Musings on Markets
Damodaran's blog, where he values companies in public, from IPO candidates to megacaps, and explains what each new market episode means for risk premiums, discount rates and pricing.
Free to read
Musings on Markets has run since September 2008, and its first posts were written in the middle of the financial crisis. The archive now holds close to 700 posts. Each January and February he publishes a numbered series of Data Updates that walks through the new edition of his datasets: equity returns, interest rates, risk premiums, profitability, debt and payouts. The rest of the year he applies his tools to whatever the market is arguing about, such as an IPO valuation, AI spending, gold or the equity risk premium itself.
Posts are long and usually come with the spreadsheet behind the numbers. He shows his assumptions, revisits them when he is wrong, and separates what a company is worth from what the market will pay for it.
Read the Data Update series each winter to calibrate your own inputs, and use his company valuations as worked examples of building a story and then testing it against the numbers.
Start with
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1
Data Update 1 for 2026: The Push and Pull of Data!
Opens the 2026 data series and explains how he builds the datasets and what to watch for when using them.
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2
The Price of Risk: An Equity Risk Premium Monologue!
His case for why the equity risk premium is the most important number in finance, and how he estimates it.
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3
Country Risk: Drivers, Measures and Investment Implications - The 2026 Edition!
The annual explainer behind his country risk premiums.
