The Golden Rule of Valuation “Commit the following definition to memory: The value of an asset is the sum of the cash flows it creates on behalf of its owners over its economic life.” – The Framework Investing, p. 77 See also: Owners’ Cash Profits (OCP) Net Expansionary Cash Flow (ECF) Free Cash Flow to Owners (FCFO) Framework Investing Blog – The Signal Introduction to The Framework Investing (2014, McGraw-Hill)