In this issue, you will find Professor John Paglia’s “Appraiser versus Real World Debates,” where he presents updated information for the cost of capital analyses for private companies. Also related to the cost of capital are two more articles. One is Jaime Dalmeida’s article “Why Salvador Dali Would Not Have Made a Good Appraiser: BV and Real Estate Discount Rates.” This article on real estate discount rates and rates of return in business valuation is an excellent review. In the other article, Dr. Malcom McLelland’s article takes a closer look at the implied private company pricing line, a subject of much discussion in some quarters.