In their latest episode of the VALUE: After Hours Podcast, Brewster, Taylor, and Carlisle discussed Bell Curve Jedi. Here’s a excerpt from the episode:
Tobias: “US Steel’s at one time P/E currently.” Ryan Baxter, thank you for that. Yeah, it’s cheap. The question is whether that E is sustainable there. I don’t know. I don’t know what happens to steel through something like this. I have to go back and have a look.
Jake: Could you make the argument that long, statistical value is short macro, perceived macro insights? Basically saying, I don’t know, nobody knows, who cares.
Jake: Just buy it cheap. I don’t have any fortunetelling abilities.
Tobias: I think you missed all of that nuance, but you’re focused on buying stuff that’s so cheap. It might not be one time. It might be three times or five times, in which case it’s probably still too cheap.
Jake: Is this the bell curve Jedi?
Tobias: Yeah, on the caved-in head on the far left side.
Jake: Yeah. Oh, I thought you were up at the top of the bell curve.
Tobias: Yeah, sorry. I’m in the middle.
Jake: Yeah. Screaming furiously about why that this is not normal.
Tobias: I need to get back to the caved in. It’s at middle or bottomy-
Tobias: -which coincidentally gets you on the far-right hand side too.
Jake: Right. Full robe status.
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