Epstein Secrets

33% -43% 1992-93 443 49 45% e l 1994-95 318 45 43% 41% 1995-97 732 84 43% 41% 1997-00 1,847 266 so% 52% All Transactions 4,088 Willimommilk 46% _Au 47% Valuation Advisors Studyt6 Brian Pearson of Valuation Advisors conducted pre-IPO studies in 1999, 2000, and 2001. These studies inclu

ilber, "Discounts on Restricted Stock: The Impact of Illiquidity on Stock Prices," Financial Analysts Journal, July-August 1991, pp. 60-64. 24 From Robert P. Oliver and Roy H. Meyers, "Discounts Seen in Private Placements of Restricted Stock: The Management Planning, Inc., Long-Term Study 098o-1996r (Chapter 5)

33% -43% 1992-93 443 49 45% e l 1994-95 318 45 43% 41% 1995-97 732 84 43% 41% 1997-00 1,847 266 so% 52% All Transactions 4,088 Willimommilk 46% _Au 47% Valuation Advisors Studyt6 Brian Pearson of Valuation Advisors conducted pre-IPO studies in 1999, 2000, and 2001. These studies inclu

ilber, "Discounts on Restricted Stock: The Impact of Illiquidity on Stock Prices," Financial Analysts Journal, July-August 1991, pp. 60-64. 24 From Robert P. Oliver and Roy H. Meyers, "Discounts Seen in Private Placements of Restricted Stock: The Management Planning, Inc., Long-Term Study 098o-1996r (Chapter 5)

33% -43% 1992-93 443 49 45% e l 1994-95 318 45 43% 41% 1995-97 732 84 43% 41% 1997-00 1,847 266 so% 52% All Transactions 4,088 Willimommilk 46% _Au 47% Valuation Advisors Studyt6 Brian Pearson of Valuation Advisors conducted pre-IPO studies in 1999, 2000, and 2001. These studies inclu

ilber, "Discounts on Restricted Stock: The Impact of Illiquidity on Stock Prices," Financial Analysts Journal, July-August 1991, pp. 60-64. 24 From Robert P. Oliver and Roy H. Meyers, "Discounts Seen in Private Placements of Restricted Stock: The Management Planning, Inc., Long-Term Study 098o-1996r (Chapter 5)