Spot on Randy!

Denny Schlesinger

Take a perfectly valid concept like “The value of a company is its discounted cash flow*” and try to apply it in practice. It’s not possible because all the inputs to the formula are guesses.

Denny: Great way of saying this (and your companion view of intrinsic value, too). You have a way of pointing out what a lot of us sense with these concepts and expressing them simply and eloquently.

As to these ideas themselves, I can’t help thinking of this ‘scholarly’ quote:

“In theory, theory and practice are the same. In practice, they are not.”