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Aswath Damodaran

Aswath Damodaran

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.html
Valuation materials: http://www.stern.nyu.edu/~adamodar/New_Home_Page/equity.html
Investment Philosophies: http://www.stern.nyu.edu/~adamodar/New_Home_Page/invphil.htm
Books: http://www.stern.nyu.edu/~adamodar/New_Home_Page/public.htm
My website: http://www.damodaran.com

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  • 29 episodes
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  • Avg 50 min
  • English

Episodes 29

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  • Monday · 1 hr 34 min

    Session 22(MBA): Dividend Trade Off

    We spent all of this session setting up the trade off on dividends, starting with the argument that Miller/Modigliani made that dividends don't matter (in a world where investors are taxed at the same rate on dividends & capital gains & stock issuance is costless) to the dividends are bad school (built on the almost century long higher tax on dividends) to the dividends are good school. We closed by looking at two bad reasons for paying dividends (that they are more certain, that you had a good year) and three potentially good reasons (to signal to market, to make your clientele happy and to take advantage of debt holders). Slides: http://www.stern.nyu.edu/~adamodar/podcasts/cfspr16/Session22.pdf Post class test: http://www.stern.nyu.edu/~adamodar/pdfiles/cfovhds/postclass/session22test.pdf Post class test solution: http://www.stern.nyu.edu/~adamodar/pdfiles/cfovhds/postclass/session22soln.pdf Learn more about your ad choices. Visit megaphone.fm/adchoices

  • Monday · 50 min

    Finding your Investing Lodestar: In Search of an Investment Philosophy!

    An investment philosophy is a coherent set of beliefs about how markets work (and sometimes don't work) that underpins your investment strategies and choices, and it is a critical ingredient for successful investing in the long term. Many investors (including quite a few professional and institutional investors) lack core philosophies, and consequently end up chasing last year's winners or falling for investment scams. Others try to imitate successful investors, believing that imitation will lead to similar success in markets, but are often disappointed. There is no one "best" investment philosophy for all investors, but there is one that is right for you that fits your beliefs about markets and your personality. I have a book and a (free) online class on the process that you go through to find this philosophy, and I have updated both, with the third edition of the book available on March 31, 2026, at booksellers, and the new version of the class online (on both my webpage and as a YouTube playlist). Slides: https://pages.stern.nyu.edu/~adamodar/pdfiles/blog/InvPhil.pdf Blog post: https://aswathdamodaran.blogspot.com/2026/03/finding-your-investing-lodestar-in.html Book links: Webpage for book: https://pages.stern.nyu.edu/~adamodar/New_Home_Page/invphil3edbook.htm Booksellers: Amazon: https://bit.ly/40UqMyL Barnes and Noble: https://www.barnesandnoble.com/w/investment-philosophies-aswath-damodaran/1122867680 (25% off until March 26, 2026) Class links: My webpage: https://pages.stern.nyu.edu/~adamodar/New_Home_Page/webcastinvphil2025.htm YouTube Playlist: https://youtu.be/jBl8FXPc9tY?si=eF0WfFZDwVpz6K1I Learn more about your ad choices. Visit megaphone.fm/adchoices

  • Monday · 24 min

    The Market's Narrative: How Investors are pricing in the Iran War!

    The month of March 2026 was dominated by one story - the war in Iran and how it would play out. The month started with questions about how long the war would last and what effects it would have on the region and on global economies in the short and long term, and it ended with those questions still unanswered. As you try to make sense of competing narratives from experts (sell-anointed and real), you may want to check out the narrative in the market. I use market data, starting with oil prices and interest rates, and moving on to risk premiums, to conclude that, at least so far, this has been a market that is trying to reassess value, given the economic consequences of war, rather than one driven by panic. Oil prices are up strongly, but there are geographic and time variations, with Brent rising more than West Texas crude, and spot prices surging more than future. Equity risk premiums, bond spreads and the volatility index are all up, but not in the magnitudes that you would see in crisis market. Slides: https://pages.stern.nyu.edu/~adamodar/pdfiles/blog/WarandOil.pdf Blog Post: https://aswathdamodaran.blogspot.com/2026/04/oil-war-and-global-economy-markets.html Data: Day-by-day ERP: https://pages.stern.nyu.edu/~adamodar/pc/blog/AlldataMarch2026.xlsx ERP by country (updated to March 31, 2026): https://pages.stern.nyu.edu/~adamodar/pc/datasets/ctrypremApr26.xlsx Learn more about your ad choices. Visit megaphone.fm/adchoices

