David Toms
speaker
276 appearances
2 recordings
1 series
first heard Apr 2022
last heard Oct 2022
David Toms’s voice in public audio — every appearance, attributed to the second.
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Appearances
If you look at unprofitable companies, broadly unprofitable software and services companies have seen their EV to sales multiple halves over the last 12 months.
That's a pretty big change in sentiment.
And I think one of the big challenges for the public markets rather than for the world we exist in, but for the public markets is you actually have very little to go on.
You've got the statutory reporting, and then on top of that, you've got what management wants to tell you.
I sort of used to describe it when I was an analyst in the olden days as being like,
trying to solve a hundred-piece jigsaw where the regulator says the 10 pieces you have to be given, management get to choose another five pieces they might or might not show you, and you've got to work out what the picture looks like after that.
And yeah, that's pretty tough job.
I think, you know, a key difference to our world is we do get to see the entire jigsaw set, or at least the vast majority of it.
Yes, when we look now at overall valuations in the market, there's definitely some that look quite interesting.
In fact, I'll use an analogy if you if you rewind to a period that you and I are both old enough to remember, which is the 2000-2001 dot com crash, from March 2000 to September 2001, pretty much every dot com stock fell by about 90%.
Now, some of those then ceased to exist.
Others fell by 90%.
I mean, Amazon, for example, Amazon fell over 90% in that crash.
Amazon rose 50,000% from then until now, but it fell like every other company.
There will be situations like that happening right now.
Obviously, the scale of fall is much smaller, but the market is normalizing all valuations onto a sort of an assumed set of economics.
Some companies will grow faster, will be better.
Yeah, the opportunity to find those.
If we segment
seeing there.
Showing 121–140 of 276 · page 7 of 14
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