Aswath Damodaran
I am a creature of habit in my personal and professional life, and in the context of the content that I post online, there is a ritual that I follow with my data updates. I start the year with my general data update online, and follow up with a series of posts where I examine the implications of...
Aswath Damodaran
Markets play an expectations game, and in March 2026, we saw the process play out, with all of its upsides and downsides. The month started with a war in the Middle East, which quickly percolated into soaring oil prices and dropping stock prices, but the overwhelming factor was uncertainty about...
Aswath Damodaran
I start my valuation classes with a question of whether valuation is an art or a science, and I argue that it is neither; it does not have the precision that characterizes a science and unlike an art, it does come with principles that constrain you on what you can and cannot do. I describe...
Aswath Damodaran
It was a disquieting year , as political and economic news stories shook the foundations of the post-war economic order, built around global trade and the US dollar. In fact, if you had been read just the news all through the year, and were shielded from financial markets, and been asked what...
Aswath Damodaran
In December 1996, Alan Greenspan used the words "irrational exuberance" to describe the stock market at the time, and those words not only became the title of Robert Shiller's cautionary book on market bubbles, but also the beginnings of the belief that central bankers had the wisdom to be market...
Aswath Damodaran
At the start of July, I updated my estimates of equity risk premiums for countries, in an semiannual ritual that goes back almost three decades. As with some of my other data updates, I have mixed feelings about publishing these numbers. On the one hand, I have no qualms about sharing these...