Ex Parte Eder - Page 17

            Appeal 2007-2745                                                                                  
            Application 09/761,671                                                                            

        1       We initially find that here, as throughout the arguments in the Brief, the                    
        2   Appellant has somewhat rhetorically attributed the teachings of Rappaport, and in                 
        3   particular certain assertions within Rappaport, to Bielinski as a device to discredit             
        4   the combination of Bielinski and Brown.  While Bielinski refers to the teachings of               
        5   Rappaport, as we noted in footnote [ 1], this does not necessarily mean that                      
        6   everything taught and asserted by Rappaport is necessarily embraced by                            
        7   Bielinski’s teachings.  In particular, Bielinski distinguishes its VBM technique                  
        8   from Rappaport’s SVA technique (FF 09).                                                           
        9       As to the merits of the Appellant’s argument, although Rappaport describes                    
       10   that three factors determine stock prices (FF 29), we find that Bielinski describes               
       11   several market value drivers and implies there are more (FF 19).  Also, we find that              
       12   Bielinski describes drivers of varying scope (FF 12), such that the broadest drivers              
       13   taught by Rappaport can be broken down into more drivers more directly linked to                  
       14   operations.                                                                                       
       15       On the other hand, the forty indicators taught by Brown that the Appellant                    
       16   contends are incompatible relate to portfolio analysis across multiple companies                  
       17   (FF 26) rather than analysis of a single company as taught by Bielinski (FF 04).  It              
       18   is hardly surprising and totally irrelevant that an application comparing multiple                
       19   companies might use more indicators than a single company.                                        
       20       The Appellant has not sustained its burden of showing the Examiner erred.                     
       21       (2) The Appellant argues that Bielinski’s teachings imply an efficient market,                
       22   which is incompatible with an inefficient market implied by Rappaport (Br. 13:Top                 
       23   ¶).                                                                                               
       24       The Appellant bases this argument again on Rappaport rather than Bielinski as                 
       25   such, pointing to Rappaport’s description of a market risk quantifier, beta (FF 28).              
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