The math hasn't changed - the competition has. All the insanely obvious stuff is gone. You need real insight now.
I didn't make a point about IPOs. I made a point about companies where real insight was required, both to see good investments and not make bad ones. Simple rules like "IPOs are bad", "dont pay x times earnings" etc, they haven't worked in years.
Same literature, different assumptions on how easy it is to predict cashflows or how to even go about it. A DCF is after all, discounting future cashflows.
If it's all as simple as you say - really - just go start a hedge fund. You can start an LLC in a day, throw some money into a brokerage account and be up and running. There are still plenty of LPs who will invest in a simple long only fund, even with vol, as long as the performance is good.
I didn't make a point about IPOs. I made a point about companies where real insight was required, both to see good investments and not make bad ones. Simple rules like "IPOs are bad", "dont pay x times earnings" etc, they haven't worked in years.