I teach corporate finance, valuation and investment philosophies at the Stern School of Business at New York University. I have online versions of all three courses here, as well as other finance-related videos. 1. The Corporate Finance Online playlist has an introductory video and 36 sessions that cover all of corporate finance (at least as I see it). 2. The Valuation playlist has 25 sessions that cover valuation approaches, issues and questions.3. The Investment Philosophies playlist has sessions that cover different investment philosophies.4. The Accounting and Statistics playlists reflect my quirky and unorthodox introductions to two disciplines that are critical to my valuation and corporate finance classes.5. The Blog Posts playlist has sessions that go wit my blog posts and reflect my standing as a dabbler, rather than expert, in all things finance-related. If you need the supporting material for any of the classes, check the links below.Links:Corporate finance materials: http://www.stern.nyu.edu/~adamodar/New_Home_Page/corpfin.htmlValuation materials: http://www.stern.nyu.edu/~adamodar/New_Home_Page/equity.htmlInvestment Philosophies: http://www.stern.nyu.edu/~adamodar/New_Home_Page/invphil.htmBooks: http://www.stern.nyu.edu/~adamodar/New_Home_Page/public.htmMy website: http://www.damodaran.com
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In this class, I did a quick review of the class using the findings from the project analyses done by people in the class. You can find the slides as well as the summary numbers for the companies analyzed.Slides: http://www.stern.nyu.edu/~adamodar/pdfiles/cfovhds/ProjSumm16.pdfCompany numbers: http://www.stern.nyu.edu/~adamodar/pc/cfanalysis/cfspr16.xls
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Dividends, Buybacks and FCFE: Dataset Support
Sunday, September 13, 2026 • Duration 13:11
In this session, I look at dividends and buybacks as alternate mechanisms for returning cash to shareholders and potential dividends, and how to scale these numbers for comparison across firms.Datasets: 1. https://pages.stern.nyu.edu/~adamodar/pc/datasets/divfund.xls2. https://pages.stern.nyu.edu/~adamodar/pc/datasets/divfcfe.xls
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Session 26 (MBA): The Last Hurrah!
Sunday, September 13, 2026 • Duration 01:34:20
In this class, I did a quick review of the class using the findings from the project analyses done by people in the class. You can find the slides as well as the summary numbers for the companies analyzed.Slides: http://www.stern.nyu.edu/~adamodar/pdfiles/cfovhds/ProjSumm16.pdfCompany numbers: http://www.stern.nyu.edu/~adamodar/pc/cfanalysis/cfspr16.xls
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The Difference Makers: Key Person(s) Value
Sunday, September 13, 2026 • Duration 48:41
In small businesses, it is common to apply what is called a "key person" discount to appraised value, reflecting the reality that the loss of that one person can create a significant change in its fortunes. While that practice is not explicitly followed when valuing bigger businesses, and especially publicly traded ones, the OpenAi fiasco (where the board fired Sam Altman, the face of the company, and then found itself fired a week later) and the long standing question of how much Elon Musk adds to (or detracts from) Tesla's value indicates it is important even at larger entities. In this session, I look at the variety of people who can be key to an organization's value (from founder/CEOs to celebrity spokesperson), before creating value and pricing frameworks for valuing/pricing their presence. I also look at how businesses can manage key person risk, why it can vary across businesses and implications for employee compensation. Slides: https://pages.stern.nyu.edu/~adamodar/pdfiles/blog/KeyPerson.pdfBlog Post: https://aswathdamodaran.blogspot.com/2023/12/the-difference-makers-key-persons.html
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Session 27 (Undergraduate): Valuation
Sunday, September 13, 2026 • Duration 01:29:20
