operating leverage comps, page-172

sure. and a lot of sense in that re dcfs. I've been saying something similar about dcfs for years albeit for other reasons

EVs i cant agree with. You can only mark to market a stock based on what it is now. it is the entire basis on which you are buying that future income - even though it will change before the income is realised

but pricing day to day is set by how the whole market does it - not how you or I prefer to do it

i wasnt concerned regarding fundamentals

i wanted to understand why it was being priced the way it was day to day. now i do.