Reminder: You aren't a private equity buyer who earns a fee + carry and must invest your fund or give LPs back their cash. A PE buyer can use a multiple(s) to "price" acquisitions on a relative basis. You by contrast should the "value" the business so you have a margin of safety.
Reminder: You are unlikely to be someone who "selects a portfolio of securities – mostly stocks – that are fundamentally overvalued no matter what markets do with clients who are primarily institutions who use you as a hedge to their core equity portfolio." https://www.google.com/amp/s/25iq.com/2016/01/09/a-dozen-things-ive-learned-about-investing-from-jim-chanos/amp/ …
I gave a talk once at a business school in connection with the BRK annual meeting. I was on after Aswath Damodaran, who gave a lively and valuable talk on the difference between pricing and valuation. "The value of assets may be very different than price." http://mmd.cfainstitute.org/pdf/2014/10491_Damodaran.pdf …
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