In this class, we looked at valuation as the place where all of the pieces of corporate finance come together - the end game for your investment, financing and dividend decisions. After drawing a contrast between valuation and pricing, we looked at the four drivers of value: cash flows, growth rates, discount rates and when your company will be a stable growth company. We then looked at how these numbers can be different depending on whether you take an equity or firm perspective to valuation and what causes these numbers to change. In particular, we argued that while no one can lay claim on the "right" value, we still need to be internally consistent with our assumptions. High growth generally will be accompanied by high reinvestment and high risk, and as companies mature, their growth and reinvestment characteristics should change. Ultimately, though, the best way to learn valuation is by playing with the numbers and seeing how value changes.Slides: http://www.stern.nyu.edu/~adamodar/podcasts/cfUGspr16/Session27.pdfPost class test: http://www.stern.nyu.edu/~adamodar/pdfiles/cfovhds/postclass/session27atest.pdfPost class test solution: http://www.stern.nyu.edu/~adamodar/pdfiles/cfovhds/postclass/session27asoln.pdf
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Debt Ratios: Dataset support
Saturday, September 12, 2026 • Duration 08:48
In this session, I look at the choice between debt and equity that every business has to make through the data lens. I explain how I scale debt to capital, cash flows and earnings.Datasets:1. https://pages.stern.nyu.edu/~adamodar/pc/datasets/dbtfund.xls
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Session 25(MBA): Valuation Agonistes
Saturday, September 12, 2026 • Duration 01:34:20
In this class, we looked at valuation as the place where all of the pieces of corporate finance come together - the end game for your investment, financing and dividend decisions. After drawing a contrast between valuation and pricing, we looked at the four drivers of value: cash flows, growth rates, discount rates and when your company will be a stable growth company. We then looked at how these numbers can be different depending on whether you take an equity or firm perspective to valuation and what causes these numbers to change. In particular, we argued that while no one can lay claim on the "right" value, we still need to be internally consistent with our assumptions. High growth generally will be accompanied by high reinvestment and high risk, and as companies mature, their growth and reinvestment characteristics should change. Ultimately, though, the best way to learn valuation is by playing with the numbers and seeing how value changes.Slides: http://www.stern.nyu.edu/~adamodar/podcasts/cfspr16/Session25.pdfPost class test: http://www.stern.nyu.edu/~adamodar/pdfiles/cfovhds/postclass/session25test.pdfPost class test solution: http://www.stern.nyu.edu/~adamodar/pdfiles/cfovhds/postclass/session25soln.pdf
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Historical Returns: Dataset Support
Saturday, September 12, 2026 • Duration 17:40
In this session, I explain why we compute historical returns as well as the process of computing these returns for the different asset classes that I follow.https://pages.stern.nyu.edu/~adamodar/pc/datasets/histretSP.xls
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The Margin of Safety: Tool for Action or Excuse for Inaction
Saturday, September 12, 2026 • Duration 17:27
In this session, I look at the margin of safety as a tool for dealing with uncertainty. While it is intuitive, there are serious misconceptions that get in the way of it being used effectively. Blog post: http://aswathdamodaran.blogspot.com/2016/05/dcf-myth-31-margin-of-safety-tool-for.htmlSlides: http://www.stern.nyu.edu/~adamodar/pdfiles/blog/MOS.pdf
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Data Update 1 for 2024: The data speaks, but what is it saying?
Friday, September 11, 2026 • Duration 27:59
Every year, I start by updating data on my webpage on industry averages on variables that I find myself using in my corporate financial analysis and valuation, and since there is no cost to sharing, you are welcome to use this data as well. This year's dataset includes 47,698 publicly traded companies in 134 countries, and the averages cover risk, accounting return, profitability, leverage and dividend variables. I explain some of the choices that I make in computing these industry statistics, and suggest some caveats (which you are welcome to ignore). You are welcome to use this data and I hope you find it useful! Slides: https://pages.stern.nyu.edu/~adamodar/pdfiles/blog/DataUpdate1for2014.pdfBlog Post: https://aswathdamodaran.blogspot.com/2024/01/data-update-1-for-2024-data-speaks-but.htmlCurrent data: https://pages.stern.nyu.edu/~adamodar/New_Home_Page/datacurrent.htmlArchived data: https://pages.stern.nyu.edu/~adamodar/New_Home_Page/dataarchived.html
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