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JUN 18, 2026 · VALUE NOTE

Valuation is a diary, not a prophecy

Intrinsic value is not a number that predicts the future — it is a record of today’s assumptions. In time, the reasons it was wrong become the criteria for the next review.

Intrinsic value is not a number that predicts the future — it is a record of today’s assumptions. In time, the reasons it was wrong become the criteria for the next review.