I get the point and love the DCF/Hubble telescope analogy. As I tell my team, the DCF is the world’s biggest tool to help sell the story you thought before you started crunching the amounts. It is so laced with bias it taints almost every single investment thesis, and anchors us all to positive or negative situations unrealistically.
That said, I disagree that valuation is unimportant wholly. In the easiest terms, we are profitable as investors if the valuation for company X is greater tomorrow than it is today. And we have to introduce concepts of opportunity costs then, dividend payments, special discounts, and (maybe) factor risks in to the equation. So, at least in my mind, the business is all about knowing the difference between price and value, or at least understanding where the consensus trader – Ben Graham’s proverbial Mr. Market – is underestimating potential.
And here’s my problem with your (admittedly clever) example. You picked one of the biggest winners of all right time. That today are massive You might have done the same with Walmart or only a handful of other companies, but back then were much smaller. Yet for every Coca-Cola or Walmart there must have been a huge selection of others with similar flattish income and choppy earnings streams throughout those same three years, today are worthless which. So by selecting Coca-Cola here, and suggesting that valuation doesn’t matter, aren’t you implicitly suggesting to your readership that every single thing out there that interests them is, or might be, another Coca Cola? From my perspective, especially when you consider Albert Einstein’s eighth question of the world, is that the smart decision to buy Coca Cola was about valuation entirely.
- Monetary policy (?) – I evaluate the effects of monetary policy using the easy Taylor guideline
- Kencana Capital Sdn Bhd
- Credit rating
- 401K (Balance = 20K)
- Controversial Industrial development strategies
- Atlanta, Georgia: $39,273 – $60,907
- Complete the Credit Authorization Form
Our aim is simply to tell a story that New Zealand viewers can relate to. We agree with the fact ‘information is serious stuff’. In the past year alone we has reported from around New Zealand and the world on stories as diverse as natural disasters to a general election. Many of these entire tales have myriad challenges, not least keeping our personnel safe while covering them. I’m happy to accept Phil O’Sullivan’s guarantee that Chris Chang compiled the Prince Charles item, although I question the necessity to do this when the BBC might have been relied to cover the matter thoroughly. I believe this reinforces my point about TVNZ wanting to put its own reporters ahead.
I have noted many occasions lately when TVNZ’s own journalists have offered overseas information items for no apparent reason. Incidentally, I notice that on both nights since my column was published, 1 News appears to have changed its plan of not identifying people when they first show up on screen. Of course this could be entirely coincidental.
You have to find on at least 100 articles before you will start to see any real income being generated, and for this reason I would suggest you start with one of the sites I suggest just. You can join PTC sites also. These ongoing companies often offer several ways to make money.