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> because value depends largely on potential unrealised gain in the future

Exclusively actually. Past performance is only relevant to the price as a predictor of future success.

Well, if we’re being nitpicky, balance sheet items such as a large net cash position (a derivative of past success or failure) are also relevant factors in the value of a company.

Sure, as it relates to where the price of the stock price may go in the future.

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