bc0e6d7f_ue_Investing__Timeless_Reading__Description
[Title] The Dark Side of Valuation [Download] Download paper (pdf)Download Amazon valuation: 1/1/99An Updated Amazon valuation: 1/1/2000 [Description] 
Valuing a firm is difficult when it has negative earnings, a limited history or few comparables. When all three of these components come together, as is the case with many young start-up firms (Did someone say internet firms?), analysts all too often either assume that they cannot be valued or that new valuation models have to be devised. In this paper, we make an argument that these firms can be valued, albeit with noise, and use Amazon.com as a case study to illustrate the principles involved.
Value Investing: Timeless Reading
Description