If I believed commodity prices are rising because of robust economic growth and strong global aggregate demand, I might conclude that the commodity price increases were a net positive.

FORBES: After The Gold Rush -- Commodities Prices: Why So High?

They conclude that, although house-price inflation is likely to slow, prices will not actually fall, so there is no need for consumers to retrench.

ECONOMIST: Economics focus

If we look at the recent trading in some individual stocks, we might conclude that longs are being dumped at any price.

FORBES: Why Panic Sellers Could Be Sorry

They therefore conclude that estimates of damages based on the hypothesis and on share-price movements will be overstated.

ECONOMIST: The efficient markets hypothesis can land you in jail

Third, (actually this is the second-and-a-half reason, because I am unclear about how the Spanish government will address it), the independent assessors may conclude that the banks should make greater provisions for possible losses on their loans to the Spanish government - because the price of Spanish government bonds has deteriorated since the IMF determined the haircut or discount that should apply to these bonds.

BBC: Spanish banks need more than 40bn euros