9.8 a. What does it mean when a companys free cash flow is negative in one or more years?

b. Do negative values of free cash flow in any way alter or invalidate the notion that a companys fair market value equals the present value of its free cash flows discounted at the companys weighted-average cost of capital?

c. Suppose a companys free cash flows were expected to be negative in all future periods. Can you conceive of any reasons for buying the companys stock?