Company valuations, ideas regarding finance, and educational tips for the curious mind.
Anyone should be able to do a proper valuation. I am confident that with a little bit of guidance, someone that has never opened a corporate finance textbook, listened to an equity research pitch, or have read an annual report, should be able to learn the fundamentals of corporate valuation. With a little bit of common sense, an ambition to minimize your own biases, and a capacity to build a reasonable narrative and connect the narrative to numbers, you are already a long way into finding interesting investments. On the other hand, the process of investing is full of pitfalls ranging from a lack of attention to cycles, fear of missing out and looking wrong, not dearing to be a contrarian, and all other aspects related to emotion and ego. As Charlie Munger said, "it is not supopsed to be easy".