If the true value of an IPO is for a company to raise money to invest, and it can be mutually beneficial to the company and the investors, then market price is a driver of intrinsic value.
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Agree this happens to some extent. Particularly true for expensive companies with shrewd capital allocators. Singleton is a great example. Most “buy and build roll-ups” / serial acquirers operate on this principle.
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However while intrinsic value can be ephemeral, I think “margin of safety” is a much more concrete concept and can be successfully applied over a long period by an average IQ but disciplined investor. You won’t get it right every time but good enough to beat the averages.
End of conversation
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