At the Money: Valuation Is an Exercise in Faith
Masters in Business
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The Art of Valuation in Equity Markets
This chapter explores the fundamental principles of stock valuation, contrasting the viewpoints of traders and long-term investors. It emphasizes the importance of understanding intrinsic value through cash flows, growth, and risk, as opposed to merely focusing on market prices and common valuation ratios. The discussion is enriched with practical insights, including a personal valuation case study of Nvidia, underscoring the necessity of thorough analysis in making informed investment decisions.
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