Quote · Excess Returns

The Trillion Dollar Gap | Aswath Damodaran on SpaceX, AI and the Big Market Delusion

Explore episode Jun 19, 2026

Ultimately, you're valuing businesses. You're not valuing promises. Converting a promise into potential into a business takes work.

Aswath Damodaran

The Trillion Dollar Gap | Aswath Damoda…

Where this was said

Why investors confuse promises, potential, and businesses

At 30:20 · chapter starts 27:29

Converting a promise into a business takes enormous execution. Investors confuse narrative with value, using incomplete stories as post-hoc rationalizations for decisions already made.

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