developed marketson one side and emerging Adelaide Tax Accountant markets on the other.And never the twain shall meet– pre-.So it’s a mature company, in whatI thought was a mature market.In hindsight, I was hopelessly wrong.But my point is, in valuing M, I had to make estimates.But those estimates were easy to make.Why?Because there was a lot of history I could use.I knew what their business model was.
I didn’t have to figure out what they would do in the future.So it’s a valuation that was centered.There was uncertainty, but the uncertainty was much smaller.The way to think about it– if youthink about narrative and numbers, in the case of M,the story is almost done.You’re in chapter .There’s not much room for you to change the story.You can’t go back and rewrite the story.So this is a valuation that you could do almost on autopilot.And this is the kind of company that you’retaught to value in a Valuation class in school.And I have some really bad news for you.If this is the kind of company you can value,anybody can value these companies. in fact,I’m not even sure you need a body.In fact, how many of you have an Apple device?
Or is that not allowed in Google?If you have an Apple device, go to the iTunes store and typein uValue.It’s an app that I co-developed with a friend of mine,Anand Sundaram at Dartmouth, that does valuation.So you download it.You plug-in the numbers.If your flight is minutes delayed,you have nothing to do.You’re one of those freakish peoplewho likes to work with numbers.You put in nine numbers.You value a company.You move on.And I wrote it because I wanted to disrupt this valuationbusiness.
Because so much of what you pay for in valuation isa banker feeding in numbers into something like thatand then spending days making it look like he dida lot of other stuff and then charging youmillions of dollars for somethinghe has no business charging you millions for.So if you’re valuing M or companies like that,you don’t need an appraiser.You don’t need a banker.Anybody should be able to value those companies.But let’s talk about more interesting companies.This is a valuation I did of Apple in March of .
I’ve actually valued Apple every three months forever.But since , I’ve been public about my valuations.What I mean by that