The Age of the Donkey Enterprise (opens in new tab)

I guess this is how "blue chips" used to conduct business sometime in the distant past, long before the game of charlatan CEOs leading "unicorn" companies, nonsensical multiples being preferred over concrete fundamentals, inflated metrics becoming a common (yet widely accepted) secret across the industry, growth by mass online ad purchases substituting organic growth, and investors' myopic focus on silly IPOs and stock buybacks (in the detriment of both the company and the economy as a whole) turning into the modus operandi of investing in our age.

I really hope we can find this long-lost tenacious "donkey" spirit again. We will all need it, especially as we face what is perhaps the most brutal economic depression of the last 100 years.

While economies reconfigure and capital markets evolve, foundamental valuation principles have stood the test of time.

There is a way to be a value investor in the digital economy.

The Donkey Enterprise described in those tweets, captures exactly the value investing principles required to identify the winners of the post-COVID19 digital economies.