We believe that an average equity investor spends a little time analyzing the bond market as well as the incentives of bond market participants and the way they affect their equity portfolio. In thisThere are many ways sell-side analysts try to find a company’s “fair” value — some useful, others pure illusion. The DCF method is like a massive LEGO set: every tiny assumption has to fit just right, and it opens the door to bias — overconfidence, hindsight, and anchoring. The multiples approach seems easier — ...