In this session, I complete the discussion of young companies starting with a warning about using backward-looking estimates of risk, but focusing more on the things that truly matter: revenue growth, operating margins and reinvestment assumptions. With each one, I emphasized the importance of visualizing what success will look like in your company and then working backwards. Finally, I noted that while you will be wrong 100% of the time, the key to investment success is not being right, but being less wrong than everyone else. Slides: www.stern.nyu.edu/~adamodar/podcasts/valUGspr21/session16slides.pdf

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