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This has helped reduce the company's electricity-generation costs and lifted its adjusted earnings growth to an annualized 9.8% since 2012. Its forward price-to-earnings (P/E) ratio of 18 is the lowest it's been since 2015, and the company's yield is back to 3%. It's been paying a continuous dividend since its founding in 1816.
By investing in its partners -- like Pinduoduo and Meituan -- the tech conglomerate can participate in emerging industries like e-commerce and food delivery. It also has not limited itself to publiccompanies, holding huge stakes in private companies like EPIC games. The idea is simple.
Bill, you're thinking about your market cap range today for Clean Energy Fuels, which on a side note, I picked on a dark dark day in March of 2012. Bill Barker: Well, there's been a little interest in companies that do things like the name of this company. But sadly, I picked it higher than 20 and I picked it in March of 2012.
David Meier: Once upon a time, back in 2012, a company now known as Meta Platforms, came to the public markets in the form of an IPO as Facebook. That's when I was first introduced to the company, lots of fanfare. In 2006, he jumped to Discovery Communications, where he led the TV Conglomerates transformation.
Even when you read that announcement from — that was 2012 — RITHOLTZ: 2012. BARATTA: — we’re probably three times the size as we were in 2012. BARATTA: The media conglomerate? textbook company, Houghton Mifflin, back when there were actually textbooks in schools. RITHOLTZ: Sure.
RITHOLTZ: Whereas all the other publiccompanies had access to capital and managed to get into trouble. RITHOLTZ: So, you go from Lazard to Merrill to JPMorgan, tell us about those other experiences, how do they compare to Lazard which seems much more unique, being in a publiccompany versus a partnership. RITHOLTZ: Sure.
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