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0 Rating Agencies Are Dead: Long Live The Rating Agencies.

The Market Oracle to Gold Prices — Tags:  

Once upon a time rating agencies were independent research companies advising end-buyers and traders on the fundamental value of securities. They sold opinions of value, i.e. they did valuations – they gave an opinion on how likely it was that projected cash flows would materialise in the future; and once you got a fix on that, working out present value is just arithmetic.

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