3

Do not use the capitalizations of the ETFs, they hold a small and variable proportion of the securities outstanding. Instead base your weights on the papers by Swinkels et al. which have tried to estimate the actual amounts invested by all investors (not just ETFs!) in various assets. Their latest paper is Historical Returns of the Market Portfolio, 2019 ...


3

A 409A and the price someone is willing to pay for a private company are not the same. A 409A for an early-stage business is usually performed immediately after a financing round. This type of valuation is just a snapshot at that moment, which heavily discounts that an early-stage company can remain a going concern. An investor looking to participate in a ...


2

You mean aside from the fact that stock price can fluctuate wildly? There's no 'why', per se. P/B (nor P/E, P/S, P/CF or any valuation metric) isn't a panacea for identifying undervalued companies. It's a proxy of sorts. 1 is obviously a kind of floor, but imperfect (where break-up value = current market price), though it's at times eclipsed. During ...


2

Tiingo.com has fundamental data available through an API you can access using Python. I'm not sure if you have to pay for it or if it's included with a free account. Either way, the outstanding shares are on the balance sheet within the fundamental data you can get through their REST API. YCharts has this data on a monthly basis too. See example here. ...


2

There is no limit, but you would need a lot of large non-residents shareholders to achieve that. This is arguably the case in Hong Kong, where the total market cap is advertised at 4.5 trillion dollars. I cannot find a source for the total wealth of Hong Kong, but given that ultra high net worth individuals have 1.2 trillion in assets, and assuming they own ...


1

P/B is a ratio so it has a numerator and a denominator. P is easy to look up, it is the market capitalization. The problem is that B is the one that's hard to ascertain. Even if you believe the auditors, you should probably make adjustments, for example, the net cash-on-hand. To make things worse, B is in the denominator so potentially, small changes in the ...


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