@ColinACody@CliffordAsness Understanding these things through radical analogies may be problematic. What makes index investing a roulette?
6-11% is also a wide range, no? What would be a good example of FoF that delivers 11% with no beta after two layers of fees?
@CNBC Why does jeff bezos look like one of those greek restaurant owners who invites gordon ramsay to save his restaurant, then spends the entire episode insisting the food is perfect before they end up almost killing each other?
@verdadcap Fair point. But with the same logic public market drawdowns would have triggered lower PE valuations too. I guess PE doesn't react to any market information. It's high return with low volatility π§
@dayetweets@HiddenGemsInves Thanks for the idea. How do you calculate the free cash flow and on what year? Sounds interesting but I suspect that 1- it's not at 10x fcf, 2- it's not sensible to pick Hermes as the comp.
But if it's growing at 10x fcf, I think it could be compelling.