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TIP654: Investing Across the Life Cycle w/ Aswath Damodaran
We Study Billionaires - The Investor’s Podcast Network
Adapt to Change to Find Advantage
The investment landscape has evolved, and the historical outperformance of low-value stocks has diminished. In the previous century, low PE and low price-to-book stocks consistently exceeded high-value stock returns. However, the last three decades have shown a shift, with growth stocks, particularly those from major tech companies, dominating. Expecting mean reversion in low-P stocks to yield profitable opportunities is no longer viable, as technological advancements, such as AI, have made these strategies widely accessible. If machines can identify such investment opportunities easily, achieving excess returns through them becomes increasingly unlikely.
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