I wasn’t talking a view. But at some point I did say that many of these equity plays are companies with high implied volatility for their future earnings optionality. Thinking of it this way tells you that you’re overpaying for that call option, according to Ben Inker. That’s because the volatility decreases as the company matures.

Relative to the prior 35 years, the slope is flattening, no?

we should chart rate of change to say that ?!

Yeah it takes awhile to learn all of the terms and different concepts, but if you keep at it then everything will make a lot more sense

It's a long journey, maybe a lifetime, keep listening, keep plugging away. Eventually the crystal ball starts clearing.

The Dividend and the possible future growth in a tech cycle 5G. You do make a great point and I struggled with this as well..

emotional brand attachment might have an impact?

Appreciate the effort to balance weekly consistency coupled with some experimentation/variety. RVDB looking into both the micro and macro at different times is also welcomed. When asked for feedback I always want to provide something constructive/critical but all I want to say in response is...keep up the good work!!!

JWD: Thanks, man

I think starting the Monday with a big picture and going Tuesday and Wednesday into technicals/momentum with roger on Thursday with his financial/credit specific analysis nd to finish with Raoul. Is the way to go! Great work. Ash you need to be interviewed as well! You are always interviewing others! :)

Jon S...I agree about Ash being interviewed as well.

I liked it! Always appreciate some big picture material, even in RVDB. I like the variety, different items on the RVDB menu. Keep it up! Thanks.

Thanks Ed & Ash. Content is just what Im after. Reading todays tea leaves and how that affects risk for the medium term ( 6mths to 2yrs) for the Macro picture. ie Im not a trader.

Feedback on today's show: The more "why" questions you can answer, the more you help somebody in your audience make a connection so they can build their own mental model. Why does the conventional wisdom think X? Why does the contrarian think the opposite? Why are these two thing correlated? Why does a move in X usually lead to a move in Y? Why does thing A work like it does? Thanks for the experimentation and eagerness to hear feedback to keep improving things.

Loved it.

Very interesting framework(s). Thank you both. One problem with so much more of implied valuation resting in terminal values (long duration cash flows of tech stocks) is that there is so much more uncertainty associated with every year you go out, not just because forecasting business revenues and earnings for 5-10+ years is very difficult, but also because to go long a stock is also to go long stability (short vol): of domestic and global politics, of the financial system, of the CAPM theoretical apparatus. 'Equity risk premia' have also fallen (just checked Damodaran's data), not only the 'risk-free' rate. But, since longer duration cash flows are less certain, and since they now comprise a larger share of implied valuation, shouldn't equity risk premiums be rising? Shouldn't volatility be permanently higher in a ZIRP world, with every bit of new information? Investors should expect to be compensated for this, but are they being compensated? It wouldn't appear so.

I enjoyed. It was great to get a proper framing for valuations. You guys are awesome. Love the show every day!

Meant multiplier not denominator - opps.