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5min chapter
TIP531: Mark Leonard: The Best Capital Allocator You've Never Heard of
We Study Billionaires - The Investor’s Podcast Network
Constellation Trading at a Super High PE
Mark Leonard believes that the gap reporting standards do an injustice to companies like Constellation because it makes it look like the company is making less money than what is actually economic reality within the business. In Chris Mayer's book 100 Baggers, he notes that some of the best performing stocks and compounders are going to spend a lot of their life at all time high valuations. So even though the multiple is on the higher end today, if you try and wait for it to hit a multiple of say 25, you may still be paying a much higher dollar price in the future as the earnings have outpaced the multiple compression.
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