Precisely wrong

If the prospects of a technology, product or company are fully predictable, one can derive a cash flow stream (positive or negative) associated with it.  In this case, an economic value can be imputed to this cash flow. Most of corporate finance today is practiced based on this notion - i.e forecast the cash flow and impute a value by discounting it. Most do not also care about what this discount rate should be and this is another major issue.

Assuming that one can calculate an appropriate d...