The Company That Tells Five Stories
Notes from a work-in-progress on valuing businesses that promise you everything There’s a certain kind of company you’ve probably met. 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 also 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. ...