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It’s been said that beer distributorships are experiencing a value bubble. Well, I heartily disagree. I disagree not because I think there are no significant downside price risks, or because I subscribe to the belief that value bubbles don’t really exist (some economists argue historical price collapses are better explained by supply/price imbalances versus mass manias). I disagree because I think the term “value bubble” is an atrocious misnomer. Continue reading The Bubble Misnomer The Valuation Tales portion of DMGF’s newsletter contains content licensed from Business Valuation Resources (BVR). Each quarter BVR sends DMG Financial (DMGF) a broad selection of valuation-related excerpts. We wade through them all to provide the best, most relevant excerpts about the many issues our clients face today. Also included is a discussion of why DMG Financial selected the particular excerpts. It is important to remember, however, that court proceedings discussed in the newsletter can turn on individual facts and circumstances—which might or might not be conveyed in the condensed excerpts. DMGF’s Valuation Tales Selections for Second Quarter, 2011:Daubert and the Lost Profits Expert: Recent Cases was selected because studies show Daubert challenges are on the rise. Dear little Daubert isn’t a newborn ruling anymore. Daubert has reached the age of majority and the Daubert challenge has started to develop a healthy set of precedents. Yet, as the three cases included in this excerpt show, it still is not abundantly clear what sort of facts result in expert testimony being precluded. Continue reading Valuation Tales: 2011 – Q2 When the year began the U.S. economy was struggling out of the “worst recession since the Great Depression”. The pace of economic growth was considered insufficient to provide a “substantial downward push to the unemployment rate.” Unfortunately for the beer industry, the strong consensus is and for years now has been that unemployment will persist at elevated levels for years to come. Much of Q2’s economic data reinforced this rather unpleasant economic prognosis. This had economists and small businesses revising projections to reflect disappointing news. Continue reading M4 – Malted Minds Macro Minute: 2011 – Q2 Captain Renault might pretend to be shocked to learn this coast-to-coast beer tour was conceived in a bar, but I’m not going to pretend I am—or that you should be. In our case, ’twas Belgians at The Cheeky Monk. I don’t remember who served us that night. It could have been my favorite member of the Capitol the staff, Bingley (Bingley served me my first beer at the Colfax establishment – avec fib), or it could have been Hugh Jackman; I just don’t recall. Continue reading Portland to Portland: Part 1 PWC has been studying Daubert Challenges for 11 YearsDaubert Challenges to Financial Experts “examines the challenges to provide insight into the reasons experts were challenged and excluded and to delve more analytically into the causes of exclusions based on the qualifications of the experts and the relevance and reliability of the expert testimony.” It’s good stuff Esquire McNerdly. Take a 10 Rules testTake a look at the ten rules Donald Todrin from Entrepreneur.com provides in 10 Rules for Surviving the Recession. How many are you following? How many are you not following and why? Which ones are a way of life for ABI? What’s holding them back and Why Sit on All that Cash?Those are two of the many interesting questions asked and provoked by Brian Kalish on Harvard Business Review’s The Conversation blog. See the interesting diversities noted from the AFP’s October 2010 Cost of Capital Survey. Continue reading Random Links For Financial Kinks: 2011 – Q2 |
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