Lesson 1 / 6 · 8 min · take your time
Last is a meeting, value is a guess
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Last is a meeting, value is a guess
is the number two people already agreed on. Value is a guess about what a slice of the business is worth to a careful owner who can wait. Those two numbers are allowed to disagree for years. The does not owe you a reunion.
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Apple
Teaching path · 90 days · already over
Sep 15, 2026 · last $220.52
is the number two people already agreed on. Value is a guess about what a slice of the business is worth to a careful owner who can wait. Those two numbers are allowed to disagree for years. The does not owe you a reunion.
If is $200, that is not “the company is $200.” That is the last . Market value — last times the share count — is a teaching size for the whole equity, not a cash pile sitting in a vault, and not a promise a buyer of the whole firm would pay.
People say “the market is efficient” as if that settled the argument. Sometimes is a tight crowd around a fair guess. Sometimes last is a mood. You cannot tell from the chart which day you are in. You can only decide how much of your paper you are willing to on your own guess.
This classroom will not compute a target price. Target prices are marketing. We will teach you the shortcuts desks actually use, and the ways those shortcuts lie.
See it on the board: Apple
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