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.