Over the past four years, we've experienced exceptional ballooning of company valuations, as well as cheap money and gigantic, unjustifiable acquisitions that simply perpetuate higher valuations.
Rather, you'll find reasoned investments being made in exceptional companies at unexceptional valuations.
Compared with Morgan Stanley, Bank of America, Citigroup and others, Goldman's valuation is still exceptional.
** One-off exceptional items relating to the valuation of Ascential plc (formerly Top Right Group) and restructuring costs.
While exceptional growth and a reasonable valuation are what make Apple appealing, the Microsoft story is one of consistency and excellent value.
While we fully expect sophisticated investors to complete thorough due diligence, enthusiasm for exceptional upside is clearly driving valuations higher in some instances.
But this exceptional recession cries out for making exceptions to the usual valuation metrics, Cheigh says.
On this basis, revenue, while a critical component of a company's valuation, would seem to not correlate cleanly with the exceptional performance of Apple and Google recently.
It's not just a unicorn – a company that has achieved a $1bn valuation – it's a "decacorn", a company in the truly exceptional $10bn league.
The Team Parker take is that Accel Partners resented him because he forced the VC to invest in Facebook at a then high $100 million valuation (Accel has since invested in Spotify, and its star Jim Breyer now tells me Parker has "exceptional insight").
