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6min chapter
Michael Mauboussin Master Class — Moats, Skill, Luck, Decision Making and a Whole Lot More
Acquired
How to Measure the Moat Checklist in Early Stage Investing
When multiples based on any aspect of a business are at all times highs, how are you sort of walking through an exercise with your students, of working backwards from some ungodly valuations of companies and where it still may make sense to invest? And byway, not surprisingly, tel's been company we've analyzed in our class a bunch of times. The idea has been around for a very long time, s this concept of reflexivity. It says the very act of bidding up a stock changes the fundamental outlook for that company,. Especially if they can raise gobs of money at that new valuation precisely. So i think this idea of reflexivity is a really a big one now
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