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The Strategist
The long view, patient, analytical, playing several moves ahead.
Aswath Damodaran, NYU Stern's Dean of Valuation, is The Strategist because he reduces investing to first principles, price, value, and the discipline that separates them. His classroom opening on faith is no mysticism but a strategic reframe, conviction must be earned through rigorous estimation rather than sentiment.
“In my book, somebody has to get killed and multiple people have to get killed for that book to be exciting. So I love books on serial killers from Hannibal Lecht, Silence of the Lambs. I mean, I read those books before they became movies. Michael Connolly, who writes books about Harry Bosch, who's a detective in LA. I love good writing.”
“So the post I did on Tesla a couple of months ago. I valued Tesla and asked, you know, how do you explain what's happening at Tesla? And how do you bring in these new businesses? That becomes a part of my class somewhere. So I tell people, look, start with the 10 minute session. That's a realistic estimate.”
“16% one in six dollars. Those six companies accounted for 16% of the increase in market cap of 7,500 US stocks. With the implication of that is if you spend the entire decade with none of these stocks in your portfolio, I don't see any way in which you could have created any kind of positive alpha, right?”
“I wish people thought about that because I get asked to mentor people every week. I get students writing me. Can you be my mentor? And I said, maybe rather than mentoring, I can give you some guidance, but accept the fact that my guidance is not going to be perfect.”
Masters in Business: “Team Favorite At the Money: Valuation Is an Exercise in Faith”
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