The degree of precision in valuations is likely to vary widely across investments. The valuation of a large and mature company, with a long financial history, will usually be much more precise than the valuation of a young company, in a sector that is in turmoil. If this company happens to operate in an emerging market, with additional disagreement about the future of the market thrown into the mix, the uncertainty is magnified. We will argue that the difficulties associated with valuation can be related to where a firm is in the life cycle. Mature firms tend to be easier to value than growth firms, and young start-up companies are more difficult to value than companies with established produces and markets. The problems are not with the valuation models we use, though, but with the difficulties we run into in making estimates for the future. Many investors and analysts use the uncertainty about the future or the absence of information to justify not doing full-fledged valuations. In reality, though, the payoff to valuation is greatest in these firms. Q群：100六2六4八3新浪微博: @AZ1J个人微信号: checonomics公众微信号: checonomicsdotcom英文原文请参考 www.checonomics.com荔枝FM46060 www.lizhi.fmRSS订阅: http://www.lizhi.fm/rss/46060.xml感谢收听,期待你对本期节目的评论留言哦～