It also stands to reason that when you have big differences in value estimates, it is almost always because you have different narratives for a company, not because you have a disagreement on an input number.
Success, when investing in young companies, comes from getting the narrative right, not the numbers. That may explain why some successful venture capitalists can get away being surprisingly sloppy with they numbers. After all, if your skill set includes finding start-ups with strong narratives and picking founders/entrepreneurs who can deliver on those narratives, the fact that you cannot tell the difference between EBITDA and free cash flow or compute the cost of capital will be of little consequence.
Tom, On the market size, I take what I can get and it often means going to many sources
That requires a couple of hours of focused Google search
In spite of all of these efforts, you may still find your self faced with uncertainty, as I was with the cab business (where I had to go city by city and then extrapolate from there).
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