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

So that might be the catalyst, but that catalyst could take three or four years to play out because there are enough delusional people supplying capital.

Will keep supplying capital because you know it'll take a lot of reckoning before they say, okay, this isn't working.

So, but I think he, you know, Sam should probably stay away from microphones because this might speed up the process if you realize the person he managed or billions to doesn't know how to build a basic business.

The weakest link in the argument is the product and service market.

The architecture people have spent immense amounts on.

Even the open AI, the uh the other players in the middle of the game, you know, who are going to provide the software that's been built up.

There is very little evidence right now that you're able to even the companies that are talking about cost cutting, you look at the actual amount of costs that have been cut, you look at the expenses across periods, you don't see a massive drop-off in expenses.

So right now, the product and service market is all.

talk.

And my belief is the consumer side of that market

Is not going to be particularly lucrative.

I look at the kinds of things I get as a consumer from AI and I say, that's neat, but I'm not paying $10 a month for that.

The business to business AI, there's segments, but only in the high-powered segments where the d the coming together of large data and and computing power is going to make a difference.

I don't think open AI is going to make uh you know equity research better or portfolio managers perform better.

So in those areas, I don't see the net plus that comes out of it.

I can see the minus of people being laid off, but right now it's still

More talk than actual action.

So I believe it when I see Fidelity lay off half their analysts saying we replaced them with AI.

No.

Either way, it's not good news because they're replacing with AI.

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