When a company has a 90% drawdown over 5 years, it would be a straightforward expectation to blame management for missteps. However, this is not the case here. If we put it in a sports analogy, it was a suckerThere 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 ...