> For the complete documentation index, see [llms.txt](https://book.tradinginternship.com/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://book.tradinginternship.com/asset-classes/equities/valuation.md).

# Valuation

Valuation is intrinsically remarkably simple. The people choose to make it complex, because that is how the system makes a living: cover things up with complexity; keep people away; and give the "experts" on TV and Twitter things to talk about.