How Does the Multiples Work?

We look at some businesses that i have liked in the past and stuff, but i think the multiples are tough. N they underwrite their return. They assume theyregoing to be able to sell it at a 30 p e ten years fom do maso. Tough way to make money, but often your if the surprise in terms of the business is good enough that it doesn't matter. We've talked about pico before. That's a good example. But there are others, and we can go through a few of them.