In their recent episode of the VALUE: After Hours Podcast, Brewster, Taylor, and Carlisle discussed The Market Is So Hungry For Equity. Here’s an excerpt from the episode:
Q1 2021 hedge fund letters, conferences and more
The Market Is So Hungry For Equity
Tobias: The only point that I was going to make is that the successful tech companies like Google, Microsoft, Facebook probably, throw that in there. The FAANGs, FAAMGs, they’re already sort of– I was going to say they’re already pretty mature, but then they are growing at very high rates still, but I regard those, they’re almost more in the value bucket these days that they’re not super, super expensive. They’re trading on fundamentals more than anything else. Is that fair?
Bill: What are?
Tobias: Microsoft, Amazon– [crosstalk]
Bill: Yeah. I think they’re closer to value than anything.
Tobias: Yeah, but they’re not really caught up in the wreck, and if you look at the way they’ve traded recently, the complaint last year was that Google hadn’t done anything for a while.
Bill: Yeah, that’s right. Even I don’t know when I said that Tyler was arguably value or something, but that’s pretty much flat, despite– it had a run and now it’s down. I think shit just got a little nuts. I think for a bit when you hear Fastly pitched as a software company, and it’s a CDN, which requires capex, it just got a little nutty in certain areas, but a lot of those [crosstalk] is sold off. Yeah, that’s right. That’s SPAC bubble and stuff, but I don’t know– [crosstalk
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