Three years ago, on December 15, 2019, I began a journey and did not know where it would lead. I began walking daily at the rate of at least five miles per day. December 14, 2022, marks the end of three years. December 15, 2022, will be the three-year anniversary. Over this period of time, walking has progressed from something I wanted to do to something that I just do.
This is the fourth and likely last in a series of posts on Friedman v. Beway, and a couple of other cases on statutory fair value in New York. In this post, we examine the concluded marketability discounts in 32 New York fair value cases since about 1985. When we look at the numbers, New York courts appear to be trending to conclusions of marketability discounts at or near 0%. There are, however, a small number of exceptions to this conclusion which we discuss in the post.
In the final post in this series, we examine the actual marketability discounts concluded in statutory fair value matters since about 1985. The analysis will differentiate between appellate-level and trial court cases that stand and were not appealed. The results will likely be surprising for those interested in statutory fair value in New York.
After walking nearly every day for 900 days, it is time to share a thought or two about the journey. Neither rain, nor snow, nor sleet, nor hail shall keep me from my walking goals. Paraphrasing the Post Office motto. Take a look and see. I share a few thoughts about a walking program for you, as well.
After a break of more than two months, I’m back to ChrisMercer.net. This blog and its predecessors has been the beginning point of exposure for most of my thinking for many years. With this post, we turn to a new primary topic of focus — appraisal review. As you will see, there is a great deal more to the concept of appraisal review than a few methods or techniques to be employed. I’m looking forward to the coming exploration of appraisal review.
From December 15, 2019 until now, it has been just over two years. I’ve been walking with intentionality these past two years. Miles, 4,552. Steps, 9.6 million. Health, as far as I know, is better. Attitude, much better. This post recaps the experience of the last two years and offers a few thoughts that I hope you find either interesting, helpful or both.
The thought came to my mind on my walk this morning. It was undoubtedly prompted by meetings over the years with younger analysts who, because they wanted to find “perfect” answers to valuation problems, were (temporarily) unable to find any answer at all.
Excellence is attainable for many, if not most, at least in some areas of life. Perfection is unattainable. The pursuit of excellence is the roadway to success. The pursuit of perfection is a downward slide to failure.
Business valuation is all about expectations for the future. However, those expectations, as reflected in forecasts prepared for business appraisals, must be realistic. This short post mentions the hockey-stick projections often seen in business appraisals and ask for realistic projections, whether they be explicit forecasts of future years’ performance, or implied forecasts in single-period income capitalization methods.