We try to avoid false precision when we do our valuation work. We don't know what earnings are going to be next year and we don't believe management teams themselves can know that with any great precision either. What we can try to do is estimate the normalized economic earnings power of a business and [...]

Discounted cash flow to us is sort of like the Hubble telescope you turn it a fraction of an inch and you're in a different galaxy. There are just so many variables in this kind of an analysis that's not for us.