We explore crucial concepts like:
The difference between investing and speculating
Understanding expectations investing
Why fundamentals still matter, even in today's market
The paradox of skill in investing
How to properly use multiples in valuation
The challenges of active management in an increasingly passive world
The usefulness (and limitations) of market forecasts
The importance of base rates in decision making
0:00 - Introduction
3:00 - Lesson 1: Investing vs Speculating
8:05 - Lesson 2: Expectations Investing
13:32 - Lesson 3: Do Fundamentals Still Matter?
18:58 - Lesson 4: What Value Investors Missed About Big Tech
30:46 - Lesson 5: Earning the Right to Use Multiples
36:47 - Lesson 6: The Challenge of Active Management
41:53 - Lesson 7: The Paradox of Skill in Investing
47:28 - Lesson 8: The Use and Misuse of Market Forecasts
55:35 - Lesson 9: The Importance of Base Rates
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https://www.valideacapital.com
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