"Intrinsic value can be defined simply: It is the discounted value of the cash that can be taken out of a business during its remaining life. The calculation of intrinsic value, though, is not so simple. As our definition suggests, intrinsic value is an estimate rather than a precise figure, and it is additionally an estimate that must be changed if interest rates move or forecasts of future cash flows are revised."

Previous Quote

For action, whatever its immediate purpose, also implies relief at doing something, anything, and the joy of exertion. This is the optimism that is inherent in, and proper and indispensable to action, for without it nothing would ever be undertaken. It in no way suppresses the critical sense or clouds the judgment. On the contrary this optimism sharpens the wits, it creates a certain perspective and, at the last moment, lets in a ray of perpendicular light which illuminates all one's previous calculations, cuts and shuffles them and deals you the card of success, the winning number.

— Blaise Cendrars