Aswath Damodaran - Valuation Lessons, Investing, & Life
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- เผยแพร่เมื่อ 30 พ.ค. 2024
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William Green speaks with valuation guru Aswath Damodaran, who has written numerous books on how to value companies and invest successfully. The ultimate teacher, Aswath is a legendary professor of finance at NYU who has also made his classes available for free online to millions of followers around the world. In this conversation, he shares insights on how to value stocks, find the right investment strategy for you, and build a joyful life.
IN THIS EPISODE, YOU'LL LEARN:
00:00:00 - Intro
00:00:07 - Aswath Damodara's childhood and upbringing in India
00:03:15 - Aswath Damodara's move to America
00:05:15 - How Aswath Damodara discovered his passion for teaching
00:08:20 - Why it’s so valuable to build unscheduled “day-dreaming time” into your day.
00:11:06 - Why it’s a competitive advantage to be a generalist in a world of specialists.
00:21:41 - What 42 years as a professor has taught Aswath about how to communicate.
00:29:08 - Why he’s intensely skeptical about the ESG movement.
00:39:46 - Why he owns no cryptocurrencies and views Bitcoin as a currency “for the paranoid.”
00:46:45 - Which investment principles guide him.
00:50:17 - How to identify the investment philosophy that fits best for you.
00:56:47 - How he values businesses by focusing on three key drivers above all else.
01:11:12 - Why he’s glad that he sold Amazon and Tesla, and how he hit the jackpot with Apple.
01:16:24 - Which investors he admires the most.
01:23:00 - Alibaba and China's government
01:24:49 - Macroeconomics and Valuation
01:27:04 - Why he believes that macroeconomic forecasting makes soothsayers look good.
01:29:26 - How he maintains his serenity in difficult times, both in markets and life.
01:31:31 - Why it’s so important to spread your bets and not concentrate too aggressively.
01:35:08 - How “small, right” actions can have a massive impact on you and others.
01:44:50 - Why he treasures the freedom to speak his mind, quit his job, and walk away.
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📖 BOOKS MENTIONED:
- Richer, Wiser, Happier by William Green - amzn.to/3JejudP
- Investment Fables by Aswath Damodaran - amzn.to/3EEnjbq
- The Little Book of Valuation by Aswath Damodaran - amzn.to/3OwTcYg
- Investment Philosophies by Aswath Damodaran - amzn.to/3L9SnCo
- Narrative and Numbers by Aswath Damodaran - amzn.to/3MqzLyb
- The Success Equation by Michael J. Mauboussin - amzn.to/3EA7oeg
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▶️ PAST EPISODES MENTIONED
- Expectations Investing Explained w/ Michael Mauboussin (TIP421) - • Expectations Investing...
💡OTHER RESOURCES
- William's Twitter Account - / williamgreen72
- Aswath’s Website - people.stern.nyu.edu/adamodar/...
- Aswath’s Blog - aswathdamodaran.blogspot.com/
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It was an absolute delight speaking with Aswath Damodaran on the #RicherWiserHappier podcast. We talked about valuing stocks; his views on Bitcoin, Tesla, Amazon & Alibaba; his skepticism about ESG; and a whole lot more. Hope you enjoy it! - William
We hope you enjoyed this episode as much as we did. Please let us know your thoughts in the comments section!
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As I mentioned in Omaha, I am sure there are many, many people like me that had their life changed by Prof. Damodaran’s generosity. This is also the best interview I have heard of Prof. Damodaran (and I have heard many). Thanks!
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you brought the best guest ever!
So happy to hear you enjoyed the episode!
Totally agree
@@TheInvestorsPodcastNetworkHappy New year 😊
@@kshetrimayumchetan5106 Happy New Year!💥
Agree
Aswath is like a Zen master!
Thank you so much, Jonathan!
It amazes me how humble he is; he basically takes all youtuber requests and he talks for hours; he shares every kind of data and study materials on his webpage/TH-cam Chanel, my finance professor had a huge arrogance and ego.
Thank you for watching!
Professor Damodaran is a gift to the investing world. I am very grateful for having had the opportunity to attend his course at NYU. I attribute all of my investing success to him. Thank you for this very thoughtful interview with this legendary educator.
Best regards, Rob.
Thank you so much for watching, Rob!
I went into this interview expecting a dry lesson on stock valuations and came out with a masterclass on living life with purpose and intention. Tremendous wisdom, thank you for sharing.
So happy to hear that, Ajit!
Thoroughly enjoyed it. He plays the devils advocate to the hilt. If i were to be the CEO, i will make him the Chief Conscience Officer.
Glad you enjoyed it!
Aswath is a legend.
Thanks for watching, Evan!
@@TheInvestorsPodcastNetwork Thank you for doing these interviews. I get so much out of all of them.
