Aswath Damodaran
speaker
1,201 appearances
7 recordings
3 series
first heard May 2025
last heard 7 Aug
Aswath Damodaran’s voice in public audio — every appearance, attributed to the second.
Trend
recordings per month · last 12 monthsRecordings per month over the last 12 months — 6 in all, peaking in Nov 2025 with 2.
Appearances
from big tech.
On revenue growth, you're absolutely right.
I think the companies delivered more than expected in terms of revenue growth.
And that's good news at least in the near term.
On the earnings level, what what you notice is it's it's happening under the surface.
And these companies are so big that you don't see them.
The marginal returns that these companies are making, basically the incremental earnings relative to incremental invested capital, continue to show a shift in business models, which I think investors need to keep their eye on.
It's neither good news nor bad news.
These are very different companies than the companies investors were investing in five years ago.
And I think we need to talk about what's happening at least uh outside of Apple and what's happening to Mag Seven, that's changing these companies and changes what investors need to look at going forward.
Something that needs to be thought about more seriously.
These are long term shifts.
If it's a one year change, you might say, Okay, they had a big investment this year, they're gonna go back to being cash cows next year.
I don't think that's going to happen at these companies.
The one company in the mix that's had experience with this negative to positive cash flow and back again is Amazon.
So, in many ways, if you're going to pick a company that's equipped to deal with negative cash flows via Amazon, because they've seen this movie before, they've lived through it.
For the 25 years, you look at them, they're in and out of cash flows, and they found a way to always get back.
For Meta, for Alphabet, uh, and for Microsoft, this is new territory, something they've never had to deal with.
And the question is whether they're they
They are equipped to deal with a very different kind of company going forward.
Showing 1–20 of 1,201 · page 1 of 61
Next →