.
