Also means
to undervalue
Usage Note
Menospreciar combines menos (less) and preciar (to value) — it means to hold in low esteem or to dismiss contemptuously. It is stronger than subestimar (to underestimate) and implies active disrespect. The noun is menosprecio (contempt, disdain), which is also common in formal and literary contexts.
Examples
"No debes menospreciar el esfuerzo ajeno."
Natural Translation
You should not look down on others' effort.

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