On today’s episode, Clay is joined by Aswath Damodaran who is widely referred to as the dean of valuation.&nbsp;Aswath Damodaran is a professor at NYU of corporate finance and valuation and has taught thousands of students how to value companies and pick stocks.&nbsp;He has written numerous books on valuation and has also made all of his university courses available online for free. Aswath is one of the clearest teachers of finance and investing in the industry.IN THIS EPISODE, YOU’LL LEARN:00:00 - Intro.01:42 - Whether recent technological advances should lead us to think about investing. differently than in years past.03:23 - The role intangible assets play into valuation.07:08 - How he determines which companies he wants to dive in and research.14:40 - How Aswath thinks about setting an appropriate discount rate in valuation.20:49 - His thoughts on whether investors should deem the US treasury rate as the risk free rate available to investors.24:10 - The future expected return of the S&P 500 implied by the market as of August 2023.27:29 - How Aswath thinks about the risks of investing in China.30:02 - Aswath’s updated views on the valuation of Nvidia & Meta.33:21 - The potential dangers of a buy and hold approach.47:31 - How to think about using adjusted EBITDA in stock analysis.49:44 - How Aswath thinks of the macro.57:16 - Why Aswath recommends a strong understanding of statistics to invest well.Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.BOOKS AND RESOURCES<ul><li>Check out our newly released<a href="https://theinvestorspodcast.com/mastermind" rel="noopener noreferrer" target="_blank">&nbsp;TIP Mastermind Community</a>.</li><li>Check out our recent episode&nbsp;<a href="https://link.chtbl.com/RWH005" rel="noopener noreferrer" target="_blank">RWH005: Meet the Master w/ Aswath Damodaran</a>, or watch the <a href="https://www.theinvestorspodcast.com/richer-wiser-happier/meet-the-master-w-aswath-damodaran/" rel="noopener noreferrer" target="_blank">video</a>.</li><li>Check out Aswath’s <a href="https://pages.stern.nyu.edu/~adamodar/New_Home_Page/home.htm" rel="noopener noreferrer" target="_blank">Website</a>.&nbsp;</li><li>Check out Aswath’s <a href="https://www.youtube.com/@AswathDamodaranonValuation" rel="noopener noreferrer" target="_blank">YouTube Channel</a>.</li><li>Follow Clay on <a href="https://twitter.com/Clay_Finck" rel="noopener noreferrer" target="_blank">Twitter</a>.</li><li>Follow Aswath on<a href="https://twitter.com/AswathDamodaran?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor" rel="noopener noreferrer" target="_blank"> Twitter.</a></li><li>Tune into our previous episode covering <a href="https://link.chtbl.com/WSB575" rel="noopener noreferrer" target="_blank">The Future of AI w/ Bob Muglia</a> or watch the <a href="https://www.theinvestorspodcast.com/episodes/the-future-of-ai-w-bob-muglia/" rel="noopener noreferrer" target="_blank">video</a>.</li></ul>NEW TO THE SHOW?<ul><li>Check out our&nbsp;<a href="https://www.theinvestorspodcast.com/we-study-billionaires-starter-packs/" rel="noopener noreferrer" target="_blank">We Study Billionaires Starter Packs</a>.</li><li>Browse through all our episodes (complete with transcripts)&nbsp;<a href="https://www.theinvestorspodcast.com/we-study-billionaires/" rel="noopener noreferrer" target="_blank">here</a>.</li><li>Try our tool for picking stock winners and managing our portfolios:&nbsp;<a href="https://www.theinvestorspodcast.com/tip-finance/" rel="noopener noreferrer" target="_blank">TIP Finance Tool</a>.</li><li>Enjoy exclusive perks from our&nbsp;<a href="https://www.theinvestorspodcast.com/affiliates/" rel="noopener noreferrer" target="_blank">favorite Apps and Services</a>.</li><li>Stay up-to-date on financial markets and investing strategies through our daily newsletter,<a href="https://www.theinvestorspodcast.com/newsletters/" rel="noopener noreferrer" target="_blank">&nbsp;We Study Markets.</a></li><li>Learn how to better start, manage, and grow your business with the&nbsp;<a href="https://www.theinvestorspodcast.com/podcasts/20-best-business-podcasts/" rel="noopener noreferrer" target="_blank">best business podcasts</a>.</li></ul>P.S The Investor’s Podcast Network is excited to launch a&nbsp;<a href="https://clicks.aweber.com/y/ct/?l=7HQTa&m=3hIUiG6T8vBkNOB&b=8NVZC.qh9__ur.qME8mcEQ" rel="noopener noreferrer" target="_blank">subreddit</a>&nbsp;devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit&nbsp;<a href="https://clicks.aweber.com/y/ct/?l=7HQTa&m=3hIUiG6T8vBkNOB&b=8NVZC.qh9__ur.qME8mcEQ" rel="noopener noreferrer" target="_blank">r/TheInvestorsPodcast</a>&nbsp;today!SPONSORS<ul><li>Invest in Bitcoin with confidence on&nbsp;<a href="https://river.com/" rel="noopener noreferrer" target="_blank">River</a>. It's the most secure way to buy Bitcoin with 100% full reserve custody and zero fees on recurring orders.</li><li>Reach the world’s largest audience with&nbsp;<a href="https://linkedin.com/results" rel="noopener noreferrer" target="_blank">Linkedin</a>, the place to B2B. 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