The Grand Illusion!

A song by the super-group Styx in the 70's lives on in spirit in the valuation world today, both in the market approach and the income approach. During my abbreviated "concert" tour this year in Phoenix (September), Las Vegas (November) and New Orleans (December) I'll be rolling out the shortcomings of market data and the industry risk premium in healthcare.

In another historical crossover between Rock and Valuation, November 2007 is "10 Years After" the Balanced Budget Act of 1997 - and there is clearly no "goin' home." 2007 is also the 10 year anniversary of my 1997 national tour of 24 cities (with Atlanta counted twice). Flying was a lot more fun in those days, and USAir even held the final flite to Boston out of Pittsburgh for me one night at close to 10 PM as I arrived 45 minutes late from Nashville. Yet again, today there would be no "goin' home." I'd be lucky to get a cot on the terminal floor...