Seeking Persistent Growth in Technology Investing with Deepwater’s Gene Munster and Doug Clinton
Excess Returns
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The Cone of Expectations
A price is actually a suggestion of a future that has to happen it's actually a path given a discount rate and given some assumptions around you know growth and things like that. So as we think about trying to find that persistent growth what we like to do is say okay if a price is a path there's other paths that it may actually take whatever path is priced in probably won't be the real path. We try to find companies where the path that is priced in given a stock price is not wild relative to what we think can happen but perhaps a just a little bit conservative.
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