The Evolution of Perception Markets

Old Men and Trees, Formula 1, P/E Multiple, and Airplane Crash

AuthorAuthor

Peeyush Jain & Mohit Garg
March 05, 2025

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Salutations, Olio aficionados! 👋

Midweek greetings to all, as we unveil the 131st chapter of Weekly Olio—a delightful concoction of laughter, insight, and a sprinkle of mystery. Within these pages, you'll discover a handpicked selection of fascinating finds from the vast realms of the internet.

Keep your eyes peeled for this week’s Publisher’s Parmesan, arriving this Sunday!

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The Quote󠀢 💭

“A society grows great when old men plant trees in whose shade they shall never sit."

― Greek proverb

The Tweet 🐦

Not so long ago, Formula 1 teams were seen as poor financial assets - money guzzling teams that rarely turned a profit. All of that changed when Formula 1 was acquired by Liberty Media in 2017 - they implemented cost caps and drove F1s aggressive expansion in the United States. Since, almost every team generates an operating profit and almost all of them are valued at more than $1B. What a turnaround!

The Infographic 💹

Good to revisit some of the old classic literature. This one is from a note titled "What does a Price/Earning multiple mean" by the legendary Michael J. Mauboussin. If you are not already familiar with his writings on markets, equity and finance, you are missing out. Visit his website here for more of his writings.

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The Short Read 📝

Cara Michelle Smith is a writer, reporter and performer living in Brooklyn. She’s spent more than a decade in financial journalism; her award-winning reporting can be found in NerdWallet, Yahoo! Finance, MarketWatch, the Houston Business Journal, CoStar News and other outlets. She’s also a comedy & satire writer, with work in The New Yorker, The Onion, McSweeney’s, Vulture and more.

Despite the fatal crash between an American Airlines plane and a US Army Helicopter that killed 67 people, there was no significant drop in the share price of the airline. While American Airlines took measures to reassure the public and highlight its focus on safety, the largely stable stock price is a narrative violation. In the past, such crashes have even led to airline bankruptcies but this time around, it is unlikely to dent the long term confidence in air travel or American Airlines. Read more…

The Long Read 📜

This (very long) article by Michael Dempsey explores the idea of Schelling Point Companies that do not merely sell a product or a service but also a narrative. Michael Dempsey is a Managing Partner at Compound VC - an early stage investment firm based in New York.

Some of the most successful tech companies operate as Schelling Companies

While Schelling Companies can often fetch rich valuations since they are perceived as sectoral bellwethers but when they collapse, they put an entire emerging sector out of favor for quite a long time. Often those who can shape narrative can shape reality. It implies that investors need to be extra careful and guard against risks of misinformation or thinking in echo chambers. Every narrative that we come across should be critically examined before we consider it to be a part of reality. Read more…

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That’s all for this week. If you enjoyed this edition, we’d really appreciate if you shared it with a friend, family member or colleague.

We’ll be back in your inbox 2 PM IST next Wednesday. Till then, have a productive week!

Disclaimer: The views, thoughts, and opinions expressed in the text belong solely to the author, and not necessarily to the author's employer, organization, committee or other group or individual.

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