Howard Marks LIVE (Replay) with Barry Ritholtz (Podcast)
Masters in Business
00:00
How Do You Value a Company That Has No Sales?
Barry Drexler: In 2000, I wrote a memo saying that the TMT Tech Media Telecom bubble was overdone. He says it would have taken three plus years to work if he'd done same thing in 1997. The timing couldn't have been any better for his idea of valuing an idea at too high prices," writes Drexler. "If you buy something at a price which is excessive for its merits, it's going to require magic"
Play episode from 11:43
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