A Favorite Famous Quote "Accounting is the language of business. To arrive at SDE, the seller's financial statements are "normalized" alternate terminology includes: "recast" or "stabilized". The typical "SDE Normalization" presents the seller's regular income statement and then shows each normalizing adjustment with an explanation to arrive at the normalized SDE.
Discretionary investment management is a form of investment management in which buy and sell decisions are made by a portfolio manager or investment counselor for the client's account. The term "discretionary" refers to the fact that investment decisions are made at the portfolio manager's discretion. This means that the client must have the utmost trust in the investment manager's capabilities.