Aswath was recently interviewed by Patrick O'Shaughnessy on the "invest with the best" podcast. If you are interested in company valuation, it might be worth a listen!
I've listened to about half of the two hour podcast discussion, topics covered so far include:
- inflation (expected inflation vs unexpected valuation), Aswath wanting to diversity into physical assets to get more control over cash flows during inflationary periods, gold and gold-wannabes (crypto)
- company valuation, storytelling as part of company valuation, TAM delusions
- Aswath's brief take on the big tech companies:
- Netflix as a hamster wheel -- how the heck do you get off that wheel?
- whenever Amazon enters a new business, every other company in that business drops in value
- Google's inability to reproduce their original search & advertising success in new businesses
- everybody complaining about Facebook on Facebook but not stopping using it
- Apple as a single product business - the iPhone business
- learning from bad investors
- investor's beliefs about if mean reversion will continue or not, pointing out mean reversion is an assumption, and that structural changes in the world may derail mean reversion