Brad,

I know what is DCF. Anyone who has ever studied finance knows it. No need to patronize anyone.

What some of us don't know is that DCF is a "cause of" short term thinking. You can't project cash flows deep in the future and those in the distant future are reduced to nothing due to discounting over the long term. And short-termism is a major, but not the only, part of the problem.

You should have paid more attention to Sharon when she pointed to negative externalities. It is rather naive to assume way externalities. Is it a coincidence that management of large companies polluting planet earth and denying climate change are firmly in the "SH wealth max" camp?