Hi Michel thanks for reading!!! Great points. Your first point was something that I don’t think I really understood until after I wrote this article. Of course, that doesn’t always mean that a stock price has accurately captured risk, and often a stock price can be dead wrong in its interpretation of present and future events surrounding a company. Or, supply-demand forces might be affecting the stock price in the short-term. Obviously this is what value investors live for – to uncover mispriced stocks. In the end, valuation is as much of an art as a science. I think the important thing to remember is that you can’t stop your thinking process with models and equations, and that you have to look at the entire investment both quantitatively and qualitatively.