Finanční guru Aswath Damodaran: Hodnotové investování už nefunguje, krize COVID-19 mě učinila pokornějším

Aswath Damodaran, který je proslulý jako finanční guru, vyučuje finance na New York University. Mezi jeho speciality patří firemní finance a oceňování vlastního kapitálu, napsal na toto téma nemálo akademických knih. Teď přehodnocuje svůj přístup.

#damodaran: Stories without numbers are just fairy tales and numbers without stories to back them up are exercises in financial modelling.

#damodaran: Going for more growth at any cost can be value destructive <=> ROIC < WACC

#damodaran: Growth can sometimes destroy value <=> ROIC < WACC

#damodaran: Any perpetual growth rate that exceeds the nominal growth rate of the economy is impossible. #tesla

#damodaran: A good business story is simple, credible and persuasive.

#damodaran: Disruption generally comes from companies that have little to lose, you can more easily tell disruptive stories about companies early in the life cycle.

#damodaran: The bottom line for a business narrative is that it is less about specifics and details and more about big picture and vision.

#damodaran: #valuation that is not backed up by a story is both soulles and untrustworthy.

#damodaran: Measuring something does not mean that you are controlling it.

#damodaran: Analysts give the attention to small and often irrelevant details.

#damodaran: Having access to the most brilliant minds, the most up-to-date data, and the best models in investing or business does not equate to success.