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Conor Mac's avatar

Excellent once again :)

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Frederik Gieschen's avatar

Thank you, Conor!

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Michael Fritzell's avatar

👏 I love the way you write.

In my opinion, even the absence of change is a prediction. We must predict the future - otherwise there would be no way of valuing anything.

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Frederik Gieschen's avatar

Thank you, Michael. I agree that every investor makes a bet on the future (future cash flows). Drawing a distinction between betting on change vs. constant is just a first attempt at grouping people with different mindsets across asset classes. It's overly simplistic in the same way "value vs. growth" is.

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Vinay Mishra's avatar

Simply superb! Both the breadth and the depth were fantastic.

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Frederik Gieschen's avatar

Thank you so much, Vinay!

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Will Kennedy's avatar

Beautiful article

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Frederik Gieschen's avatar

Thanks, Will!

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