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The Importance of Uncertainty in Valuation Analysis
I see people trying to come up with ways to make valuations more precise. Uncertainty is a feature not a bad. You can't make an uncertain world into a certain world on a spreadsheet. Accept the imprecision. Welcome it and treat it as part of investing. It'll make your life a lot healthier because I see analysts constantly struggling. That's why they're easy targets for these sales pitches or just get more precise. Just do this. You'll get more precise, he says.