Future cash flow

The only reasonable way to value a business is discounted future cash flow. It's right in idea, but how to determine future cash flow is more about art than science. So the basis of investing is to try to get better and better sense of "future cash flow". 

段永平 said not return of stock, but return of business! 

Future cash flow, Certainty is important, not imagination. 

I should focus on thinking about future cash flow, but not news & possibility, that's the trap of hot stocks.