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TIP346: Masterclass in Valuation w/ Chris Bloomstran
We Study Billionaires - The Investor’s Podcast Network
How to Smooth Normalization of Stock Portfolios
The typical investor in stocks thinks they're going to earn, let's say, 10%, which is the long-run average back to 1926. When I go through my normalization and remove from the income statement the quarter-to-quarter changes in the stock portfolio, I'm going to add back on an annual basis $10 billion in retained earnings. Then I make a further adjustment to your point about Apple, which I found extremely expensive at year end, trading at mid-30 to earnings.
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