An analysis of the types of uncertainties faced by resource managers is presented. Uncertainties are classified by the frequency of occurrence. Managers develop ways for dealing with frequently occurring uncertainties that do not commonly present extraordinary problems. Uncertainties that occur infrequently require an adaptive learning approach to management where we must learn about the true states of nature by careful monitoring, evaluation, and experimentation. In an undesirable situation, the ability to respond rapidly is most important. Uncertainties that occur rarely, called surprise, are very difficult to deal with. Suggested responses include holding some resources in reserve to cope with the unexpected and developing broadly based monitoring systems to detect surprises as early as possible.

1. Is there any relationship between the net income and the flow to shareholders?

2. Is it true that very few Spanish mutual funds outperform their benchmark? Isn't it

strange?

3. What is the significance and the utility of the following formula: Ke = DIV(1+g)/P + g?

4. What is the market risk premium in Spain at the present moment - the number which

I have to use in the valuations?

5. Is the difference between the market value of the shares (capitalization) and their book

value a good measure for the value creation in a company since its foundation?

6. Is it better to buy shares of a company or its assets?

7. Does the expected value of the sales and of the net income of Spanish companies have

anything to do with sustainable growth?

8. Is PER a good guide to investments?

9. Is there an optimal capital structure? What is it and how can it be calculated?

10. Does financial leverage (debt) have any impact on the Free Cash Flow, on the Cash

Flow to Shareholders, on the growth of the company and on the value of the shares?