On 2023-01-03, I questioned whether emerging-market companies that reproduce existing businesses deserve very high valuation multiples compared with what they might earn in a few years.
I said Alphabet and Meta were nearing single digit multiples.
I questioned why emerging-market reproductions, which I said spend significantly less, if anything, on innovation, would warrant “100x into x” of what they might make in a few years. I asked whether such valuations assume deglobalization happens overnight; I gave no specific multiples, earnings figures, or calculation.