I consider myself being extremely lucky as I came across this interview. There are so much that I can relate including the joy (and the luxury) to be alone and keep myself away from all the noise. This interview is filled with wisdom, humility and lessons for life. I actually downloaded this as I know I would want to listen to it again. Thank you, an awesome interviewer who is extremely good at listening. Thank you, professor. You are the gift to humanity!
Damodaran is the best!
Interviewers questions were top-notch
Yes, one of the best interviewers on TH-cam
if we were all like this man the world would be a better place
Aswath damodaran bring me to this page and I am really happy that I can find rich content on this channel as well
what an amazing interviewer
Thanks!
We agree! William is amazing!
Can someone value the impact this gem of a teacher have had on investing education world?
Legendary Aswath, was lucky to listen to his podcasts and TH-cams
Thank you for watching!
this is an excellent series of interviews. William Green has clearly done a lot of research for each interview
So happy to hear you're loving the episodes!
Many thanks, ghalibkhan80! So glad you're enjoying these interviews. It's true -- I do a pretty crazy amount of research before these conversations! Warm wishes, William
i agree dude
@@RicherWiserHappier - Thanks you so much for spreading all this wisdom. This is perhaps the most effective conversation I heard ever !!!
Aswath, you are a great human being; sharing knowledge is the best method of giving. Compliments from a 80 year old.
So happy to hear it was valuable for you!
Brilliant brilliant point about factor of luck. Could you please feel sorry for Intel as well? They are like the Apple of 1990s minus Steve Jobs though
ONLY ONE NEED TO SPEND SOME TIME WITH HIS TEACHING FREE OF COST , WHICH OTHERS SELL AND ENCASH .
What a wonderful video. So much wisodm.thanks.
I follow Prof. Damodaran's teachings with a deep interest and I am happy to have so many overlapping ideas with him, on investment philosophy and on life in general. Today I had plenty of things to do, but the length of the video didn't intimidate me. I rescheduled my agenda and I enjoyed every moment of it. Very inspiring. Thanks for the conversation.
So happy to hear you found it valuable!
I remember watching his each of his class on youtube for 3 - 4 times. Thanks professor I owe a lot to you. Great interview.
Glad you enjoyed the episode!
1:35:11 : Great inspiration.
Thank you for watching!
Thank you Prof. Damodaran!!!
Thanks for watching, Chris!
Two hours well spent…terrific episode.
Thank you so much for the support!
Great Interview. The option of abandon at the end is a golden rule for life. This man deserve a Nobel! He does in life in everyday teaching, spreading his knowledge for free making a world better....exactly what ESG companies say they do mostly for marketing than a true core value.
Glad you enjoyed it!
wonderful
Thank you! Cheers!
Every minute was worth its weight in gold/bitcoin or whatever it is. Aswath shares so many useful & enduring investing insights & most importantly humility!!!
Happy to hear you enjoyed the episode!
IT IS FIRST TIME THAT I SPEND OVER ONE AND HALF HOUR WITHOUT BORING . THANK YOU . I LOVE THAT STRATEGY OF INCRIMENTAL PROCESS THAT HE KEEPS DOING .
Important metrics are Revenue growth, margins, reinvestment.
Excelent and beautifull interview, we need more TEACHERS like him in the world . thanks Prof Damodaran
Glad you enjoyed the episode!
Glad you enjoyed the episode!
This interview is pure gold, thanks for adding the personal dimension. Mr. Damodaran is a karmic billionaire, whether he believes it or not 😃
Thanks so much for watching!
What a masterpiece of a podcast with an amazing guest. Keep bringing this type of content. Thank you so much.
Superb
What an amazing interview. Respect to professor! 🙏🙏. Great questions by interviewer as well.
Thank you for the support!
Very stimulating talk.Great job by host and of course the best guest ...
So happy to hear you liked the episode!
Just wow ! I knew Damodaran a little bit already through some of his classes, but Green here completed the picture and insisted on very core questions. After this interview I would say Damodaran is now my favorite investor. The process, attitude and philosophy are just impeccable.
Thank you so much, Jay!
Wonderful… truly amazing. Thank you Aswath 🌷
Glad you enjoyed it!
Great episode
Always bringing great guest speakers
Thank you so much for the support!
Revenue Growth(business model) Operating Margin or Profitability (manufacturing v software), and Reinvestment (growth requires reinvestment and customer growth, stable customer acquisition)! Pricing metrics as well as business metrics both be accounted in investment decisions!
Thank you very much! It was a memorable interview.
Totall relate to trying to be more agreeable. It’s very difficult to be a rational, logical person and remain agreeable in the face of frequent irrational thought and behavior. But once in a while people like us are actually wrong so it’s important to remain calm and dispassionate to the extent possible.
1:40:00 advise to kids , keep an option to abandon
Thank you for the enlightening podcast. Aswath is amazing and a big motivator . God’s gift to the world !
