My point/thesis is I would suggest that isn't how companies get valued. E.g. if it were how companies were valued then the Feuersein Ratain rule wouldn't work. I.e. the Feuerstein Ratain rule essentially says that a $200M MC company really should be worth some small fraction of that because its chance of success is minuscule. I.e. there is a market inefficiency that can be exploited to lower risk.
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