Towards a different notation of levels of value
“We all See Further by Standing on the Shoulders of Giants”
We are all familiar with the traditional levels of value table which we imbibed when undertaking our basic training. With some modest variations, here it is:
The first concern I have with this structure is that it has at its core the concept of the control premium. Previously we all considered that the pricing of shares in the public markets reflected minority marketable value; that is still true in a literal sense. However the implication that there is a premium for control which sits above the marketable minority value is not sustainable.
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