How to Actually Value Bitcoin (When Everyone Else Is Guessing)
I spent 35 years valuing stocks with fundamentals. No cash flow, no dividends, no CEO—Bitcoin breaks all the rules. So I did the homework anyway. Part 1 of 4.
VERIZON (VZ): Junior telecom debt with a utility ceiling
The problem isn’t whether Verizon stabilizes — it’s what you’re left owning if it does.
Home Depot (HD): The Housing Cycle Play Everyone Owns But Nobody’s Timing Right
Great business, fair price, terrible entry.
Intel (INTC): The Turnaround That’s Been “Turning Around” for Five Years
The $100B foundry bet Wall Street is already calling a success.
Uber (UBER): Cash Machine With a Labor-Law Landmine
The FCF is real. The risk is too.
Adobe (ADBE): AI Booster With Saturation Drag
The creative moat holds. But growth’s grinding slower.
Apple (AAPL): Fortress on Fumes
$100B in free cash flow. 8% growth. 36× earnings. The math doesn't math.
CAT's Trading Like It's Nvidia. It's Not. Here's the Math.
At $520, you're not buying strength — you're buying hope.
AbbVie: Boring Business, Beautiful Cash Flow
AbbVie survived the Humira patent cliff everyone feared. Now at single-digit P/E with $22B in free cash flow and a 3% yield, you're paying for pharma discipline while others chase biotech moonshots. Sometimes boring wins.
Chevron: Built for Cash, Not Clicks
Chevron survived the Hess deal distraction. Now at $153 with 80% upstream margins and FCF covering dividends 1.7x, you're paying for discipline at 16.5× earnings. Guyana's $35 breakevens change everything. Target: $170 by 2027.
