Security Analysis and Business Valuation on Wall Street,: A ... - lib

382 IN CONCLUSIONthis morass of conflicting forces is a series of time-tested techniques that instill afundamental order to the pricing process. Notwithst<strong>and</strong>ing the wide acceptance ofcurrent approaches, the key elements comprising a specific corporate appraisal aresubject to frequent change; <strong>and</strong> financial projections, which play an important role invaluation, are inherently uncertain. This dynamic environment—along with the bigmoney involved—contributes to making security analysis an interesting <strong>and</strong> vibrantoccupation.