Subject: Re: Asness - markets got more inefficient
The unknown variable is the ACTUAL future GROWTH rate, which, according to Buffett, is the single most important component , ironically, of “value”.

If the ACTUAL achieved growth rate slightly exceeds your projections in your DCF valuation—then the longer you wait to sell..the GREATER the return.

OTOH if it’s the other way around and growth flattens out—the opportunity cost waiting for fair value compounds in a big way…..a bad way.

This is a somewhat of a roundabout way to look at the Munger influence on Buffett decades ago.