I talked about this yesterday in class I gave in my students a question.

I said, let's suppose you valued a company and you feel a hundred percent certain about the value.

And the value is higher than the price.

Would you be willing to take all of your money and buy the stock?

After all, you're 100 percent convinced about the value. It is undervalue.

And what I want them to think about is, even though you're 100% certain about the value,

there's another dynamic here that you don't control, which is to make money, the price has to move

to value.

I'm Ricky Mulvey, and that's Oswath Demoteren.

He teaches corporate finance and valuation with the Stern School of Business at New York University.

He's written several books on equity valuation, and he's one of the most respected minds

in the space.

My colleague Matt Argusinger interviewed Demoderin for our Market Playbook Summit,

an event where Motley Fool members first caught this conversation.

They discuss why the US is still a safe haven for investors compared to some other parts of the world,

how Elon Musk's involvement with the Trump administration changes Tesla's valuation

and why the rise of passive investing isn't stopping anytime soon.

It's a great conversation and I think you'll find value in it.

The theme of our discussion today is investing in uncertainty.

And, well, it feels like as investors are always investing in uncertainty.

Otherwise, equity investors probably wouldn't have earned such, you know,

outsized returns historically.

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