Walt Disney Co: A Lesson On Overvaluation
IntroductionPlease accept this special edition offering on Walt Disney Co (NYSE:DIS) as a lesson on overvaluation. Over the many years I have been a value investor, I have learned that even the best companies can become dangerously overvalued by the market. Sometimes they can remain that way for extended periods of time. We have seen this many times in history. The “Nifty Fifty” era, the irrational exuberant era, the tech bubble, etc. All of those periods of time they were classifications of stocks that had tremendous momentum, but they all ended badly in the long run. In the short run sentime...