Instead of discipline, I recommend Halo Top. Awesome.
I think you're right that many value investors experienced a lot of FOMO during growth and meme stock outperformance, which for some led to buying into compounder bro type narratives too easily. However I can also see how investors convinced themselves at the time that they have incred…
Instead of discipline, I recommend Halo Top. Awesome.
I think you're right that many value investors experienced a lot of FOMO during growth and meme stock outperformance, which for some led to buying into compounder bro type narratives too easily. However I can also see how investors convinced themselves at the time that they have incredible "discipline" in focusing on a long-term value approach to business quality, backed up by equally many Warren/Charlie homilies ("time is the friend of the wonderful business", "our favorite holding period is forever", etc).
In many/most cases genuine business quality was just not there and the apparent compounders were genuine Ponzis. But part of the story is just that forecasting the value of future growth is very difficult and uncertain; and a low probability of massive distant profits seemed to have a lot more present value in a zero-rate environment than it does now. There are likely a few genuine compounder babies being thrown out with the Ponzi bathwater, but they're honestly harder to predict with confidence then we'd all like to think.
Anyway, pass the Halo Top. Too bad Wells Enterprises is private.
Instead of discipline, I recommend Halo Top. Awesome.
I think you're right that many value investors experienced a lot of FOMO during growth and meme stock outperformance, which for some led to buying into compounder bro type narratives too easily. However I can also see how investors convinced themselves at the time that they have incredible "discipline" in focusing on a long-term value approach to business quality, backed up by equally many Warren/Charlie homilies ("time is the friend of the wonderful business", "our favorite holding period is forever", etc).
In many/most cases genuine business quality was just not there and the apparent compounders were genuine Ponzis. But part of the story is just that forecasting the value of future growth is very difficult and uncertain; and a low probability of massive distant profits seemed to have a lot more present value in a zero-rate environment than it does now. There are likely a few genuine compounder babies being thrown out with the Ponzi bathwater, but they're honestly harder to predict with confidence then we'd all like to think.
Anyway, pass the Halo Top. Too bad Wells Enterprises is private.