Preface
The Dark Side of Valuation, Second Edition
The first edition of this book is showing its age and origins. The idea for the first edition of The Dark Side of Valuation was born at the end of 1999, toward the end of the dot-com boom. It was triggered by two phenomena:
The seeming inability of traditional valuation models to explain stratospheric stock prices for technology (especially new technology) companies
The willingness of analysts to abandon traditional valuation metrics and go over to the “dark side” of valuation, where prices were justified using a mix of new metrics and storytelling
The publication of the first edition coincided with the bursting of that bubble.
As markets have evolved and changed, the focus has shifted. The bubble ...
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