Aswath Damodaran
I am a Professor of Finance at the Stern School of Business at New York University. I teach the corporate finance and valuation courses in the MBA program as well as occasional short-term classes around the world on both topics. I received my MBA and Ph.D degrees from the University of California at Los Angeles. My research interests lie in valuation, portfolio management and applied corporate finance. My papers have been published in the Journal of Financial and Quantitative Analysis, the Journal of Finance, the Journal of Financial Economics and the Review of Financial Studies, though I am sure that the list of people who have read these articles is a short one. Connect with me on LinkedIn . Learn more here .
Articles by Aswath Damodaran
- Research
SpaceX May Be Worth Less Than Investors Think
Weightier part of the analysis, where I assess how the information in the prospectus has changed my story line and value for the company.
- Opinion
Tim Cook Proved Restraint Can Beat Empire Building in Business
Tim Cook, in many ways, has played just as significant a role in molding the company into its current day standing, with far less recognition.
- Active Investing
Markets Reprice Risk in Real Time—Most Models Still Don’t
What causes that price of risk to change over time and the limitations in the ways that we estimate that price of risk in financial analysis.
- Artificial Intelligence
AI Hype Meets Market Reality
My intent in this post is less about promoting my favored AI scenario, and more about providing a framework for you to develop your own.
- Active Investing
Buybacks, Dividends, and Why Cash Decisions Break Markets
Dividend policy, more than any other aspect of corporate finance, is dysfunctional both for the firms that choose to return the cash and the investors
- Research
Profit Is Not Enough: Cost of Capital, Excess Returns, and the Real Test of Business Success
Defense of this mercantile objective, and argue that attempts to expand it to incorporate social good leave both businesses and societies worse off.
- Research
Global Investing After the Backlash Against Globalization
From investing and business perspectives, we saw the effects play out strongly in 2025, and I don't think that this genie is going back into the bottle
- Research
US Stocks After the Brink: Returns, Risks, and Valuation Signals
Composite indicator for whether the market is richly priced or not, and estimate a value for the index, with a reasonable equity risk premium.
- Research
Data, Bias, and Valuation: What the 2026 Numbers Say—and What They Don’t
A year during which we heard more talk about data and data centers than ever before in history, usually in the context of how AI will change our lives
- Active Investing
Is Nvidia Really Worth $5 Trillion? A Break-Even Reality Check That Changes the Debate
Engineer from any given market capitalization, the revenues and profitability thresholds you have to meet, and allow you to come to your own conclusions.
- Research
Why Gold’s Comeback Might Be Your Biggest Wake-Up Call in Modern Investing
I grew up in India in a time where if you had wealth, your investment options were limited.
- Opinion
The Great Market Illusion: Why Stocks Keep Rising—and Why That Might Be a Problem
I will try to explain why making the leap into concluding that stocks are in a bubble, and acting on that conclusion are much more difficult to do.
- Opinion
Behind the Numbers: What 2025’s Country Risk Rankings Are Really Telling Us
When assessing business risk from operating in a country, you will be affected by uncertainty that arises from almost every source
- Alternatives & Digital Assets
Bitcoin on the Balance Sheet? Why More Companies Are Asking the Question
- Market Intelligence
The Uncertain Payoff of Alternatives: Why the Risk May Outweigh the Reward
It is true that most investing lessons are directed at those who invest only in stocks and bonds, and mostly with long-only strategies. #alternatives
- Opinion
Why Moody’s Downgrade Shook the Markets — And What It Signals About Default Risk
Talk about how the US ratings downgrade will affect equity and bond valuations not just in the US, but around the world. #Moody #USA
- Market Intelligence
The Emotional Undercurrent Driving April's Market Swings
Stomach wrenching up and down movements intraday and across days, as investors struggled to price in a world of tariffs, trade wars and policy uncertainty.
- Opinion
Buy the Dip? The Rewards and Risks of Contrarian Investing
Contrarian investing can take different forms, each based on different assumptions about market behavior, and present the evidence that we have
- Opinion
What’s Fueling Market Chaos? A Deep Dive into Tariffs and Economic Shocks
I find that putting even unfinished thoughts down on paper or in a post is healthy, and perhaps a critical component to finding your way back to serenity
- Opinion
Investing in Turbulence: Globalization Backlash & Political Disruption
By narrowing our focus to the drivers of value, we can look at how company exposure to trade wars and DOGE will play out.
- Artificial Intelligence
DeepSeek's Entry into AI: Revolutionizing the Industry or Temporary Trend?
There were signs that investors were sobering up on not only how big the payoff to AI would be, but how long they would have to wait to get there. #AI
- Opinion
2025: US Equities Extend Their Winning Streak
Trying to judge where markets stand at the start of 2025, starting with PE ratios, moving on to earnings yields and ending with a valuation of the index.
- Opinion
2025 Data Insights: Why Data Can Be Both a Draw and a Danger
Repeat the caveats about how and where the data is best used, that I have always added to my updates. #data #markets
- Opinion
Who Benefits from Breaking Up Big Tech? A Closer Look
In a court filing on October 9, 2024, the US Department of Justice let it be known that it was considering a break-up of Alphabet #Google
- Active Investing
Brand Lessons Every Business Can Learn From Nike’s Challenges
What constitutes a brand name, what makes a brand name valuable and what causes brand name values to deplete and disappear. #brand
- Opinion
The Corporate Life Cycle: Managing, Valuation and Investing Implications!
Businesses, like human beings, age, and struggle with aging, and that much of the dysfunction we observe in their decision making #age
- Active Investing
Country Risk: My 2024 Data Update
I resolved that I would be far more organized in my assessments and updating of equity risk premiums, in the United States and abroad
- Opinion
Profitability: The End Game for Business?
Examine how much businesses generated in profits in 2023, scaled to both revenues and invested capital. #business
- Active Investing
The Difference Makers: Key Person(s) Valuation
It is part of the valuation process, where the key person is valued or at least priced and incorporated into valuation. #value
- Active Investing
Inflation and its Ripple Effects!
The big question leading in 2022 is how inflation will play out during the year, and beyond, and the consequences for stocks, bonds and currencies.