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TIP492: The Best Investor You've Never Heard of
We Study Billionaires - The Investor’s Podcast Network
Investing in a Growth Company Is a Big Mistake
Nomads investments may have been in publicly listed firms but these firms are also overwhelmingly run by managers who think and behave as if they were private firms. One of Bezos's early shareholder letters stated, quote, "...Our judgment is that relentlessly returning efficiency improvements in scale economies to customers in the form of lower prices creates a virtuous cycle" The market takes into account the fact that most companies do end up failing by discounting all stocks. What this actually does is discount the companies that don't fail as well or continue to grow.
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