[JumpCrisscross]

> Buffet doesn’t use DCF

There is DCF and there is DCF. The full-formed DCF spreadsheet is a creature of sell-side fiction. The more trivial analysis—how much cash will this business throw off over the next few years and what is that worth to me–is not formally DCF by the modern definition. But theoretically, it’s the same thing. Just dispensing with the garbage that is terminal value estimation.