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Ok, so what is 'embedded value'? We actuaries
would call it a 'discounted cashflow technique'. Another way to look at
it is as 'present value of future shareholder margins'. There are people
around who would tell you that it's just a fancy way of pulling a fast
one, counting money you haven't got, to try to make it appear that you're
better off and hence more successful than you really are. But they're wrong.
And I'll tell you why.
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