Cramer in 2000, days before the collapse:



"throw out all of the matrices and formulas that existed before the Web....they can't make money for you anymore, and that is all that matters. If we use any of what Graham and Dodd teach us, we wouldn't have a dime under management.”

This is similar to "cryptonetwork valuation thinking



Null hypothesis should be that the status quo is unchanged: assets are worth discounted future cash flows



Errors with tech valuation weren't because of a lack of tools but bc of errors predicting cash flow and new biz models

The tacit assumption is that crypto has created an entirely new paradigm -- for both asset valuation and fundraising



But my base case assumption is that other than which ONE ASSET wins as the primary money, the only way others can accrue value will be through cash flow