Professor Aswath Damodaran explains that good investors of all stripes care about value, and while traditional value investors look for value in a company’s existing assets, growth investors generally look for value in a company’s expected future growth. In this presentation, Damodaran addresses the challenges and risks of valuing young growth companies, including their typically limited histories, small revenues along with big operating losses, and propensity for failure. Using discounted cash flow (DCF) analysis, he considers the case of Amazon’s stock in its earliest days, and offers guidance for estimating some of the most important inputs into the DCF model and arriving at a fair valuation.