In biology, no population grows forever. Growth is exponential at first, then slows as the organism hits the carrying capacity of its environment. The result is an S-curve.

Every business is bounded by the same constraint - the carrying capacity of its Total Addressable Market.

The Market Implied Forecast Period (MIFP) tells you how much time the market thinks a company has left on the steep part of the curve.

More in the latest Consilient Investor.