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.”
Pete
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