Hi Alan, thanks for the compliments.

Purchase of marketable securities can be found in the cashflow statement under investing activities. It may company in other names such as Purchase/ Acquisition/Investments in businesses, equities, treasuries, stocks and so on. It's just accounting terminology that you have to get used to.

Yes, it is growth in perpetuity that we are assuming. It's also this concept that makes DCF overvalue so many companies too in my opinion and experience. Personally, I think we can only use DCF to approximate a company when the company fits the model. Basically, a company that has shown consistent percentage of growth for the last 10 or so years, definitely consistent earnings, hasn't fully matured, and is likely to last many more years because of some competitive advantage.

This is hard to find but not impossible. If a company doesn't fit any of that then I think DCF could be a waste of time.

Anyway, just some thoughts. Thanks