"If you attempt to assess intrinsic value, it all relates to cash flows. The only reason for putting cash into any kind of an investment now is because you expect to take cash out."
In business school, corporate finance professors teach three well-established principles about value: The value of a business is equal to the present value of its expected future CF; Revenue growth and return on capital (ROC) drive CF; For growth to create value, ROC must exceed the cost of capital.
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