returns on capital
1 statements across 1 episodes · 0 bullish · 1 bearish · 1 people on the record · first statement Jul 6, 2026 by Pat Dorsey · across every show →
Everything said about returns on capital, oldest first
Jul 6, 2026 bearish
Dorsey: Discounted Cash Flow Models Undervalue Moat Businesses by Assuming Fading Returns
“The thing that a DCF is quite poor at, even though people think it's long-term oriented, is that mathematically a DCF assumes that the multiple fades.
It assumes that returns on capital fade to cost capital.
But if we're looking for Modi businesses and we're t…”