Holy moley, Warren!

Thank you for the extended discussion. Yes, nothing helps more than learning that approximates reality.

In answer, to your questions, yes, you understood what I meant by 'contractual' in nature. An example is bond covenants lay out exactly what is exchanged for capital by a company. With the covenant in hand a smart investor can do prospective analyses given her assumptions about future economic states, business conditions, the shape of the yield curve, and so on. If there is something contracted, then let's have some detail, and then let's let the research analysts contribute their value add to the understanding of the company's prospects.

Yours, in service,

Jason