错误4:可以让我请的会计师或者律师做估值
Myth 4: We can have our accountant or lawyer do a valuation.
投资者与会计师们则认为所有估值都是主观的，他们怀疑管理者的动机，认为市价是最不坏的选择。
Investors and accountants, however, think all valuations are subjective, doubt managers' motives and judge that market prices are the least-bad option.
一个很有说服力的例子是，在楼市泡沫最盛、住房建筑股的估值达到疯狂水平的时候，多数建筑行业分析师都是看涨。
A case in point: At the peak of the housing bubble, when home-building stocks were at crazy valuations, most construction industry analysts were bullish.
华尔街的分析师们在对新闻集团这样的大公司进行估值时，常采用分类加总估值法(sum - of - the - partsvaluation)。
Wall Street analysts like to do something called a sum-of-the-parts valuation when it comes to big conglomerates like News Corp.
野村证券(Nomura)银行业分析师罗伯特•劳(RobertLaw)表示：“西方市场正普遍经历它们20年来最糟糕的前景，这一点也体现在估值中。”
“Western markets generally are experiencing their worst prospects for 20 years, and that's in the valuations,” Robert Law, banks analyst at Nomura, said.
分析师和银行业者估值与此接近，金融时报今天（6月7日）早上说，交意会按计划实行，不过筹到的钱要比预期的少。
Analysts and bankers close to the deal, the Financial Times reports this morning, June7, say that the deal will go on schedule but for less money than anticipated.
但是，另一位金融分析师认为，根据Kayak在国际市场上的增长潜力，这个估值是可信的。
But, another financial analyst argued that the valuation has credibility based on Kayak's international growth potential.
“新兴市场资产的估值还没有便宜到投资者可以无视(08年)那场危机的地步，”汇丰(HSBC)策略师帕布罗·哥德伯格在最近发布的一份报告中表示。
"Valuations of emerging markets assets are not cheap enough to suggest that investors should look through the crisis," HSBC strategist Pablo Goldberg writes in a recent report.
IBM的报价已经对Sun估值过高了，几位分析师也对据说IBM正在讨论的将近100%的溢价感到大惑不解。
The IBM offer is flattering to Sun, and several analysts were scratching their heads over the initial premium of nearly 100% IBM was said to have been discussing.
争夺亚洲房地产的竞争极其激烈，推动了估值的快速上升。这引发一些分析师们发出警告，称印度等国即将发生价格回落。
Competition for real estate assets in Asia is extreme and has pushed up valuations, leading some analysts to warn of imminent price corrections in countries such as India.
可是会计师却还是不能确定该如何对这两个证券估值，这实在让他们头痛不已。
But accountants are still unsure how to put a value on the instruments that got them into trouble.
但在之后数周内，美国国际集团及普华永道(PwC)的审计师开始怀疑这家保险商为担保债务凭证估值的方法，这些方法继而决定美国国际集团提供的信用保护的价值。
But in the following weeks AIG and its auditors at PwC began to have doubts about the way the insurer was valuing CDOs, which in turn determined the value of the credit protection AIG had provided.
但在之后数周内，美国国际集团及普华永道(PwC)的审计师开始怀疑这家保险商为担保债务凭证估值的方法，这些方法继而决定美国国际集团提供的信用保护的价值。
But in the following weeks AIG and its auditors at PwC began to have doubts about the way the insurer was valuing CDOs, which in turn determined the value of the credit protection AIG had provided.
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