Invest Like the Best with Patrick O’Shaughnessy
Business:Investing
Today’s guest is Aswath Damodaran, who is joining us for a second time on Invest Like the Best. Aswath is a Professor of Finance at NYU’s Stern School of Business and is often referred to as the Dean of Valuation for his clarity of thought on the subject. This conversation picks up where we left off 18 months ago and covers a wide range of topics from macro risks to Nvidia and the process of crafting a personal investment philosophy. Please enjoy this great discussion with Aswath Damodaran.
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For the full show notes, transcript, and links to mentioned content, check out the episode page here.
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Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.
Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more.
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Show Notes
(00:01:30) - (First question) - The general prevailing narrative in markets today
(00:03:45) - The biggest business implications given the current market landscape
(00:05:30) - Why it’s bad to have risky founders with cheap capital trying experiments
(00:07:38) - The natural rate of interest and how it’s priced
(00:08:40) - His updated view and thoughts on what’s currently driving inflation
(00:12:20) - Macro variables that most have his attention today
(00:13:30) - The nature of the trouble that we’re all in
(00:17:30) - Whether or not international equities will become a place of interest
(00:20:38) - The unique absolute basis of NVIDIA’s growth
(00:22:10) - His take on the new wave of AI in a broad sense
(00:28:00) - Trying to value AI companies without tangible business models
(00:31:30) - The parts of his own valuation process that are beyond automation
(00:34:40) - Commonalities between investors who beat the benchmark
(00:37:20) - Episodes on his own path that lead him towards his investment philosophy
(00:40:50) - How he goes about valuing non-traditional companies like sports franchises
(00:45:30) - The world of entertainment and how he sees it as a business today
(00:52:30) - The best business models he’s ever seen
(00:54:25) - What valuing Instacart taught him about online grocery shopping
(00:57:40) - The most interesting company he valued over the last year
(00:59:30) - A well known company he wouldn’t bother valuing using his typical model
(01:02:10) - How bank failures changed his thinking on our financial systems and banks as businesses writ large
(01:05:00) - The changing attitude towards ESG investing
(01:09:56) - Why there are still so many pools of capital that pursue an active strategy
(01:10:51) - Being sick and tired of the conversation always revolving around central banks
(01:14:38) - What he’s most excited to look into over the coming year
(01:16:38) - Major differences between a financial and an accounting balance sheet
Adam Sandow - The Power of Print Media - [Invest Like the Best, EP.376]
Howie Liu - Building Airtable - [Invest Like the Best, EP.375]
Mark Groden - The Future of Flying - [Invest Like the Best, EP.374]
Dev Ittycheria - The Database Evolution - [Invest Like the Best, EP.373]
Nico Wittenborn - Finding the Adjacent Possible - [Invest Like the Best, EP.372]
Mitch Rales: The Art of Compounding - [Art of Investing, Forever Episode]
Marc Lasry - Making Bucks in Credit and Sports - [Invest Like the Best, EP.371]
Bill Gurley & Michael Mauboussin - Putting Theory into Practice - [Invest Like the Best, EP.370]
Tim Ferriss - Curating Curiosities - [Invest Like the Best, EP.369]
Ken Langone - The American Dream - [Invest Like the Best, EP.368]
Robin Dunbar - Optimizing Human Connection (Dunbar's Number) - [Invest Like the Best, EP.367]
Sean Feeney - Reinventing the Restaurant Business - [Invest Like the Best, EP.366]
Dave Fontenot - The Monastery of Code - [Invest Like the Best, EP.365]
Anne-Marie Peterson - The Capital System - [Invest Like the Best, EP.364]
Aravind Srinivas - Building An Answer Engine - [Invest Like the Best, EP.363]
Ali Hamed - Building an Investment Firm - [Invest Like the Best, EP.362]
Cyan Banister - Investing for a Higher Purpose - [Invest Like the Best, EP.361]
Danny Meyer - The Power of Hospitality - [Invest Like the Best, REPLAY]
Chuck Akre - The Three Legged Stool - [Invest Like the Best, REPLAY]
Alex Telford - Unlocking Innovation in Pharma - [Invest Like the Best, EP.360]
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