$50 here we come..., page-721

The dumb Aussie insto confuse low growth for high value. Things that are not growing will be on very low pe and even lower during a crash. look at what garbage men they have been in terms of holding the big four, Telstra, retail reits, oil companies etc.

They don't understand how to value the shift from capital intensive businesses to modern cloud based / network effect platforms. It's precisely because it requires research and vision to correctly assess unknowns, that they miss obvious success stories like Apt. they seem to think you can only buy when every variable is known..... by then it's way way way too late to catch a growing hyper value company. eg CSL always looks expensive, apt usually looks expensive.... the pe of s&p looks "over valued" when it's actually just reflecting that 30+%.is high growth tech with invulnerable balance sheets....

Value investors = fearful accountants who want to apply ratios to known results and avoid thinking about the uncertain but probable.