All this talk about multiples reminds me of my last job, in which I was routinely part of a small team that would interface with investment bankers a good bit. Since I was alfalfa as fuk, my CFO tolerated some of my eccentricities, and one of them was whenever a pitch book got to the word "multiple", I would get up, politely excuse myself, and leave.
Nothing perpetuated the recession more than using this fucking bigger fool theory to put a value on something. I don't want to know what the rest of the herd if paying for some dogshit asset. I want to know what it's worth. Even more, what it's worth to me. I find there's no good substitute for valuing assets the old fashioned way. Trust me.