3000 B.C.

In Sumer, Mesopotamia, task specialization and its variety of marketplace goods and services begins to replace nomadic hunting and gathering;  early communities explore new ways to apply the economic concept of bartering (definition: bartering is an exchange-ratio economic transfer based on goods received for goods relinquished)

1000 B.C.

1500 A.D.

Financial Statements are prepared using annual periods for the first time; previously, only time periods encompassing an entire investment endeavor was used.  The pay-back valuation method begins using Financial Statements to value investments.

1930 A.D.

Generally Accepted Accounting Principles (GAAP) and their attested financial statements start to coalesce as a response to the stock market crash.

1960 A.D.

Harold Bierman and Seymour Smidt publish “The Capital Budgeting Decision”.  Their book opens the door for IRR and NPV’s discounted-cash-flow technique to become a mainstream alternative to the pay-back method’s long-dominant exchange-ratio evaluation technique.

1980 A.D.

Academia and corporate organizations widely prefer IRR and NPV's discounted-cash-flow technique over the pay-back method's exchange-ratio technique;  leveraged corporate buy-outs introduce higher debt levels into investment opportunities;  electronic spreadsheets become available.

2000 A.D.

The dot.com era ushers in acceptance of deferred profit investment opportunities;  personal computer clock speeds exceed 1GHz – a two hundred-fold increase since the personal computer’s introduction.

1980 A.D.
to 2020 A.D.

Growing unease with IRR and NPV’s ability to evaluate higher leveraged and deferred profit investments leads to a re-emergence of the 500-year-old pay-back method.  Re-branded as EBITDA asset valuation, the macroeconomic EBITDA pay-back method is aided by GAAP attested financial statements.  Forty years after the introduction of electronic spreadsheets, former manual IRR, NPV, and pay-back techniques and their variants remain as dominant investment evaluation methods;  IPO investment attractiveness begins to wane.

2022 A.D.

Full Picture Investment (FPI) asset valuations are introduced;  FPI combines a multiple-period time-value EBITDA with unified IRR and NPV, the hybrid combination is made possible by better utilizing electronic spreadsheet capabilities;  for the first time, compelling affirmation of investment valuations occur as the return calculated from the investment’s prospective financial statements now matches the investment’s return;  FPI’s never before affirming financial statements, exhibiting their investment's return, set a new standard of excellence and invoke unprecedented validation and credibility in investment opportunities through advanced valuation outcomes.