The Great Valuation Game: Creating the illusion of expertise

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The valuation profession understandably promotes the idea that a “valuation” represents an independent, objective (and presumably unbiased and reliable) estimate of the price at which a capital asset would sell for in a market transaction….

Avast! Are we not valuation analysts? No. We are valuation assumers.

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Those in the sub-discipline of the finance profession employed in estimating values of privately-held and -traded capital assets refer to themselves by a fascinating array of–sometimes dyseuphonic–titles including business appraisers, valuers, valuators, valuation advisors, valuation…