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Podcast: Excess Returns
Episode: 30 Times Earnings Isn't Expensive | Chris Mayer & Robert Hagstrom on the Labels That Destroy Returns
Description: In this episode of our new show The 100 Year Thinkers, Chris Mayer and Robert Hagstrom explore how the words investors use quietly shape the decisions they make — often in destructive ways. From labels like “cheap,” “expensive,” and “compounder” to debates about valuation, concentration, and AI, the conversation digs into how language collapses uncertainty into false certainty. Drawing on general semantics, mental models, and decades of investing experience, they explain why confusing maps for reality leads investors astray — and how clearer thinking can change how you see markets, risk, and long-term returns.Topics discussed include:Why paying 30x earni...