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Discounted Cash Flow Valuations: Academic Exercise, Sales Pitch Or Investor Tool?

In my last post, I noted that I will be teaching my valuation class, starting tomorrow (February 2, 2015). While the class looks at the whole range of valuation approaches, it is built around intrinsic valuation, reflecting my biases and investment philosophy. I have already received a few emails, asking me whether this is an academic or a practical valuation class, a question that leaves me befuddled, since I am not sure what an academic value is. As some of you who have read this blog for awhile know, I do try to value companies, but I do so not because I am intellectually curious (I don't lie awake at night wondering what Twitter is worth!) but because I need investments for my portfolio. In the context of these valuations, I have been accused of being a valuation theorist, and I cringe because I know how little theory there is in valuation or at least my version of it. In fact, my entire class is built around one simple…