The "Five Stages of Grief" are the steps of the psychological process by which people deal with unfortunate circumstances. And nowadays we have seen this process, and th e psychological character of our clients, reflected during our valuation engagements. Mostly we have experienced this in impairment reviews. As Dr. Valuation, we have seen the typical process play out in various ways: Stage 1: Denial. "Just because my stock is down 82 percent, we are not impaired because I met plan." Or, "My Level 3 assets are fine because the only trades happening are not at 'real prices,' and are only distressed sales that don't apply to me."
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