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9 OctFri
  1. Aswath Damodaran：Musings on Markets51

    Damodaran: AI Capital Expenditure Effects Emerge, US Stocks Remain Supported Despite Rising Treasury Yields in September

    New York University Professor Aswath Damodaran reviewed the performance of US stocks in September 2026: the 10-year US Treasury yield rose from 4.75% to 5.29% during the month, an increase of 54 basis points, placing it in the top 10% of 770 monthly changes since 1962. Despite this, the total market capitalization of US stocks still increased by $2.5 trillion during the month, with nearly $1.5 trillion of that increase coming from the technology sector.

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11 SeptFri
  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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3 SeptThu
  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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21 AugFri
  1. Aswath Damodaran：Musings on Markets59

    AI's Coming-of-Age Moment: From Hype and Vision to Business Questions

    NYU valuation professor Aswath Damodaran published a lengthy article proposing a four-stage framework for revolutionary change, arguing that AI is currently entering its coming-of-age phase, shifting from investment and infrastructure building to commercial implementation. The article notes that since the release of ChatGPT in November 2022, the Mag Seven contributed 45% of the total increase in U.S. stock market capitalization from 2022 to 2025. Six leading AI companies have cumulatively spent $1.7 trillion in capital expenditures, while the current upper bound of total revenue from AI products and services is only about $250 billion.

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11 AugTue
  1. Aswath Damodaran：Musings on Markets56

    Damodaran on the Situational Awareness fund blowup: the collateral damage of investment conviction

    Aswath Damodaran, a valuation professor at New York University, uses the complete journey of Leopold Aschenbrenner's Situational Awareness hedge fund—from explosive growth to liquidation following a blowup—as a case study to systematically break down the definition, sources, and real-world impact of investment conviction.

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30 JulThu
  1. Aswath Damodaran：Musings on Markets54

    Aswath Damodaran: Disclosure and Timing – The Earnings Guidance Game

    Aswath Damodaran, a professor at New York University's Stern School of Business, wrote an article analyzing the SEC's proposal to replace quarterly reports with semi-annual reports alongside new Federal Reserve Chair Kevin Warsh's proposal to reduce forward guidance, arguing that both are essentially reducing the amount of public information that markets have become accustomed to receiving.

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16 JulThu
  1. Aswath Damodaran：Musings on Markets75

    Aswath Damodaran releases 2026 edition of country risk research: drivers, measurement and investment implications

    Aswath Damodaran, Professor at New York University Stern School of Business, released the July 2026 edition of his country risk research, systematically outlining the drivers, measurement methods, and impact on corporate valuation and investment.

    Key Takeaways:You can learn the complete process of deriving country risk premiums for each country starting from the implied equity risk premium of mature markets, combined with sovereign ratings, default spreads, and relative volatility between stocks and bonds.

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23 JunTue
22 JunMon
19 JunFri
  1. Aswath Damodaran：Musings on Markets55

    SpaceX, OpenAI, and Anthropic: S&P 500 Inclusion Controversy and Investment Implications

    NYU Professor Aswath Damodaran analyzes whether SpaceX, OpenAI, and Anthropic should be included in the S&P 500 after their IPOs. He breaks down index construction, including constituent selection, weighting methods, and index unit conversion mechanisms. He notes that the S&P 500 uses free-float market capitalization weighting, and that the June 15, 2026 closing level of 7554.29 corresponds to an index unit of 0.1190.

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19 MayTue
12 MayTue
17 SeptTue
  1. Bridgewater: Research & Insights54

    Bridgewater Research: Drivers of U.S. Stock Outperformance and Conditions Needed for Future Repeats

    Bridgewater research indicates that since 2010, the excess returns of U.S. stocks relative to developed markets have been roughly equally driven by revenue growth, margin expansion, and rising P/E multiples, with a stronger U.S. dollar further boosting returns for unhedged global investors. The technology sector contributed 54% of the excess returns, of which 22% came from index overweights in technology and 32% from U.S. tech companies significantly outperforming their global peers.

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10 SeptTue
  1. Bridgewater: Research & Insights45

    Bridgewater Research: Is the AI Bubble Ahead of Us or Behind Us?

    The Bridgewater research team believes the AI bubble has not yet arrived, noting that the transformative technology and mature macro monetary environment needed to fuel a major bubble are already in place. This view addresses market concerns about AI valuations, commercialization, and slowing technological progress, while also highlighting risks of AI misuse and regulatory uncertainty. Bridgewater established AIA Labs in early 2023 with the goal of building a fully AI-driven investor that can outperform humans.

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