I still think you may be misapplying some theory. The points of discounted future cash flows, time value of money, and ev are not lost on me. But pointing out that an arbitrary profit figure irrespective of inflation is a &quot;profit&quot; is meaningless.<p>It&#x27;s a nice Econ lecture but markets do not actually behave by a manner of collective estimate of dfcf. I would say it&#x27;s more accurately described as a random walk with an upward inflationary bias.