REPLAY: Wide-Moat Investing Summit 2021

This 9th annual online conference brought together great minds from the MOI Global network of intelligent investors.

Members enjoy complimentary and exclusive access.

Enjoy the wisdom, insights, and ideas of selected thought leaders:

Hugh Evans on the Investment Case for Collplant Biotechnologies

We spoke with Hugh Evans, a board member of Collplant (US: CLGN), about the company’s market opportunity and competitive position.

Kuntal Shah on Three Decades of Intelligent Investing in India

This transcript is an edited rendition of a conversation between Rohith Potti and Kuntal Shah, a public markets investor in India.

Marc Rubinstein on Revolut: Building a Global Financial Superapp

We had the pleasure of speaking with fellow member and former hedge fund manager Marc Rubinstein, author of Net Interest.

Eugene Ng on His Book, Vision Investing: How We Beat Wall Street…

Eugene Ng discussed his book, Vision Investing: How We Beat Wall Street & You Can, Too, at MOI’s Meet-the-Author Summer Forum 2021.

Aswath Damodaran on His Book, The Dark Side of Valuation

Professor Aswath Damodaran discussed his book, The Dark Side of Valuation, at MOI Global’s Meet-the-Author Summer Forum 2021.

Howard Schilit on Financial Shenanigans: How to Detect Fraud

Howard Schilit discussed his book, Financial Shenanigans: How to Detect Accounting Gimmicks & Fraud in Financial Reports.

The Manual of Ideas

MOI Global’s flagship member publication features exclusive content, including thought leader interviews and in-depth idea theses.

Download the Latest Edition

Member-Only Podcasts

We are delighted to launch member-only podcasts, enabling you to listen to exclusive MOI Global audio content in your favorite podcast player.

Access the Podcasts

MOI Global en Español

We are proud to have built an active and engaged Spanish-speaking community of intelligent investors in Spain, Mexico, and beyond.

Visit MOI Global en Español

Best Ideas 2021

Discover Great Instructors and Great Ideas

Latticework New York 2021

In the fall of 2021, members will meet at the Yale Club for the fifth annual Latticework. The summit explores the topic of mental models in a changing world. It has been lauded as a uniquely impactful forum of the best minds from the MOI Global community.

Speakers have included Charles de Vaulx, Tom Gayner, Howard Marks, Mohnish Pabrai, Chamath Palihapitiya, Tom Russo, Murray Stahl, Will Thorndike, Arnold Van Den Berg, and Ed Wachenheim.

Replay selected past sessions.

The Frankfurt Conversation 2021

In November 2021, invited members of MOI Global will meet in Frankfurt, Germany, for a day of wisdom and idea sharing.

The Frankfurt Conversation will address selected topics related to intelligent investing in Europe and beyond.

In the past, invited members engaged with European superinvestors Daniel Gladis, Dr. Hendrik Leber, Guy Spier, and others.

Replay selected past sessions.

Ideaweek 2022

Ideaweek brings together inquisitive minds to explore ideas of consequence in investing, business, and life.

In February 2022, invited members of the MOI Global community will meet in St. Moritz, Switzerland for a week of skiing, discussion, and friendship. The fourth annual Ideaweek is a showcase of ideas, a platform for great conversations, and an opportunity to catalyze relationships with like-minded individuals.

Read impressions from the last edition.

The Zurich Project 2022

In June 2022, a select group of fund managers and founders will come together for the fifth edition of this invitation-only forum in beautiful Switzerland. Investors building firms for the long term share experiences, best practices, and ideas in an intimate private setting, far from the demands of day-to-day business.

The Zurich Project has received acclaim for its unique culture of respect, camaraderie, and honesty.

See a few impressions.

Aswath Damodaran on His Book, The Dark Side of Valuation

July 18, 2021 in Audio, Equities, Explore Great Books Podcast, Featured, Full Video, Interviews, Meet-the-Author Summer Forum, Meet-the-Author Summer Forum 2021, Meet-the-Author Summer Forum 2021 Featured, Member Podcasts, Transcripts

Aswath Damodaran discussed his book, The Dark Side of Valuation: Valuing Young, Distressed, and Complex Businesses, at MOI Global’s Meet-the-Author Summer Forum 2021. Professor Damodaran teaches corporate finance and valuation at the Stern School of Business at New York University.

The following session offers a preview of our Meet-the-Author Summer Forum 2021, designed to provide summer reading inspiration to MOI Global members. We look forward to releasing other author conversations during the month of June.

Editor’s note: We are delighted to have Alex Gilchrist, a London-based research associate at MOI Global, host the Meet-the-Author Summer Forum 2021.

The full session is available exclusively to members of MOI Global.

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About the book:

Valuing money-making companies that have long histories and established business models is straightforward. It is when you encounter difficult-to-value companies that you feel the urge to go over to the dark side of valuation―where you abandon first principles and create new metrics. Aswath Damodaran looks at a range of these companies, from start-ups in new businesses to distressed companies, from banks facing regulatory turmoil to commodity firms, and from emerging market upstarts to multinationals that spread across geographies and businesses. With each grouping, he helps you examine the call of the dark side and its practices and frameworks to value these firms.

To answer these questions, Aswath looks at companies across the life cycle and in different markets, from Uber and Shake Shack at one end of the spectrum to Vale, Royal Dutch, and United Technologies at the other end.

In the process, you learn how to

  • Deal with “abnormally low” and negative risk-free rates in valuation
  • Adapt to dynamic and changing risk premiums
  • Value young companies that are disrupting existing businesses
  • Analyze commodity and cyclical companies across cycles
  • Value a company as the sum of its parts or as an aggregation of its users/subscribers and customers
  • Determine the difference between pricing and valuation, and why some investments can only be priced

About the author:

Aswath Damodaran is Professor of Finance at the Stern School of Business at New York University. He teaches the corporate finance and equity valuation courses in the MBA program. He received his MBA and PhD from the University of California at Los Angeles. He has written several books on corporate finance, valuation, and portfolio management. He has been at NYU since 1986 and has received the Stern School of Business Excellence in Teaching Award (awarded by the graduating class) eight times. He was profiled in BusinessWeek as one of the top twelve business school professors in the United States in 1994 and was chosen the most popular business school professor in 2012.

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