Ep 346. Q&A: Investing Mistakes, Holding Compounders, ROIC, FCF + Growth
Focused Compounding
00:00
Ad Rates Aren't Going to Fall Below Nominal GDP Growth in Recessions
If inflation is high enough, an ad agency would have to trade at a gigantic premium over the market. What type of multiple would you put on a company like that? Depends on how big inflation is. Ad rates really aren't going to fall below nominal GDP growth over time unless you're having a recession.
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