The real problem with the Byju bubble

A few days ago, the news came that BlackRock, a large American investment manager, had yet again cut its implied valuation of Byju's. From a peak of 22 billion dollars in early 2022, BlackRock's valuation of Byju is now less than a billion dollars—basically, just a small change. There were two types of reactions to this news. One is those who thought that Byju deserved this kind of valuation, and two are those who think that it does not. I'm in the second category. I think it's absurd that someone thinks that Byju's is worth a billion dollars - the correct number is somewhere in the vicinity of zero. The value could be negative for some shareholders, in the sense that having a Byju investment in your investment track record could - should - lower the general perception of your competence as an investment manager. Certainly, in my mind, this is true of BlackRoc