Fourth Quarter | 2024

In this year’s Think Piece, we revisit the fundamentals of long-term valuation in an age of information overload and accelerating technological change. We examine how discount rates, equity risk premiums, and long-dated cash flows interact to shape company valuations, and why investors should spend less time reacting to market noise and more time assessing durability. As innovation reshapes entire sectors, companies with adaptability and strong competitive positions will warrant lower risk premiums—while others may fade.