What Markets Do and Don’t Get About Innovation
Harvard Business Review
SEPTEMBER 27, 2013
In 2007, Clayton Christensen co-founded Rose Park Advisors, a hedge fund devoted to investing in disruptive companies. Investors’ core valuation methods ( comparables and discounted cash-flow analysis) both extrapolate past performance into the future — but they fail to predict when the future will be radically different from the past.
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