Michael Mauboussin - Man + Machine, Moats, and Power of the Outside View - [Invest Like the Best, EP.37]
Invest Like the Best with Patrick O'Shaughnessy
Is There Any Advantage in Markets as an Active Manager?
bascy: Let's assume that at some point these companies have to trade at a reasonable multiple. And then you go a look at the base ran, and it was like point two % of companies ever who had grown earnings at the rate they would need to to justify even a high p e ten years from now. So build a base rate, which is kindor your baseline expectation, build a model for the inside view, and then calculate your shrinkage factor historically. It makes me wonder. I always, i hear your mworks and i read your papers, and i always think, ok, what is in here that i can pourt into some advantage in markets as an active manager
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