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"...make sure your analysis begins and ends with the market."†
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† Howard Lewis, retired National Program Manager for the IRS's Engineering and Valuation programs, as quoted in "BV Wire", issue #72-3 of September 24, 2008
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LEAPS are the best market-based evidence because...
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- LEAPS are publicly traded - they reflect all market forces including volatility.
- LEAPS are valuation date specific - i.e. you can match the LEAPS date to the valuation date of your appraisal assignment.
- LEAPS are industry specific - there are 100's of companies with LEAPS.
- LEAPS include many of the Mandelbaum factors, by definition.
- LEAPS often can be used like publicly-traded guideline companies.
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What's New?
- "On Volatility: Oh, Oh...Here We Go Again!" - see Articles.
- Coming soon: The Complete Book of LEAPS
The 2010 Study and comparisons to earlier studies. More LEAPS on ETFs. What are LEAPS? How to use LEAPS? A DLOM construct (for an excerpt, see Articles.)
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