"The point behind the 25 discussed tools is that no business valuation is precise. To put it in a better way, **all valuations are and will always be wrong because in finance, there are too many moving factors in addition to the required subjectivity when making analyses, for valuations to ever be accurate**. However, **it is better to be vaguely right than precisely wrong**. The point is to limit the probabilities of being wrong by increasing the margin of safety." ([Location 2371](https://readwise.io/to_kindle?action=open&asin=B07CNFFJ9J&location=2371)) --- **Tags** -- [[quotes]], [[valuations]], [[uncertainty-avoidance]], [[value-investing]], [[the-map-is-not-the-territory]] **Source** -- [[202506221723 - LN - Modern Value Investing]]