
Aswath Damodaran: Globalization Backlash
In his recent article, NYU professor Aswath Damodaran shares his thoughts on how politics, globalization, and disruption has changed the investing landscape.
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In his recent letter to shareholders, Christopher Davis highlights that the era of near-zero interest rates, which began after the 2008 financial crisis, ended in March 2022 when the Federal Reserve started raising rates. This shift marks a return to a more normal economic environment, though it may bring volatility and disruptions.
Christopher expresses optimism about long-term progress and innovation, despite current challenges and pessimism and has positioned the portfolio around four main themes:
Here are the key takeaways:
From 2008-2022, artificially suppressed interest rates created a period of unprecedented economic and market distortion. Throughout that period, fundamental investment analysis—which rests on discounted present value, cost of capital and risk management—became largely irrelevant. Valuation discipline fell out of favor and the market increasingly rewarded momentum and speculation.
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