Neeraj Khemlani

Yeah.

What are the first ones?

Very much so.

This is from Besson Bender's famous study.

And I think, I forget what the exact number was, but he looks at the number of stocks that fail to beat inflation.

One out of five.

I think it does make sense.

It's counterintuitive, of course.

These companies are so boring that they're underpriced, and they're underpriced for perfection.

Let me put a hundred grand in there.

Exactly.

Nobody wants that.

In finance academia, it makes no sense.

Matt, I'd be curious what your, I know it doesn't especially matter if you're holding a stock for 30 years, where you buy it at the price, right?

You hold something for 30 years, then a lot will be forgiven.

But last week we were talking about, would you be more likely to buy a stock that doubled or that just got cut in half?

And the four of us said, well, doubled, obviously that means it's working.

Is that, are you more likely to buy a stock that has just doubled or doubled again, or one that's- New position.

Right, new position, or one that's been cut in half and you think the market is wrong?

So how important is the current multiple to you?