Steinway & Sons have been making the world's finest pianos for over 160 years, and their instruments have become global icons of high culture. The company was acquired in 2013 by a notable private equity firm for $438 million, and by 2018 there was a take-over price offer on the table for $1 billion! This valuation is high especially for a manufacturer with quirks, like requiring the instruments to return to the workshop in Queens, New York to get repaired. What did Mr. Steinweg think his business was worth when he first started trading? Did he expect his company to become a symbol of excellence in craftsmanship? I definitely think so.