3Q 2020 Investor Letter - Reverse Polish Notation
The current stock market has something in common with reverse Polish notation. For those unfamiliar with financial calculators, reverse Polish notation requires that you input the numbers first and the operation that you want to perform on them second. Initially, it feels counterintuitive and takes some getting used to, but in the end, you get why it works. Although not a perfect analogy, it sounds a bit like current stock valuations.
