Total Assets$PDD(PDD.US)The most fatal mistake in value investing is equating "low PE" with a "margin of safety".
Stocks like PDD are not "cyclically cheap"; they are more like "structural risk pricing".
You think 10x is undervalued; I think that's the market saying: uncertainty needs to be discounted.
If the risk hasn't improved, cheap is the reason it's cheap—not a reason to buy.
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