Ep 400. Where Does Your Return Come From: Yield, Growth, and Multiple Expansion, and the Difference Between Speculation and Investing

Exploring factors that drive a stock's price over time and the importance of low valuation. Evaluating stock valuations with examples and considering factors like yield, multiple expansion, and future growth. Analyzing the investment potential of British American Tobacco and discussing the impact of inflation. Understanding multiple contraction and its effect on investment returns. Exploring factors affecting margins in a business and the potential growth of AI spending.