thesemodels.Thereistheobviousdangerthatsomeofthese
valuationswillappearto behopelesslywrongin hindsight,
butthiscostiswellworththebenefits.Third,inkeepingwith
my belief that valuation models are universal and not
market-specific,illustrationsfrommarketsoutsidetheUnited
Statesareinterspersedthroughthebook.Finally,Ihavetried
tomakethebookasmodularaspossible,enablingareaderto
pick and choose sections of the book to read, without a
significant loss of continuity.
Aswath Damodaran
New York, New York
June 2006
1 But thenagain,as Keyneswould havesaid,“In thelong
term, we are all dead.”