The continuing search for a procedure which will help analysts to identify companies that are likely to go bankrupt is understandable. After all, no investor or creditor can afford to have inferior information to the market. On the other hand, it seems highly probable that any new method of trying to forecast future outcomes will have little incremental predictive power - and to the extent that it has, it will soon be applied or mimicked by analysts so that its ability to forecast future outcomes will disappear.