This argument has been made back in 2016 and before. Many people who looked beyond those two metrics back then have become millionaires. You can say, of course, that these people just got lucky. Just as you can say that Burry was just unlucky that the market remained irrational for so long.
To me, when something consistently does not behave in the way that I predict that it should, then that’s a strong indicator to me that I must be overlooking something. There’s a fine line between saying that, in the short run, the market is just a voting machine rather than a weighing machine (which is true), and arrogance (which will cost you dearly in investing).
To me, when something consistently does not behave in the way that I predict that it should, then that’s a strong indicator to me that I must be overlooking something. There’s a fine line between saying that, in the short run, the market is just a voting machine rather than a weighing machine (which is true), and arrogance (which will cost you dearly in investing).