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We Study Billionaires - The Investor’s Podcast Network
TIP577: Valuation Masterclass w/ Aswath Damodaran
Sep 15, 2023
55:59
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Aswath Damodaran, dean of valuation, discusses investing strategies, valuation techniques, and his opinions on specific stocks. Topics include the impact of intangible assets on valuations, the appropriateness of the US treasury rate, the illusion of safe havens, differentiating between investing and trading, the pitfalls of buy and hold investing, and the importance of statistics in investing.
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Quick takeaways
- Maintaining a consistent approach to valuation is crucial in today's world, as every generation believes it faces unique challenges, but change has always been constant throughout history.
- Valuing intangible assets is not fundamentally different from valuing tangible assets, as what ultimately drives value for a company is the cash flows it generates, regardless of the source of those cash flows.
Deep dives
Valuing Companies in the Age of Technological Change
The podcast episode discusses the impact of technological advances on the way we think about investing and valuing companies. The speaker argues that every generation believes it is uniquely tested by change, but in reality, change has always been constant throughout history. The speaker emphasizes that while technology may create disruptions and updates claim to be revolutionary, it is important to recognize that change has always been a part of human society. Therefore, investors should not approach valuation differently in today's world, but rather maintain a consistent approach that focuses on expected cash flows. The podcast also touches on the importance of understanding intangible assets and their impact on valuation, debunking the notion that valuing intangibles is fundamentally different from valuing tangible assets. According to the speaker, what drives value for a company is the cash flows it generates, regardless of whether those cash flows come from physical or intangible assets.
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