Never heard of this guy. He is supposedly rated as one of the top 12 professors in business in America(I'm shocked).
CNBC and he are talking about Apple and Damodaran is asked "why is Apple at this level and does this make sense?"
Damodaran, in all his wisdom, replies, no, to me Apple is being valued as a value stock and not a growth sock and there is no reason for it to be trading at this level.
What? These guys don't understand why stocks can trade at any level and that in the times that certain stocks are trading at certain levels is money has vacated because IT BELIEVE IT HAS FOUND BETTER VALUE ELSEWHERE WITH THE LEAST RISK TO ITS MONEY or maybe there is no better investment but the stock has gotten to a level where there is more to lose than there is to make.
But most of the time, the answer is that VALUE With less risk is ELSEWHERE, not it makes no sense. It makes perfect sense if you understand that the market is not about perfectly pricing business's, it is about investing in business's that will give you the most value with the least risk. Dumb money doesn't get this. Top 12 professors in business? Who is rating these guys, S&P?