It’s true paying crazy multiples is not a good idea. I bought Santos shares a few years ago only when PE fell on the floor.
However, multiple is not the right measure for companies like APT. Mr. Market generously accepts 200 times for AMAZON but is reluctant to pay a mere 20 times for Santos. Labeling him being “crazy” is not only easy but also lazy. One should get out of the PE comfort zone to learn about investing. Without an outsized mind, you don’t earn an outsized return.
Oh, forgot to say that I swapped all of Santos shares for APT.