  • Monday · 39 min

    To Trillion(s) and Beyond: The SpaceX IPO Odyssey

    In a world where so many companies claim to be unique and futuristic, SpaceX is the real deal, a package of spaceships, satellites and AI. When he founded the company in 2002, Elon Musk announced that he was doing so to make the costs of going into space lower and to make space travel possible. While the space establishment gave the company little chance of succeeding, it has delivered on the first promise, with its reusable rocket technology allowing for much cheaper launches into space. Along the way, the company has branched out into two other businesses - an internet service business built around thousands of satellites that it has launched into space, and AI, with its acquisition of xAI. As it get ready for an IP0, I tried to value and price the company, albeit with minimalist information, since the prospectus is still not public, and there are no comparable public companies in these spaces. With different storylines for the launch, internet and LLM business, and building on the moats that SpaceX has (at least in the first two), I attach a valuation of $1.22 trillion to the company, an astonishingly high number for a company that generated $16 billion in revenues in 2025. I will revisit the valuation, once the prospectus is filed in the next few weeks, but I do not expect that public filing to change my story line by much. Slides: https://pages.stern.nyu.edu/~adamodar/pdfiles/blog/SpaceXIPO.pdf Blog post: https://aswathdamodaran.blogspot.com/2026/04/to-trillion-dollars-and-beyond-spacex.html Valuation of SpaceX: https://pages.stern.nyu.edu/~adamodar/pc/blog/SpaceX2026IPO.xlsx Learn more about your ad choices. Visit megaphone.fm/adchoices

  • Monday · 1 hr 23 min

    Session 3 (Val Undergrads):: First Steps on Intrinsic Valuation

    We started class by completing the discussion of pricing and real options, at least in a big picture sense. We then began our intrinsic value discussion by talking about the weapons of mass distraction. If you want to read the blog post I have on the topic, try this link: http://aswathdamodaran.blogspot.com/2014/03/if-it-is-strategic-growth-investment-in.html We then spent some time setting up the process of discounted cash flow valuation, arguing for consistency in discounting. If the cash flows that you are discounting are cash flows to equity, estimated either as dividends or as potential dividends, the discount rate should be the cost of equity. If the cash flows that you are discounting are pre-debt cash flows, i.e,, cash flows to the firm, the discount rate has to be the cost of capital. Done right, the value of equity should be equivalent with both approaches. Start of the class test: https://pages.stern.nyu.edu/~adamodar/pdfiles/eqnotes/tests/kennecott.pdf Slides: https://pages.stern.nyu.edu/~adamodar/pdfiles/eqnotes/ValIntro24.pdf & Slides: https://pages.stern.nyu.edu/~adamodar/podcasts/valUGspr24/session3slides.pdf Post-class test: https://www.stern.nyu.edu/~adamodar/pdfiles/eqnotes/postclass/session3test.pdf Post-class test solution: https://www.stern.nyu.edu/~adamodar/pdfiles/eqnotes/postclass/session3soln.pdf Learn more about your ad choices. Visit megaphone.fm/adchoices

  • Monday · 43 min

    An Ode to Restraint: Lessons from the Tim Cook Legacy!

    I have been a user of Apple products since the first Mac came out in the early 1980s, and I have been an investor off and on in the company for much of its life. The announcement that Tim Cook was planning to step down as CEO after a stint of fifteen years atop the company caught my attention, and in this session, I look at his legacy. Given that Cook was preceded by Steve Jobs, it is almost unavoidable that comparisons will be made between the tenures of the two, and I do so. Without taking anything away from the Steve Jobs legend, I feel that investors and observers have underplayed how well Tim Cook has played the cards he was dealt,, as he has helped Apple transition from being the disruptive growth engine it was under Jobs to the cash machine that it became under Cook. While Cook has been critiqued for being too cautious and missing out on tech trends, the trade offs he made have worked out well for shareholders. I do believe that his discipline and restraint deserve celebration. Slides: https://pages.stern.nyu.edu/~adamodar/pdfiles/blog/CookatApple.pdf Blog post: https://aswathdamodaran.blogspot.com/2026/05/an-ode-to-restraint-lessons-from-tim.html Learn more about your ad choices. Visit megaphone.fm/adchoices

Showing 21–29 of 29 episodes