Up until 1982, when the Texas oil depression occurred, I was fat, dumb, and happy with the belief that the valuation of my business and personal assets were worth what normally would be accepted as a good appraised value. Then, when the dark cloud of the "Texas oil depression" hit in 1982, I suddenly learned a lesson about RAV. I now think that a whole lot more people are "fixin" to learn the painful formula too.
This formula is not taught in any University or College. It is only taught at "the school of hard knocks." Once learned, the lesson will never be forgotten. (Compare it to sticking your finger in the fire.) It has guided every financial decision and evaluation that I have made since 1982.
I feel that in the short future, a whole lot of people will learn the formula when they try to liquidate assets at the value they think they are worth when actually, the buyer will set the value by actually purchasing it at "fire sale" prices.
Bump. Good analysis.