Measuring and Judging a Company's Growth: What Matters and What Doesn't

00:00 Intro
01:15 Growth: What Does It Mean and How Do We Value It?
03:30 Is Costco Overvalued?
08:00 The Issue with No-Growth Cannibals
10:00 Growth in the Banking Industry
11:41 High-Growth Bank (SFBS)
13:22 MAG7 Growth
21:00 TSLA YTD
22:10 Buybacks
26:20 How Buffett Thinks About Growth
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[@robertstilson9294]

Very educational episode🎉

[@AmArJoT0o]

Thank you for the great episode :)

[@magalengo]

Jeff seems heavily biased against the truly wonderful businesses of the world like Costco, Apple, Alphabet etc. I have to wonder how much of that bias is sour grapes of not buying in 10 plus years ago and holding the entire time. Or perhaps it is my bias of never having sold a share since buying these businesses back in 2011.

[@alexanderebbinghouse2622]

It is just because these businesses are recognized by the market as being great investments, and therefore trade at expensive multiples. The thing that Geoff really misses about Costco is the royalty-like nature of the business model. If you look at royalty companies they always trade at high multiples. Something in this area is Wheaton Precious Metals (WPM) and it always trades at a high multiple because the business model is so good. You can look at Costco's membership profits as sort of a royalty that grows over time and also the stock does have high returns on invested capital and pays out special dividends every few years which everyone seems to forget