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3min chapter
Comparing the Dotcom Crash to Today (with Tom Cowan from TDM)
ACQ2 by Acquired
The Importance of Flexibility in Investments
In 2022, when markets were starting to fall apart, TDM wrote another memo. It said that multiples had returned to normal long term averages and it's now time to start moving to a more offensive position. Now, I should say, obviously we're a little bit early in that call. No doubt about it. Things got worse. The best remender index kept falling. And then obviously macro continued to get worse. Inflation remained high. Interest rates kept rising. So that uncertainty effectively meant that things continued to getting worse. That really goes to the heart of actually why we set ourselves up the way we have.
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