Subject: Re: Everything has a price
Broadly speaking the current market price for Alibaba, less cash dividend by free cashflow is around 6 or 7 but that increases if you allow for stock options. Still incredible cheap for a collection of businesses of this quality. But I have not looked at it too closely to be honest and detailed and useful information is limited.

One important thing I came across recently but did not mention or verify was that Alibaba’s net margin is high and significantly higher than its competitors. I have a lot more work to do on Alibaba but I suspect it is a rare opportunity to pick up something of this quality at this price. Come back in 10 or 20 years and see what has happened compared to alternatives, which might include high quality businesses at expensive prices, or lower quality businesses a low prices…it’s certainly an interesting opportunity at today’s price. That said I notice Buffett isn’t buying. Investing is hard…