Topic Test Equity - Wolff

on qns no 4. why Silver’s note is incorrect? he suggested to adjust the valuation with lack of marketability (because the company is private), but why the answer is incorrect?

It’s incorrect because if you carefully read, it is an update to a previous analysis. The firm was always private, and the discount for lack of marketability had already been applied. Therefore there is no need to apply it again.

got it thanks. so does it means DLOM only apply if we are comparing with a public company, and the purpose of our valuation is for private company?