Letter to the Editor: Total Beta and the No Arbitrage Rule: Some Real-World Considerations

Peter Butler, CFA, ASA, is a principal with Valtrend, LLC, located in Eagle, Idaho. He is a codeveloper of the Butler Pinkerton Calculator and the Implied Private Company Pricing Line. pete@valtrend.com

Bob Dohmeyer, ASA, is a shareholder at Dohmeyer Valuation Corp., located just outside Dallas, Texas. He is a codeveloper of the Implied Private Company Pricing Line.