Business
VGI’s Luciano warns imputed growth is too high – The Australian Financial Review
The $2.9 billion investment manager said the assumed levels of growth, not just for technology businesses, is ‘quite elevated’, and expanded the thinking behind VGI’s new long position in Pinterest.
“You could have a weak industry structure or a weak business model and you can very quickly pretend that you have an e-commerce capability and all of a sudden your business model is no longer flawed and no longer has issues,” he cited by way of example.
That tends to work, at least in the short term, by supporting share prices that would otherwise fall.
Each day you want to kill or destroy your most cherished ideas. And if you can’t, it’s been a good day.
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