I think we’re using margins differently. Yes, you shouldn’t expect situations with x>1 to be durable, but you should expect x>1 before every charitable donation that you make. Otherwise you wouldn’t make the donation! And so x=1 is the ‘money in the bank’ valuation, instead of the upper bound.
I think we’re using margins differently. Yes, you shouldn’t expect situations with x>1 to be durable, but you should expect x>1 before every charitable donation that you make. Otherwise you wouldn’t make the donation! And so x=1 is the ‘money in the bank’ valuation, instead of the upper bound.