This is the first of a pair of articles which attempt to clarify and compare the concepts and applications of the two so‐called positive or real value valuation methods. For these purposes these are the methods which use either the Equated Yield (EY) or the Inflation Risk Free Yield (IRFY) as their principal criterion rather than an all‐risks yield (ARY). This paper looks at the origins of these methods and discusses the principles on which valuation methods for investment purposes should be evaluated.
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