Zabrowski emphasizes the importance of evaluating markets one business at a time, likening the approach to looking through a windshield rather than relying on the rearview mirror. He highlights that market valuation hinges on projecting forward future cash flows and discounting them to their present value. This forward-focused, granular analysis underscores a disciplined approach to understanding markets by meticulously assessing individual businesses.
**Be sure to first consult with a qualified financial advisor and/or tax professional before implementing any strategy discussed herein.