[CrushinFelt]

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Edit: And let me make it clear that I don't ignore the market price. I have to understand why something is so cheap and why I disagree with the market, just to be sure I've allowed for all known risks. If something is just mysteriously cheap, that's a red flag that I don't understand it properly. But I don't adjust my value estimates for it.

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This is not really any different than what David is trying to say so long as you are factoring it in somewhere. Out of curiosity, what do you do when you seen a large discrepancy between your estimate and the market price? I'm sure you recheck your assumptions to make sure they still hold true. But if you don't adjust your estimates or at least dilute the amount of capital that you should optimally throw at such an opportunity, then it is likely that you are investing sub-optimally.