While they are two different businesses, the current negative sentiment around ResMed reminds me of the situation earlier in the year with AI and Universal Music Group. At that point, I pulled the trigger on buying Universal shares which were trading at €20. Saw it sink to €18, amid the plethora of articles saying AI will ruin the music industry and this is their Napster moment. I have to admit doubt started to creep into me as I digested all these articles coupled with the falling share price.
Two quarterlies later, and the share price is now back above €24.
The lesson there for me is ignore the short term narrative and noise, and focus on the business quality.
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- Ann: ResMed Announces Results for the Fourth Quarter of FY2023
Ann: ResMed Announces Results for the Fourth Quarter of FY2023, page-203
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