Epstein Secrets

osapvpi ritypeo macgvn /*Own Rawom..... • wa IT.aWlmall OM n wn -.won rman .....•••••• , .wrar,t •vmuen•Ftnn ....is+ 3.a. 0.S • ens um..., nu Lain, •Wra. I'Mattn.111.” imomno• fl i ”1.1”1.51,Mel 1...• I einn 0.41.• ‘iiminne 1. I5Wgnlpan wean .00 nal i'S•1 EFTA00307462 tent \W.I.. WNW

o Companies with lower price stability exhibited higher discounts. o Companies with higher earnings stability exhibited lower discounts. IS From Milton Gelman, "An Economist-Financial Analyst's Approach to Valuing Stock of a Closely Held Company," Journal of Taxation, June 1972, pp. 353-54. gcb From Rober

osapvpi ritypeo macgvn /*Own Rawom..... • wa IT.aWlmall OM n wn -.won rman .....•••••• , .wrar,t •vmuen•Ftnn ....is+ 3.a. 0.S • ens um..., nu Lain, •Wra. I'Mattn.111.” imomno• fl i ”1.1”1.51,Mel 1...• I einn 0.41.• ‘iiminne 1. I5Wgnlpan wean .00 nal i'S•1 EFTA00307361 tent \W.I.. WNW

o Companies with lower price stability exhibited higher discounts. o Companies with higher earnings stability exhibited lower discounts. IS From Milton Gelman, "An Economist-Financial Analyst's Approach to Valuing Stock of a Closely Held Company," Journal of Taxation, June 1972, pp. 353-54. gcb From Rober

osapvpi ritypeo macgvn /*Own Rawom..... • wa IT.aWlmall OM n wn -.won rman .....•••••• , .wrar,t •vmuen•Ftnn ....is+ 3.a. 0.S • ens um..., nu Lain, •Wra. I'Mattn.111.” imomno• fl i ”1.1”1.51,Mel 1...• I einn 0.41.• ‘iiminne 1. I5Wgnlpan wean .00 nal i'S•1 EFTA00307260 tent \W.I.. WNW

o Companies with lower price stability exhibited higher discounts. o Companies with higher earnings stability exhibited lower discounts. IS From Milton Gelman, "An Economist-Financial Analyst's Approach to Valuing Stock of a Closely Held Company," Journal of Taxation, June 1972, pp. 353-54. gcb From Rober