Chapter Four
The Expected Future Free Cash Flows
In Chapter 1, we argued that value creation from the customer's, that is, humanity's, point of view, is based on happiness, and that business inevitably was created as the means of delivering that happiness, in the form of products and services. We added that if value equals happiness for customers, then for the businesses that supply the happiness, the equation must be somewhat more complicated, since they must also stay afloat while furnishing us with the things that improve our lives.
To achieve their mission, businesses need to do two things: sell their products and services at prices consumers are willing to pay, and earn enough return on their capital investments to continue undertaking ...
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