In their recently released Beige Book, the Board of Governors of the Federal Reserve System break down the economic performance of the nation within seven business sectors across 12 metropolitan economic districts. Prepared at the Federal Reserve Bank of San Francisco, the findings are based on all data collected on or before August 26, 2013. Business sectors covered include consumer spending & tourism, nonfinancial services, manufacturing, real estate & construction, banking & finance, agriculture & natural resources and employment, wages & prices. Participating districts include Boston, New York, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, St. Louis, Minneapolis, Kansas City, Dallas and…
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A Valuation Principal Takes Issue With Revenue Ruling 59-60: “Does Analysis of Macroeconomic Conditions Add Credibility to My Opinion of Privately Owned Company Value In My Region?” Rick Warner, ASA, AVA, Principal, Great Lakes Valuations writes that “Most of us as appraisers are familiar with Revenue Ruling 59-60 and its prescription for factors to be considered as part of the valuation of the stock of closely held companies . . . And while I agree with most of what 59-60 has to say, I do have a bone to pick . . . with at least one of the…