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 months

Recordings per month over the last 12 months — 6 in all, peaking in Nov 2025 with 2.

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Prof G Markets · Aswath Damodaran Says There’s No Place to Hide in Stocks · 14 Nov 2025 podcast

Because so much more of the real economy, the dot-com bubble, if you think about it, the infrastructure spending for the dot-com bubble was a fraction of the infrastructure spending that has gone into the AI.

Phenomenon.

Let's not call it a bubble yet because we don't know it.

So there is that question of what happens in those hundreds of billions of dollars.

And that I think is there will be clearly an economic effect.

I don't think it'll show up in terms of jobs lost because it's not as if these investments have created a lot of new jobs.

That's the other thing about this AI infrastructure investment, it's a money that's been spent in physical.

Stuff and chips rather than hiring tens of thousands of people.

So that's worth thinking about a real economic damage, but not with hundreds, tens of thousands of jobs lost, but in terms of people looking at their portfolio saying, I feel worse off than I did a year ago.

I might be better off than seven years ago, but I've lost a lot of what I thought I did.

So I'm not underestimating the effect of this.

Happening.

But I would argue that this is a feature, not a bug, of any big change in economy.

I've talked before about what I call the big market delusion.

If I have it, here's how it plays out.

You have a big change coming to markets.

It creates essentially pods of people who think that they can essentially benefit from it.

So think about a thousand AI pods where you say this is gonna be big, I'm gonna take advantage of it.

And because these pods are created by overconfident people who are fed by overconfident venture capitalists, almost by definition, there's going to be a bubble every time you have a big structural change in markets.

It happened with PCs, it happened with uh, you know, w with dot com, obviously.

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