Tag: DCF

• Three-Stage DCF: From Philosophy to Algorithm

  February 16, 2026 · 14 min read · Framework

  Most DCF models pretend the future is one straight line. The Allen Framework splits it into three stages — and turns philosophy into Python you can actually run.

• TSMC Case Study: From 10-Year Financials to Intrinsic Value Range

  February 16, 2026 · 13 min read · Case Study

  Walk through TSMC's complete valuation: 10-year financials → Owner Earnings → Reality Coefficient → Three-Stage DCF → Confidence Coefficient → IV Range of NT$4,565-5,639

• Allen Framework vs Buffett Owner Earnings: What Changed

  February 16, 2026 · 11 min read · Framework

  Warren Buffett gave us the philosophy. The Allen Framework gave us the algorithm. Here's how 40 years of evolution transformed "owner earnings" from an art into a science you can actually run.