Jose Najarro

fiber optic technology from before, you still got to update it over time or otherwise you run the risk of being obsolete.

And so it was still very capital intensive.

And again, if you look at the performance of those businesses, it hasn't been terrible, but it hasn't been great either.

And so

i'm not saying that that's the where google and alpha and amazon are headed towards but that's a real risk right and that's a real risk that i'm personally not willing to pay a premium for yeah okay changing tax slightly but staying on the same core themes here you finished your cfa is 2014 is that correct

No, I think I finished at 15.

No, actually 16.

I started on 14 and finished on 16.

It's a great question and it's definitely a risk.

And here the answer has several kind of points to it.

The first one goes back to the original question.

How do you divine value investing?

Because if you can find value investing in that more narrow conventional way of thinking about it, like mature companies, low price-to-earnings ratio, then yes, you probably would have missed out in a lot of the rally and outperforming the S&P was probably impossible over the last 15 years, right?

Or any other index.

But when you look at value investing more as in being able to play also in new industries, newer ventures, high growth type companies, as long as they're undervalued.

I personally didn't invest in Alphabet 15 years ago, but one could have argued in 2010

I think very convincingly so that at a 20 times roughly price to earnings ratio, Alphabet was under rallied at that time.

Again, in hindsight, things are easier.

But if you look at value investing in that way, you won't necessarily miss out.

So that's the first thing I would say.