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Val emails

 


The emails for this class will be collected on this page, arranged chronologically. Since I send quite a few, you can target it on a specific month by going here:

Have fun with them!

Date
Email content
1/17/22
Welcome back! As I checked through the roster, I noticed a lot of familiar names from corporate finance, and you know that the email deluge that awaits you.I am sure that you are finding that break is passing by way too fast, but the semester will soon be upon us and I want to welcome you to the Valuation class.  One of the best things about teaching this class is that valuation is always timely (and always fun...) Just as examples: Is it time to sell Tesla? Was WeWork worth any money ever or was Softbank delusional, and if the latter, what does that make Oyo? Is Cathie Woods a genius or just bonkers? How much does a Super Bowl add to an NFL team’s value? You will find the answers to these and other questions on my blog:

1. Preclass work: I  know that some of you are worried about the class but relax! If you can add, subtract, divide and multiply, you are pretty much home free… Seriously, all I need of you is a familiarity with basic finance, accounting and statistics.  If you feel shaky, you may want to check out the online classes that I have on accounting and financing basics:
1. Accounting class (I am not an accountant, don’t care much for how accountants think about companies and view accounting as a raw material provider.. This class reflects that view): http://people.stern.nyu.edu/adamodar/New_Home_Page/webcastacctg.htm 
2. Basics of finance (present value, a dash of this and that….): http://people.stern.nyu.edu/adamodar/New_Home_Page/webcastfoundationsonline.htm 

2. For this class: If you want to get a jump on the class, you can go to the class web page:
As the schedule stands right now, we will meet on Mondays and Wednesdays from 1.30 pm - 2.50 pm in Paulson Auditorium, starting on January 31, but with COVID still wreaking havoc on our lives, who knows what will play out? I have had quite a few frantic emails from some of you, but you know as much as I do at the moment. If the classes get moved online, never fear. Zoom will come to the rescue. If you have to miss a class or two, because the classes will be recorded and available on three platforms:
a. My website: The recordings of the sessions, with all of the material (slides, links, other) that I use during the session will be available on the webcast page for the class: 
b. YouTube Channel: There is a second option, if your broadband connection is not that great and you are watching on a Tablet/smartphone. There is a YouTube playlist for this class, where all class sessions will be loaded.

  When you get a chance, check it out.

3. If you are going to be away or are worried about COVID exposure: Even if we do meet in class, I know that some of you are wary about coming to class, either because you have been exposed to COVID or are worried about exposure. Obviously, I would like you to come to class, if you can, but if you cannot, for any reason, the classes will be both live zoomed and recorded and you can watch the recordings the same day as the class. At the moment, the quizzes and exams are in person, but again, there is much that is out of our hands. 

4. Syllabus & Calendar: The syllabus for the class is available on the website for the class and is also linked here:
and there is a google calendar for the class that you can get to by clicking on
https://calendar.google.com/calendar/u/0?cid=Y181MGd2ZjBwOTA2dWxqdm 02cnVkdnFnZDhvZ0Bncm91cC5jYWxlbmRhci5nb29nbGUuY29t 

For those of you already setting up your calendars, it lists when the quizzes will be held and when projects come due. 

5. Lecture notes: The first set of lecture notes for the class is ready.You can either print off the slides, or save them online.  .
Please download and print only this packet on discounted cashflow valuation. 

6. Books for the class: The best book for the class is the Investment Valuation book - the third edition. (If you already have the second edition, don't waste your money. It should work...) You can get it at Amazon or wait and get it at the book store... If you are the law-abiding type, you can buy "Damodaran on Valuation" - make sure that you are getting the second edition. Or, as a third choice, you can try The Dark Side of Valuation, again the second edition, if you are interested in hard to value companies.. Or if you are budget and time constrained, try "The Little Book of Valuation". Finally, if you really want to take a leap, try my newest book, Narrative and Numbers at 
You will find the webpages for all of the books at http://www.stern.nyu.edu/~adamodar/New_Home_Page/public.htm. If you want a comparison of the books, try this link: http://people.stern.nyu.edu/adamodar/New_Home_Page/valbookcomp.html 

7. Valuation apps: One final note. I worked with Anant Sundaram (at Dartmouth) isn developing a valuation app for the iPad or iPhone that you can download on the iTunes store: http://itunes.apple.com/us/app/uvalue/id440046276?mt=8 
It comes with a money back guarantee...  Sorry, no Android version yet…  

I am looking forward to seeing you in two weeks in class, or if God has other plans, online.  Let’s hope that the world holds together until then! Until next time!
1/24/22

It’s been a week since my last email, and while not a whole lot has happened, I thought I should check in ahead of next week’s class. First, if this is the first email you are reading, then you should catch up with the earlier one, which are available at the link below:
http://www.stern.nyu.edu/~adamodar/New_Home_Page/eqemail.html
If you are wondering about the logistics (exams, projects etc.), we will start the first class with the syllabus, which will also lay out the themes for the class:
http://www.stern.nyu.edu/~adamodar/pdfiles/eqnotes/eqsyllspr22.pdf
As you go through the syllabus, you will notice mention of a project and you can find the details of that project here:
http://people.stern.nyu.edu/adamodar/pdfiles/eqnotes/eqprojspr22.pdf 
Once we are through the syllabus in session 1, we will turn to an introductory packet (of about 20 pages). The link to that package is below:
http://people.stern.nyu.edu/adamodar/pdfiles/eqnotes/ValIntroSpr22.pdf
Please have this ready for the first session. The rest of the class will be covered in the lecture note packets, and I sent you the link to the first one last week (but here it is again):
http://www.stern.nyu.edu/~adamodar/pdfiles/eqnotes/valpacket1spr22.pdf 

Having drowned you with all of that stuff, let me hit with you some pre-class reading (and I don’t think it is too painful). I don’t do much academic research and am supremely uninterested in writing for an echo chamber. Much of what I have written that is original or different has be initially (at least) on my blog.  I spend the first few weeks of each year, talking about the data that I update on my website:
http://www.stern.nyu.edu/~adamodar/New_Home_Page/data.html
The first two updates are on my blog. Please browse through them, because they are relevant for class:
  1. https://aswathdamodaran.blogspot.com/2022/01/data-update-1-for-2022-it-is-moneyball.html
  2. https://aswathdamodaran.blogspot.com/2022/01/data-update-2-for-2022-us-stocks-kept.html
The first class will be six days from today (Monday, January 31, from 1.30 pm - 2.45 pm, NY time) in Paulson Auditorium. Please do come, if you can. If you are unable to, either because of logistical or health reason, the class will be carried on Zoom. The Zoom link for all of the classes (all 28 sessions) is below:
Please download and import the following iCalendar (.ics) files to your calendar system.
Until next time!