When describing his field, Dan provides a clear explanation: publicly traded companies have a readily available stock price to define their value, but determining the worth of a private company requires hiring an expert like him.
Dan was inspired to focus on valuation because it's one of the few finance fields where a high percentage of academic learning is directly applied in practice. He notes that this practical application of finance theory is what makes the valuation field unique.
A common misunderstanding about the valuation field is that the methodology varies greatly depending on the purpose (M&A, tax, financial reporting, etc.). Dan stresses that this is often overstated, noting that nearly every valuation performed is based on a discounted cash flow in some form or manner. The true distinction, he explains, is mastering the nuances required for credible work in each unique scenario, which is what separates the top professionals.