> It really isn’t, and the math is quite literally comparable to calculating the coupon of a bond. There is no math that claims the price of a stock should be

> It really isn’t, and the math is quite literally comparable to calculating the coupon of a bond. There is no math that claims the price of a stock should be some form of discounted future cashflows since at least the 90s. Since then, all models have been multifactor ones, with fundamentals (quality, value) being only one fragment of the market, sector and country residualized stock returns. What `epups` is explaining to you is the basis of behavioral economics, which is the de facto current leading theory since its foundations were Nobel prized 20 years ago...