Palantir (PLTR 0.46%) has been one of the best-performing stocks of the AI investing era. If you had the foresight to invest $10,000 in Palantir at the start of 2023 and hold on, your stake would now be worth more than $200,000. However, Palantir’s stock has shown a lot of weakness lately and is down more than 30% from the all-time high it set in October.

The question many investors are wondering is whether this is a short-term correction or a more profound shift. As a long-term investor, I don’t really care what a stock’s price will do in one year; I’m looking for multiyear returns. So if I’m considering buying a stock now, I’m projecting what I expect its 2030 price to be, then calculating whether the implied level of annualized…