3-Bullet Sunday, 18 Oct 2020

I. Read Howard Mark's memo this week and listened to a podcast interviewing Joel Greenblatt. Both great investors but drastically different views on the following:

Greenblatt: "I don't think the froth is in the Google, Microsoft and Amazon. These are some of the best businesses we've ever seen in our lifetime."

Mark: "Certainly no one's valuing FAAMG on current income or intrinsic value, and perhaps not on an estimate of e.p.s in any future year, but rather on their potential for growth and increase profitability in the fat-off future."