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  1. Aswath Damodaran：Musings on Markets60

    Damodaran: Re-examining the Relationship Between Rising Interest Rates and Stock Prices in 2026

    NYU Professor Aswath Damodaran reviews the backdrop of rising U.S. Treasury yields in 2026, noting that the 10-year Treasury yield rose from 4.18% at the start of the year to 4.75% by the end of August, while 20-year and 30-year Treasury yields surpassed 5% during the year. He also compares the long-term trend of U.S. Treasury yields since 1962, as well as concurrent changes in government bond yields across multiple currencies, including the euro, Japanese yen, and British pound.

    Key Takeaways:One can learn to construct an intrinsic risk-free rate using the inflation rate plus real GDP growth, and combine it with changes in corporate cash flows to break down the differentiated impact of rising interest rates on stock valuations across industries.

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  1. Aswath Damodaran：Musings on Markets60

    Aswath Damodaran analyzes the tradeoff between expansion and profitability: the weakest link in venture capital

    Aswath Damodaran, a professor at NYU Stern School of Business, writes that the current venture capital industry generally prioritizes corporate expansion over profitability, a tendency that has become more pronounced over the past two decades. He breaks down six core factors influencing a company's expansion potential, including market size, market growth rate, industry structure, capital intensity, customer inertia, and dependence on key individuals. He also identifies the key variables determining a company's profitability feasibility as unit economics, economies of scale, and competitive barriers.

    Key Takeaways:You can master an analytical framework that distinguishes between a company's expansion potential and profitability feasibility, using market size, unit economics, economies of scale, and competitive barriers to judge whether a startup's expansion choices are reasonable.

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