What is back stock8/30/2023 ![]() ![]() I debated Cathie Wood about a month ago at a Morningstar conference. When it comes to things like Tesla, and Zillow and Netflix, you have to make very, very, very aggressive assumptions. You just have to make moderately aggressive assumptions and you can easily justify the price. With Apple, you don’t even have to make implausible assumptions. So you can readily scratch that off the list. ![]() ![]() But is the marginal buyer an unsophisticated investor who doesn’t care about valuation? Hardly. There are people who will say, gosh, you’d have to make implausible assumptions about Microsoft to justify its current market cap. And when it comes to people ignoring valuation models, that is characteristic of bubbles.
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