An average discount for lack of marketability is inherent to any market based valuation

Perhaps the above observation is too obvious to mention in textbooks, as many of the leading valuation texts never explicitly state this view. However, many valuation reports either rely on the market approach or give some weight to their market approach value before then applying a blanket DLOM of 10-30%. Doing so is misguided.

A case for making normalizing and control adjustments to non-controlling equity interests

I feel very strongly about this topic.