The value of a financial asset is the present value of the cash that can be taken out of it over its life; in a low interest rate environment, you need to be able to predict cash flows for many years to determine what the business is worth, which is impossible for most companies because complexity means you cannot know cash flows even three years out.
causalpending
Speaker
Bill AckmanEvidence Quote
“the value of a financial asset is the present value of the cash that you can take out of it over its life”
Source
Bill Ackman: Dealing with Haters, My Largest Trade Ever, and Sounding the Alarm for the Government— The Knowledge Project PodcastCreated: 8/10/2026, 11:24:39 PM
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