Thank you so much!
Excellent interview! The interviewer really did his homework.
Much appreciated!
This was one of the most interesting and knowledgeable interview. Thankyou so much. I have followed the works of Mr aswath damodaran over the years and it was the first I got to know the person he is. My respect for hime increased tremendously. Thankyou Mr william for asking such great questions.
Thank you so much for the lovely comment!
William Green delivers consistently amazing interviews. Love to see a real emphasis on the value investing community.
Glad you like them. Stay tuned for more!
He is such a pleasure to hear ..Such great calmness
We cannot agree with you more! We love having Aswath on the show.
Awesome!
Thank you! Cheers!
This guy is brilliant
THANK YOU WILLIAMS . GREAT JOB .❤🧡💛💚
Absolutely no words ❤
these are some of the best questions
Thank you so much for the kind words!
The most candid interaction of professor on the internet! Thanks for this one
Happy to hear you enjoyed it!
A very interesting conversation. Thank you very much.
Our pleasure!
Loved the talk
Thanks for watching!
If you want companies to behave differently then you must change the game. The first thing is hold your ow power and do the work.
So much wisdom
Glad you enjoyed the episode, Roni!
What a fantastic interview! Thank you to Prof. Damodaran and to Mr Green!
Glad you enjoyed it!
Great article. And love that so much of Aswath's lifestyle is influenced by eastern spirituality. My time in India, Nepal, and SE Asia has taught me many similar values! Much appreciated.
Thank you so much, Scott!
14:00 I know just enough to make myself dangerous
One of the best interviews on TIPN. Thanks for sharing the wisdom with us.
Glad you enjoyed it!
Revenue Growth, reinvestment,
this is really a master peice
Great interview, William and Aswath were on 🔥
So happy to hear you enjoyed it!
Brilliant interview. Thank you for this
Thanks for watching!
Loved this !
Thank you so much!
So Great this attitude about sharing knowledge in teaching 🙏🏻
Great takeaway!💯
I dont have words which are effective enough to convey how impactful this talk was !! Thank You so much !!
Many thanks, Taron. That's great to hear. Warm wishes, William
Glad it was helpful, Taron!
I truly enjoy your lectures on valuation. A foolish question prof Damodaran. Methods that many use to evaluate the attractiveness of
industrial stocks include traditional ratios such as price-
to-earnings (P/E) and price-to-sales (P/S), both on
an absolute and relative basis, PEGY ratios (P/E vs.
estimated growth and dividend yield), and discounted
cash flow (DCF) analysis. Which is the best or if there is not one then what would you recommend.
God tier
Great discussion and I learnt a lot from Aswath's answers.
What a wonderful interview! Thanks for bringing out the person behind the books. What a joy it was to listen - too many things to take away and imbibe. You have a unique way of asking questions and the interview just flows smoothly like magic! Loved it... ALOT!
Glad you enjoyed it!
Many thanks, indeed. That's very kind of you to say. Warm wishes, William
high quality interview, thank you both!
Glad you enjoyed it!
What a great interview, thanks for sharing!
Glad you enjoyed it! Thank you for your support 🙌
Wonderful taking kindly name what is name of your website thanks
All qualities r of god, n anything wrong is human n needs to b rectified as we all are part of one almighty. We r no one else than a fragment of almighty
Amazing discussion and great, in-depth questions. So much to learn from this man.
Glad you enjoyed it, Ray!
Amazing ..Thanks much
Our pleasure!
Aswath Sir something to learn whenever I hear you..
Glad you found the episode valuable!
Golden nuggets of wisdom!
Glad it was valuable for you, Amit!
Absolutely love this gentlemen!
So glad you did!
Thank you professor for all you do for us!
Thank you for watching, Pedro!
Such a great interview! So good!
Thank you so much!
Thank you
You're welcome!
Respects 🙏🙏🙏
Thank you for watching, Faiza!
31:00 being good comes at cost, it's expensive ..
Thanks again to everyone involved for another great investing interview.
Thank you so much for the support!
This is all hindu values,but love for all .
07:00 this is aswath Jules moment in pulp fiction 😂
Valuation of life!
This be gold. Gracias
Gracias!
God bless you all for this content
Are you all hiring? Volunteering? Id love to help
Im so serious
Hi, thank you for the interest, you may check out our careers page here: www.theinvestorspodcast.com/careers/ :)
Thank you for this wonderful interview. Both participants did a great job, and Aswath has certainy influenced me when it comes to life and investing. Perhaps, because I've had similar beliefs. Great podcast.
Glad you enjoyed it!
Interesting
Great interview 🔥🔥
Thank you so much, Joseph!
your questions and interview are very in depth and extraordinary i love its excellent job William
Glad you enjoyed it! Thank you for your support!🙌🏼
36:00 how any score based systems gets gamed .. I have seen this very closely in IBM