Qualitative Valuation Purpose Provides frameworks for assessing business quality, competitive positioning, and sustainability of value creation beyond what financial models capture. Covers economic moats, Porter's Five Forces, management evaluation, ESG integration, and qualitative red flags. Ensures that quantitative valuation is grounded in a realistic assessment of the business. Layer 3 — Valuation Direction both When to Use - Evaluating business quality and durability beyond the numbers - Assessing whether a company has a durable competitive advantage (moat) - Analyzing management quality…