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To: chaz who wrote (21390)	3/26/2000 2:45:00 PM
From: Mike Buckley	Respond to of 54805

I'm going to pipe in about the continued discussion regarding certainty and uncertainty. If we know a lot about company A (in your example) or think we do, and we know a lot about Company B, and know we do, both futures are uncertain, but one is less so than the other, and we might feel safer in B than in A. Possibly chaz and Juliet are missing the point. If the degree of certainty varies between two companies, a different discount rate should reflect that difference. In the end, the net present value of a company's worth (or in the least a range of net present value) measures all aspects of a company's worth including the certainty and uncertainty we percieve, one individual investor at a time. --Mike Buckley