Aswath Damodaran
speaker
1,201 appearances
7 recordings
3 series
first heard May 2025
last heard 7 Aug
Aswath Damodaran’s voice in public audio — every appearance, attributed to the second.
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recordings per month · last 12 monthsRecordings per month over the last 12 months — 6 in all, peaking in Nov 2025 with 2.
Appearances
And as somebody owns five of the banks, I don't own Nvidia anymore or Tesla anymore.
I see the intra company both investing and financing.
That's the other side of this, right?
In addition to the intracompany operations, there's intracompany financing with
in video often financing customers who buy from them.
And intra-company investing, something that when I when I first started valuing companies, I used to be happy to be able to value US companies, because cross-holdings were not common here.
I hated valuing family group companies in Asia because to value one company, I had to value four companies.
I worry about the fact that to value any of these companies in the near future, I'll have to value three companies.
That to value Microsoft, I'll have to value OpenAI because of the big position it has.
So the intracompany investing financing and operations creates noise in the process.
And noise is just a fancy word for we don't know what's going on under the surface because of the intracompany stuff.
Frontier labs.
When I talk about pricing metrics in class, P, E V to avatar, E V to sales, I mean the whole there are dozens of multiples.
One of the first rules I in cl start with is a consistency rule, which is what's in your numerator should be what's in your denominator.
So let me give you an example, you know?
Enterprise value to Epitow, widely used in capital intensive businesses.
What's in the numerator is the market value of equity and that net of cash.
And people say, why do we net cash out?
Because the income from cash is not part of Epitoph.
And then I point to a danger with EV debit when you have cross-holdings.
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