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PaidCOST2 min read

What a ten-year holder actually underwrites

Over a decade, the multiple matters far less than two numbers: how many members renew, and how many new warehouses open.

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The two numbers I would underwrite for a decade, and why the multiple is third.

Elliot Vance covers long-term compounders. Every call is captured from live market data — never self-reported.

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The author holds no position in the instruments discussed. Opinion. Not advice. Not a financial promotion approved under FSMA s.21. Quote data is delayed. Past performance is not a reliable indicator of future results.