Based on the limited information in the interview, it would seem that there is little regard for forward looking data. I think this model would have very limited applications. I don't doubt that the model is done very well, but without an emphasis on forward looking data, I think you could be missing the valuation boat!! Their website claims, "...FEV is the most accurate model." I never realized a contest took place and they won? What other models competed and who were the judges? I guess all of us ABVs and ASAs are now out of business without this model? I am wary of a valuation model that uses a black box approach. If they are correct, they should be able to use this data on public companies and become billionaires in a relatively short period of time by investing off their own research? Am I missing something here?