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Value After Hours S03 E27: Munger and Jack Ma, GMO's Value Reversals, Mise en place

The Acquirers Podcast

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What's the Biggest Threat?

When s p g i and i h s were merging, you were like, this is cheap. You have to probably discount intrinsic value if the cash that this amazing business is producing perhaps does not end up back in your pocket as the owner,. Like, that's the important equation. I think it's possibly that everybody knows that thy're ginto be cyclical. If we go down the other side of it of a crash, these things ar are going to pull back a littlebitand that's certainly what s p gi did in two thousand eight, two thousand nine. But it's, it's a great business like that. Returns on equity, i just monstrous. And it

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