> For new & rapidly growing tech companies, up to 100% of value is in terminal value 10+ years out, so DCF framework collapses No, it doesn't collapse. Mr And

> For new & rapidly growing tech companies, up to 100% of value is in terminal value 10+ years out, so DCF framework collapses No, it doesn't collapse. Mr Andressen seems to be defining Discounted Cash Flow very narrowly - as the the kind of spreadsheet an MBA creates where cash flow from each year is relatively predicatable. His approach of simply making an educated guess about market size and team talent is still essentially DCF analysis.