The author has received two private reviews about his perspective on the FMVS (see my working paper titled "The Fair Market Value Standard Precludes Valuation Adjustments for Non- Systematic Risk") from experts in the business valuation field: Prefaced by the statement that     “Because your article is challenging to conventional appraisal wisdom, I submitted it for         anonymous review by two of our most distinguished editorial board members. Both of      these editors are highly educated and capable of understanding the sophisticated concepts      in your article. Unfortunately, they recommended that we not publish your paper for the      reasons cited in their reviews attached” (9/14/2011), I received the following reviews: Review 1, Review 2. Please note that the reviewers here appear to fail to acknowledge the difference between the actual market for closely-held company interests and the Hypothetical Market for closely-held company interests.  This, unfortunately, appears to be a common theme among business appraisers.