On Intrinsic Value
As promised here’s the snippet from Thurdsay’s Podcast:
The intrinsic value of a business can not be determined through clairvoyance or calculus, prescience or projections. For even the best projections sit precariously atop a mountain of complex assumptions. Determining the intrinsic value of a business requires simple arithmetic, common sense, and a careful analysis of the past performance and current financial position of the firm. Most importantly, it requires the separation of those things which are both constant and consequential from those things which are either mutable or meaningless.
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