1/ Economists and traditional valuation experts claim that for most anything to be *valued* it must have cash flows.
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5/ For our entire history, humans have decided how to value things. Valuation methods continue to evolve for stocks and many other assets, why shouldn't new ones be born for
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It is good to evolve thinking. And there can be value without cash flow, book value, acquisition value. But, also, there usually isn't. And the more a price is set by speculation on value that doesn't exist yet, the more wrong it can be.
