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![TheRealBirnbaum Avatar](https://lunarcrush.com/gi/w:24/cr:twitter::1905799794536148992.png) Brian Birnbaum [@TheRealBirnbaum](/creator/twitter/TheRealBirnbaum) on x 1051 followers
Created: 2025-07-23 18:49:49 UTC

The number of people calling the market expensive is starting to make me think the market isn’t expensive. 

For more than ten years now investors have mistaken PE ratios for valuation. There’s absolutely an interpretive advantage and relatively few have it. 

It’s harder than ever to value a business using financial statements. In fact for the best businesses it’s basically impossible.


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