Own goal?, page-28

macro environment. This is the most important factor that investors disregard (and
management for that matter). In fact its not covered in future cash flows or DCF methods
or otherwise. It leads to the downfall of most investors especially in the Resources sector.
Call it sector risk if you want. A good fundie will put weight on this, a bad one wont.
PLS and AJM managers are both guilty of not having a plan in case of a downturn and their sp
is where it is because of that.
Maybe I should invest a formula which incorporate this into a valuation and they can name it after me, haha,
the tbs method of calculating value