[Korean] Aswath Damodaran Returns to Sampro TV! The Valuation Master on Why Investors Lose Money Even When AI Changes the World [Global Money Talk]

Aswath Damodaran views a company's intrinsic value as the present value of its future cash flows, but says that understanding the business story underpinning revenue growth, margins, reinvestment, and risk matters more than a finely calibrated discount rate. He argues that investors must independently verify market size, competitive advantage, and feasibility rather than accept management's optimistic narrative or spreadsheet numbers at face value. He believes that even when a vast market such as AI opens up, not every participating company can be a winner, and that initial excitement and overheating may be followed by a correction that separates companies actually making money from the rest. He explains that, when investing directly, it is better to acknowledge the possibility of being wrong and diversify than to exaggerate certainty, and that choosing low-cost index investing is also reasonable if the process itself is too difficult to cope with. He assesses that, although AI companies have undertaken massive capital investment, it remains unclear what customers will pay for and how much, so the market has now begun asking about their revenue models. Meanwhile, he points out that if AI replaces jobs, reduced incomes and regulatory backlash could feed back into risks to the industry's growth; conversely, the damage to software companies whose valuations have already been heavily discounted may have been overstated. He emphasizes that even if AI makes data collection and mechanical valuation more efficient, it cannot eliminate human responsibility for identifying contradictions in business logic, and that investors in the US stock market must check whether current corporate earnings growth is sustainable. All directional outlooks are the speaker's conditional judgments, not definitive predictions of short-term prices.