Valuation is a forward projection of expectations, and when you're
depressed, your expectations are low. We have seen valuations that
range from (quite literally) 2X to 30X! If you and 2da always select the
most pessimistic of outcomes whenever you can, you end up imagining
a very bleak future. There's plenty of data that points in a more positive
direction.
Somebody said: "life is just one damn thing after another, then you die".
Maybe true, but sometimes good thing do happen before it's all over.
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