The Difference Between Value and Pricing

Oswald: 95% of what passes for valuation out there, equity research banking is really pricing. What drives pricing is what you look at, what other people are willing to pay for similar businesses. We don't have too many investors in the market; we have lots of traders. How do you make money trading? You buy at a low price, you sell at a higher price. It's a pricing game. But let's not talk about value in the context of pricing - it's a very different game. Thank you, Oswald. How about we take a quick break and we'll come back to the rest of the conversation.