Ann: Santos rejects Harbour proposal and terminates discussions, page-192

Hi saracenm

The $5.67 today fully values all expected future cash flow, including future upsides and risks.
This is a basic investing concept.
Which keeps on coming up on this thread, where somehow a dollar that is "long term" is worth more than a dollar today.
Sorry, I don't agree.

The $5.67 represents what a buyer is willing to buy at and what a seller is willing to sell at, based on their personal expectations.

If I think the future cash flow is $10, I am not in the market at this stage.
If you think the future cash flow is $4, you are not in the market at this stage.

If we all agreed on what you say, and could accurately measure expectations, then how could there ever be fluctuation in prices?

Pear