Should you're care about the macro environment and is reputational risk really a risk?

You're in the right place folks because this is where the money is.

Welcome to the show folks. I am David Hanson. Matt Copenhagen

is still out of the country. So today we are revisiting an interview we did a

couple weeks ago with Columbia Professor Bruce Greenwald.

Mr Greenwald is a professor of finance and asset management

at the Columbia Business School in New York City

and is an authority on value investing.

Hope you enjoy the interview.

Now in terms of, so you're talking about different ways

to value companies and you mentioned price

to tangible book value, which brings me around to,

I spend most of my time working with financial companies which that's a

metric that I end up focusing on a lot. I'm curious if you have been watching the financial

sector at all lately and have any thoughts on there

are a lot of people myself included that think that the sector may be undervalued

but there's also a possibility that that's a great can't have no no all right So can I talk about what the big problem with that is?

Sure, yeah.

There is one fact about investing,

and it's the most important fact that you can never forget.

And there are two ways of saying it.

There's Lake Wobegonway. The average performance of all managers before fees

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