https://www.lukeliang.uk/tags/investing/Recent content in Investing on Luke's BlogHugoenMon, 20 Jul 2026 22:30:19 +0800https://www.lukeliang.uk/posts/20260720-2230/Mon, 20 Jul 2026 22:30:19 +0800https://www.lukeliang.uk/posts/20260720-2230/<p><em>Notes from a work-in-progress on valuing businesses that promise you everything</em></p> <hr> <p>There&rsquo;s a certain kind of company you&rsquo;ve probably met.</p> <p>It has a perfectly respectable core business — makes real products, earns real (if modest) profits, has done so for years. Then, over eighteen months or so, it announces that it is <em>also</em> entering five frontier industries. New materials! AI supply chains! A joint venture with a famous research institute! The stock triples. The P/E ratio hits 300.</p>