From the Editor

Abstract

I hope this issue finds you and your families all safe and well. As I write this, I am sitting at my desk looking at snow falling peacefully in my yard on top of several feet of snow from prior storms. I read that over 70 percent of the U.S. is covered in snow, so I know that I am not alone. The snow is so beautiful in December, but by February and March I am tired of shoveling and would very much like it all to go away. Fortunately, I have heat and light and a new issue of Business Valuation Review to read.Many thanks to the authors of the articles in this issue. Bradford Cornell and Richard Gerger explore the practicality of terminating terminal values. While I do not think that many of the courts where I practice are going to stray far from single-period capitalizations, their insights provide much food for thought given the amount of data available today. Roger Grabowski delves into the components of the growth in earnings and cash flows in discounted cash flow calculations while Gil Matthews provides an outstanding update on Delaware Case Law. I have also included an interview of Jay Fishman on his Lifetime Achievement Award and a lifetime of business valuation. Please join me in congratulating Jay on his award and thanking him for his contributions to the profession.I would once again like to invite all you authors and would be authors to consider submitting something to the Business Valuation Review. Most valuation engagement have a nuance, either in the valuation approaches and methods, the standards of value or the practice area that causes us to reflect on the way the valuation is done. Whether you are considering terminating the terminal value or something else new and interesting, we as a community are interested in any new thoughts that can contribute to the body of knowledge. The Business Valuation Review also provides a forum for discussion, albeit at a somewhat slower rate than Reddit. This reminds me of a quote from J.R.R. Tolkien's The Two Towers, “… we never say anything unless it is worth taking a long time to say.” The articles in this journal are thorough and well vetted, but this does not mean that they are the end all of any topic. Feel free to send me a letter if you have a comment on an article, whether it is for or against the subject matter, so that we can continue the slow but thoughtful conversation.Please enjoy this issue and while you are reflecting please consider contributing something to Business Valuation Review as well as the profession.Stay warm,Kyle Garcia