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A reader responded to this piece on why discounted cash flow guesswork is worth doing ($) with links to two papers that dive deeper into how to think about valuation. At one level, theorizing about the real meaning of various financial models doesn't help much with improving those models—in practice it may be easier to use the same model as everyone else and focus on guessing the inputs correctly, at least in the short term. But understanding where value comes from is useful both as a sanity check on bad assumptions and as a reminder that financial theory needs to connect to the real world.

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