Damodaran Explains Narrative Breaks, Shifts, And Changes
One of the difficulties of investing in companies like Twitter Inc (NYSE:TWTR) or Groupon Inc (NASDAQ:GRPN) is that the market price isn’t justified by profits – you either believe the story or you don’t, and invest accordingly. That’s not to say investing on a strong narrative is always a bad idea, anyone who believed Elon Musk’s narrative on Tesla Motors Inc (NASDAQ:TSLA) a couple years ago has been amply rewarded, but you risk having the story change suddenly (almost . . .
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