export default function IntrinsicValuePage() { const highlights = [ { emoji: "🔮", title: "Forward-Looking", desc: "Past profits are gone. A company's worth is entirely based on the future economic benefits it can deliver to its owners." }, { emoji: "💸", title: "Cash > Profit", desc: "Accounting profit can be distorted. True value lies in free cash flow—the cash that can actually be taken out of the business." }, { emoji: "📉", title: "Time is Money", desc: "$100 today is not the same as $100 in ten years. Valuation discounts future cash based on opportunity cost, risk, and inflation." } ]; const principles = [ { emoji: "🚜", title: "The Nature of Value", points: [ "A business is a cash-generating asset, much like a farm producing crops or a property generating rent.", "Value is not in the object itself, but in the future economic benefits it can deliver.", "A compelling narrative is not value; only future cash generation creates intrinsic value." ] }, { emoji: "🧮", title: "The Deeper Formula", points: [ "Value Today = Sum of [Expected Future Cash Flow / (1 + r)^t].", "A business becomes more valuable when it generates more cash, sooner, with more certainty, for a longer period.", "Same total profits do not mean same value; earlier and safer cash flows are worth more today." ] }, { emoji: "🌱", title: "Growth & Quality", points: [ "Growth is not automatically valuable. It only adds value if the company can reinvest capital at attractive returns.", "High-quality businesses have high returns on capital, durable advantages, pricing power, and predictable demand.", "A wonderful business can still be a bad investment if the price paid is too high compared to its intrinsic value." ] }, { emoji: "⚙️", title: "The Money Machine Model", points: [ "Think of a business as a machine where you input capital, labor, and skill, and it produces cash over many years.", "A valuable machine produces lots of cash with little additional or maintenance capital needed.", "Value = discounted future cash flows. Price = what the market asks today." ] } ]; const dcfExample = [ { year: "Year 1", cashFlow: "$100", calc: "100 / 1.1", presentValue: "$90.9" }, { year: "Year 2", cashFlow: "$100", calc: "100 / 1.1²", presentValue: "$82.6" }, { year: "Year 3", cashFlow: "$100", calc: "100 / 1.1³", presentValue: "$75.1" } ]; return (

{/* Header */}

Financial Philosophy

A business is worth only what it can give its owners in the future.

Not its story. Not its brand image. Not its past revenue or accounting profit. What ultimately matters is: How much cash can this business generate over time, how reliably, and how soon?

{/* Highlights */}

{highlights.map((item, idx) => (

{item.emoji}

{item.title}

{item.desc}

))}

{/* Deep Concepts */}

Core Principles of Intrinsic Value

{principles.map((section, idx) => (

{section.emoji}

{section.title}

{point}

))}

{/* Example Section */}

A Simple Present Value Example

Suppose a business will generate $100 for the next three years. If the discount rate is 10%, the value today is not $300. Because of the time value of money, future cash is discounted.

{dcfExample.map((row, idx) => ( ))}

Timeframe	Future Cash Flow	Discount Math (10%)	Value Today
{row.year}	{row.cashFlow}	{row.calc}	{row.presentValue}
Total Present Value	≈ $248.60

Even though the future cash sums to $300, its value today is lower. That is the practical meaning of discounting.

{/* Footer */}

); }