July 2009
Intermediate to advanced
600 pages
19h 50m
English
book
The Dark Side of Valuation: Valuing Young, Distressed, and Complex Businesses, Second Edition
by Aswath Damodaran
Content preview from The Dark Side of Valuation: Valuing Young, Distressed, and Complex Businesses, Second Edition
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Enlightening Propositions
When confronted with uncertainty or missing information, we are tempted to adopt loosely backed rules of thumb and make inconsistent assumptions about growth, risk, and cash flows. The following sections outline a few propositions that can guide us in making better judgments and estimates, and result in better valuations.
Proposition 1: Be Steadfast on Principles, Open to New Tools, and Flexible on Estimates
A principle is a core idea, a tool is what you use to put that idea into practice, and an estimate is what emerges from that tool. There are a few basic principles in valuation that we should never compromise on, no matter what the counterarguments are. They include the following: (a) that an asset derives it value ...
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I'm always learning. So when I got on to O'Reilly, I was like a kid in a candy store. There are playlists. There are answers. There's on-demand training. It's worth its weight in gold, in terms of what it allows me to do.