Arctelic app for iPhone and iPad

To flesh out this principle, we answer only three questions. How certain are we that there are indeed birds in the bush? When will they emerge and how many will there be? What is the risk-free interest rate?

There are many times when the most brilliant of investors can’t muster a conviction about the birds to emerge, not even when a very broad range of estimates is employed. This kind of uncertainty frequently occurs when new businesses and rapidly changing industries are under examination. In cases of this sort, any capital commitment must be labeled speculative.