This is a short introduction to the valuation class that I teach at Stern and it lays out the five themes that run through the class. First, valuation is not a science (with precision as an end game) or an art form (where you can do whatever you want). It is a craft. Second, valuation is universal and its principles cover all types of businesses, public or private, small or large and across the life cycle (from start up to decline). Third, the value of an asset is driven by different forces and can yield a different number than the pricing of that same asset. Fourth, valuations don't come from spreadsheets, but represent a marriage of stories and numbers; one without the other can lead you astray. Finally, valuation is pragmatic and requires action; if you are unwilling to act on your valuations, why bother? The class is scheduled to start on February 1, 2021 and end on May 10, 2021. (Sorry if I said 2020 in the video, but 2020 is proving really hard to let go).

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