Joel Greenblatt Explains why he Paid a Massive Premium for $MCO

The  lecture linked below describes how Joel Greenblatt decided to paid over 20x for Moody’s by analyzing Warren Buffett’s purchase of Coke at a high multiple (approx. 16xs). The lecture also discusses the general concept of paying more for a brand and growth.

H/T CSInvesting

Link to the full lecture here