Warning: The following pages are not for the faint of heart. Or for anyone who values stability in their investment portfolios.
For centuries, the art of valuation has been a carefully guarded secret. A delicate dance of numbers and assumptions, performed by a select few to extract wealth from the unwary.
But we're here to blow the lid off this charade. To unleash upon the world the true, unvarnished horrors of valuation.
Here's a brief history:
Valuation History
It all started with the great Valuation King, who decreed that a company's worth was equal to the sum of its parts... plus a pinch of magic dust.
Over the centuries, the prophets of valuation added their own twist: the Multiples of Doom, the Discounted Cash Flows of Despair, and the Earnings Growth Rate of Unreliability.
Today, the valuation standards are more Byzantine than ever, a labyrinthine maze of assumptions and fudges, designed to confound and mislead even the most seasoned investor.
But fear not, dear reader! For in the following subpages, we'll expose the darkest secrets of valuation, and show you how to throw curveball valuations at the unsuspecting like a pro.