A primer on valuation fundamentals

What is intrinsic value?

Dear Reader,

Before grappling with specific topics, we must align on one major point: valuation and pricing are different things. The price is what you pay, while the value is what you receive. If I buy a $1 bill for 50c it is self-evident that although the price is only 50c the value is $1. 

But, people don’t usually go around selling cash for less than …