take a haircut
 v. phr.— «To account for the fact that the shares cannot be sold, FBR uses an accounting technique known as a “liquidity discount,” or, in the jargon of Wall Street, “taking a haircut.” Back to your house, the one with the value that increased to $300,000 from $200,000. If you decide to take out a home equity loan to pay your child’s college tuition, most lenders won’t let you borrow the full $100,000 increase in value. They’ll lend you only 80 percent of the value, which means taking a haircut of 20 percent.» —“Evaluating FBR’s Earnings: ‘Haircut’ or a Close Shave?” by Jerry Knight Washington Post Nov. 20, 2000. (source: Double-Tongued Dictionary)

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