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To: Mike Buckley who wrote (48145)	10/20/2001 5:09:34 PM
From: Thomas Mercer-Hursh	Respond to of 54805

valuation that excludes thoughts about either the past or the future isn't valid valuation in my mind. No disagreement there ... enough so that I left out the category of neither past nor future from my discussion. valuation encompasses both the past and expectations about the future because the two are inextricably linked. Agreed again ... which is why I say that expectations about the future are empirically predictions so valuation inherently implies prediction.