Public audience signals set the starting point.
A newsletter with a smaller list and stronger active readership can be worth more than a large list that subscribers ignore.
The current public-data estimate uses publication signals it can verify, such as a visible subscriber total and posting cadence. It does not read private open rate, click rate, churn, sponsor invoices, or owner dashboards.
Public estimates stay conservative when private dashboard proof, paid-tier revenue, or sponsor invoices are missing.
The memo explains the range after the deterministic inputs are scored. It should not invent revenue or confidence.
