I don't know. That "reasonable valuation" is very subjective. If you asked people back then, the best stocks were still "crazily overvalued" even at their bottoms.
True, any valuation might turn out to be okay if the growth goes on for decades. But we can't expect or predict it will. So, might be useful to do a sanity check through reverse DCF, etc.
Very interesting to read this now. Main takeaway for me is buy quality growth at a reasonable valuation, then hold for very long.
I don't know. That "reasonable valuation" is very subjective. If you asked people back then, the best stocks were still "crazily overvalued" even at their bottoms.
True, any valuation might turn out to be okay if the growth goes on for decades. But we can't expect or predict it will. So, might be useful to do a sanity check through reverse DCF, etc.