You're talking about using a static investment model vs. dynamic modeling. Your examples are based on applying a static investment model and in some cases for decades (Eastman Kodak, GE, ATT, etc.), which no intelligent person in their right mind would ever do. Models need to be reviewed and updated based on changes to the industry, company, competitive landscape, macro environment, etc.
This gets back to my earlier comments that the "discount rate" used matters.
You're acting like models shouldn't be used because they could end up being wrong because one didn't accurately predict a large potential disruptive change to a given industry over a short-time frame. This is why most use multiple scenario modeling to take into consideration various potential scenarios (Base, Best, Worst), when arriving at an estimated valuation.
If you don't use DCF models to estimate potential valuation, what are you using to determine whether and when to buy or sell?
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