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Chris Davis - A Multifaceted Perspective on Financial Services

Value Investing with Legends

CHAPTER

Investing in Long Term Equity Returns Is a Dangerous Outcome

The idea that somehow the higher your stock price is, the more you can do stupid things is a very dangerous outcome. We have really sort of stuck with the idea that we want to be able to double our clients money every seven to ten years. So i think it's a dangerous thing to lower your equity return expectations below the long term historic rate. I would say the biggest opportunity of low interest rates is the way it changes your cost of debt. And so it's been interesting to me how few companies have really levered up in this time.

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