Truth 1.2: The direction and magnitude of the bias in your valuation is directly proportional to who pays you and how much you are paid. The only questions are how much and in which direction. Myth 1: A valuation is an objective search for “true” value Truth 1.1: All valuations are biased. I use it not only as an opportunity to provide an overview of valuation approaches but also to link each to specific views about how markets work and what inefficiencies have to come into play for each approach to yield excess returns. This presentation, which is usually my first session, attempts to do this. It always helps to lay a philosophical foundation for what is to come.
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