Yeah, that's a fair point. I'm a bit more skeptical that this actually is a downturn, and we should value any of these players as if these are trough earnings (or close). Don't think Apple is changing its ways and it looks like to at least some extent 2020-2021 performance was an unsustainable peak.
Yeah, that's a fair point. I'm a bit more skeptical that this actually is a downturn, and we should value any of these players as if these are trough earnings (or close). Don't think Apple is changing its ways and it looks like to at least some extent 2020-2021 performance was an unsustainable peak.
of course, valuing earnings through the cycle right now is close to impossible in so many industries, so intelligent investors can see that issue quite differently.
you do highlight one strong pillar for IAC I should have emphasized more (though, again, it was a *very* long post), which is that management has been here before so many times, and they always come through for shareholders. A lot of cash on the balance sheet too if they want to take a swing or two in a market where valuations are depressed.
Yeah, that's a fair point. I'm a bit more skeptical that this actually is a downturn, and we should value any of these players as if these are trough earnings (or close). Don't think Apple is changing its ways and it looks like to at least some extent 2020-2021 performance was an unsustainable peak.
of course, valuing earnings through the cycle right now is close to impossible in so many industries, so intelligent investors can see that issue quite differently.
you do highlight one strong pillar for IAC I should have emphasized more (though, again, it was a *very* long post), which is that management has been here before so many times, and they always come through for shareholders. A lot of cash on the balance sheet too if they want to take a swing or two in a market where valuations are depressed.