What I mean is, the deeper one?s understanding of a company, the surrounding industry, and the specific circumstances, the more accurately risks can be assessed. An uninformed general market may rate a certain risk (e.g. permitting) as being high, whereas in actual fact it may be almost a formality based on deeper understanding of these factors. Interestingly it can work the other way too, where the general market may rate a certain risk as relatively low, and further research can lead you to realise that it is in fact a major risk. Rant over :)
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