Both.   That’s the answer provided by Neil Beaton, Stacy Collins (Financial Research Associates), Ron Seigneur (Seigneur Gustafson), and Dave Dufendach at the final “Hardball” session at the AICPA National BV Conference.   Dufendach and Beaton, both from Grant Thornton, also include other sources.   So, for example, if you’re doing the build-up method, these experts would develop it twice, using both inputs.   “Then you’d reconcile the two approaches, before moving on to unsystemic risk,” said Seigneur.  Harold Martin (Keiter Stephens), who moderated the session, agrees, and reported “I was on a cost of capital panel with Shannon Pratt a few weeks ago, and he’s similarly doing two calculations for both CAPM and BUM, using both sources.”