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Value & Growth Demagogues

Listen on: iTunes | Google Podcasts | Online The following was excerpted from our Winter letter to IMA clients. I have a problem with both growth and value demagogues. Growth demagogues will argue that valuation is irrelevant for high-growth companies because the price you pay for growth doesn’t matter. They usually say this after a very extended move in growth […]

Qualcomm’s Competitive Advantages Are Too Numerous to Ignore

Asphyxiation is a condition in which the body doesn’t receive enough oxygen. A common side effect of asphyxiation is death. Before then, of course, there are hallucinations; we start seeing things that don’t exist. When the market is making new highs, valuations are high, and you get altitude sickness. It is typical to suffer from […]