WHY THIS AFFECTS VALUE
What erosion costs against the four pricing factors
Loss does not disqualify a firm, but it does move the number, and it moves it in one direction.
Continuity falls
Gaps make it harder to follow a judgement through to its outcome, which is one of the four factors weighed.
Tenure effectively shortens
A thirty-year firm whose first fifteen years are gone prices closer to a fifteen-year firm.
Outcome coverage thins
Losing the early material often means losing the decisions whose results are now known.
Reasoning density holds
The good news. What survives is as rich as it ever was, which is why partial records still transact.