Where was @colincowherd right and where was he wrong? 🤔
Don’t borrow judgement.
The reason why we spend hundreds of hours analyzing a business is to thoroughly understand it.
The purpose of the research is to build confidence in our assumptions.
The valuation then dictates what the return those assumptions will yield.
We are open to contradictory opinions, but we don’t blindly follow anyone—we only follow our research and our judgement.
It doesn’t make sense to go through this whole process to just “borrow” someone else’s "judgement.”