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.
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recordings per month · last 12 monthsRecordings per month over the last 12 months — 6 in all, peaking in Nov 2025 with 2.
Appearances
Spending money is easy, but spinning a narrative that markets get of why you're spending the money and what your business model is going to be is just as critical.
As an investor in these companies, my concern is not that they're spending money.
I think they can afford to spend the money.
I can see that they're going for growth.
But none of these companies has enunciated what exactly the business model it is that they hope to deliver.
I mean, at the very minimum, are you going for scale with low margins?
Is this the kind of business I should be looking at?
Are you going for premium products with high margins on niche markets?
What is it exactly you're planning to do?
And for the moment at least, that's not there.
And maybe they don't know, but then they need to.
Be open about the fact that they're trying stuff out just as much as the rest of us.
It's scary for markets.
But you know what?
If you don't say something, markets fill in the vacuum.
The fact that you're not being open about your business model, markets look at that and say, hey, maybe you don't have a business model, which is one reason markets have turned increasingly skeptical about the CapEx.
Because you remember early on.
On two years ago, when they started the CapEx, it was all good news.
Look how much money they're spending.
The assumption was, hey, they're smart companies, they'll figure a way out to make money.
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