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4min chapter
TIP465: Value Investing in the Digital Age w/ Adam Seessel
We Study Billionaires - The Investor’s Podcast Network
What Are Some of the Most Compelling Advantages From Tet Companies?
Since 20 16, roughly two thirds of the market's appreciation has come from tech. So obviously, tech is not going anywhere any time soon. Tech companies don't produce anything physical. They're raw materials, are zeros and ones, and so they have no cost of goods. An average tech company will put up eightyn and 90 % margins. It's very high return on capital because they have no few physical assets. There's network effects. Once people have figured out that google is the best search engine, people standardize on it. And you know, this virtuous circle goes around and around.
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