I've seen the same argument on WSO before, but can't find any academic or empirical research to back it up. I did find an article from the CFA Insitute ("PE: The Emperor Has No Clothes").
Is anyone familiar with this thesis/idea? Would love to learn more about it.
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Check out Dan Rasmussen, his older research on Verdad Capital’s website, and his appearance on Invest Like The Best. He talks about buying levered small cap companies (like the companies themselves, I’m not sure if he uses leverage) to imitate PE in the public markets
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