Good Point! I think DCF model is more appropriate here. But USD5m is abit hardBased on my model, if one super high flyer reaches Tier One I-Bank VP in 5 years and subsequetly get promoted to Director in another 5 years and retires in the next 10 years, given a long-term discount rate of 4%, his NPV today is still less than USD4m. Moral of the Story: Have to generate positive cashflow from investing activities to make up the inadequate cashflow generated from "operations". Haha.