STREET DOGS: Fixing the short term might jeopardise the long term
Within every economic crisis is a silver lining as the business downturn accelerated the demise of marginal businesses and industries
19 October 2020 - 15:49
From the Harding Loevner Q2 report:
The problem in trying to value rapidly growing companies is that we can’t really know whether the crisis has merely brought forward their future growth (which was arguably already embedded in investor expectations and thus in the stock price), or whether it has also expanded their addressable market, thereby extending the duration of their rapid growth...
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