Unlike standard textbooks that focus on efficient market hypotheses, Greenwald’s materials are prized because they tackle the messy reality of valuation: How do you value a company when future cash flows are uncertain?
Calculates value based on current "distributable" cash flows, assuming no future growth. value investing bruce greenwald pdf
If market price is $500M, and EPV is $700M, buy only if price is significantly below both EPV and asset value. But if asset value ($400M) > market cap? That’s a “cigar butt” (Graham-style). Unlike standard textbooks that focus on efficient market