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Benjamin Davies addressed criticism #4237.
#4237·Erik Orrje, 12 days agoSure, but those cash flows are still downstream of what consumers subjectively value though?
So the estimation of "intrinsic value" is ultimately a guess of what people will subjectively value in the future?
You have moved the goalposts from "isn’t it just down to other people subjectively valuing the asset you are buying" to "isn’t it just down to other people subjectively valuing the product/service the business produces” (paraphrasing).
Of course it is all subjective in a sense. My point is that you can disagree with the entire market about what an asset is worth and do just fine.