More to the point, most investment banking valuations are just guesses and understood to be as such. Estimating discount rates and growth rates in particular ar

More to the point, most investment banking valuations are just guesses and understood to be as such. Estimating discount rates and growth rates in particular are very much gut-driven and aren't expected to be precise, no matter how complex a model the analyst comes up with. There's only so much you can ask a kid 10 months out of Harvard econ to do, no matter how many pounds of cocaine and borrowed Excel sheets they have. At the more senior levels, banking is relationship based, and making partner is a function of how much business you can bring in. This means maintaining good relationships with the clients you work with and reaching out to new ones. Show me an algorithm that can send cards on kids' birthdays, drink champagne, and play golf.