TIP577: Valuation Masterclass w/ Aswath Damodaran

The Investor's Podcast (We Study Billionaires) - The Investor’s Podcast Network

Stig Brodersen

Education, Investing, Business

4.6 • 3.6K Ratings

🗓️ 15 September 2023

⏱️ 60 minutes

🔗️ Recording | iTunes | RSS

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Summary

On today’s episode, Clay Finck is joined by Aswath Damodaran who is widely referred to as the dean of valuation. Aswath Damodaran is a professor at NYU of corporate finance and valuation and has taught thousands of students how to value companies and pick stocks. He has written numerous books on valuation and has also made all of his university courses available online for free. Aswath is one of the clearest teachers of finance and investing in the industry. IN THIS EPISODE, YOU’LL LEARN: 00:00 - Intro. 01:42 - Whether recent technological advances should lead us to think about investing. differently than in years past. 03:23 - The role intangible assets play into valuation. 07:08 - How he determines which companies he wants to dive in and research. 14:40 - How Aswath thinks about setting an appropriate discount rate in valuation. 20:49 - His thoughts on whether investors should deem the US treasury rate as the risk free rate available to investors. 24:10 - The future expected return of the S&P 500 implied by the market as of August 2023. 27:29 - How Aswath thinks about the risks of investing in China. 30:02 - Aswath’s updated views on the valuation of Nvidia & Meta. 33:21 - The potential dangers of a buy and hold approach. 47:31 - How to think about using adjusted EBITDA in stock analysis. 49:44 - How Aswath thinks of the macro. 57:16 - Why Aswath recommends a strong understanding of statistics to invest well. Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, and the other community members. Check out our recent episode RWH005: Meet the Master w/ Aswath Damodaran, or watch the video. Check out Aswath’s Website. Check out Aswath’s YouTube Channel. Follow Clay on Twitter. Follow Aswath on Twitter. Tune into our previous episode covering The Future of AI w/ Bob Muglia or watch the video. SPONSORS Support our free podcast by supporting our sponsors: River Toyota Range Rover Briggs & Riley American Express The Bitcoin Way Public Onramp USPS Simon & Schuster SimpleMining Vacasa Shopify AT&T iFlex Stretch Studios Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Transcript

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0:00.0	You're listening to TI-P.
0:03.0	On today's show, I'm joined by Aswata Motoran,
0:05.5	who's commonly referred to as the Dean of Valuation.
0:08.8	Aswath is a professor teaching corporate finance
0:11.2	and valuation at NYU,
0:13.2	and has taught countless students
0:14.5	how to appropriately value companies
0:16.3	of all shapes and sizes.
0:18.4	He's written numerous books on valuation,
0:20.5	including the little book evaluation,
0:22.4	the dark side evaluation, and narrative and numbers.
0:25.6	And he's also made all of his university courses
0:28.0	available online for free.
0:30.1	Aswath is one of the clearest thinkers
0:32.2	when it comes to finance and investing.
0:34.4	In this episode, we cover whether recent technological advances
0:37.7	should lead us to think about investing differently
0:40.0	than in years past.
0:41.4	How he thinks about setting an appropriate discount rate
0:43.6	for valuation, his thoughts on whether investors
0:46.3	should deem the US Treasury rate as the risk-free rate,
0:49.5	the future expected return of the S&P 500
	...

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