I agree with you that cash benchmarking is a helpful, relatively intuitive metric. But I also think that all benchmarks in our space sometimes provide a veneer of precision, when ultimately there are a bunch of non-trivial subjective beliefs that help build out even a quantitative-looking cash benchmark. Concretely, how much do we weigh a life relative to hard cash? This is not an easy question, and I worry sometimes that cash benchmarking makes people believe it is some kind of purely objective metric.
This was a fun read, thanks for sharing!
I agree with you that cash benchmarking is a helpful, relatively intuitive metric. But I also think that all benchmarks in our space sometimes provide a veneer of precision, when ultimately there are a bunch of non-trivial subjective beliefs that help build out even a quantitative-looking cash benchmark. Concretely, how much do we weigh a life relative to hard cash? This is not an easy question, and I worry sometimes that cash benchmarking makes people believe it is some kind of purely objective metric.