Two salespeople of analytical systems are making a presentation to you about the merits of their respective systems. One salesperson states that in valuing bonds the system first constructs the-oretical spot rates and then discounts cash flows using these rates. The other salesperson interjects that his firm takes a different approach. Rather than using spot rates, forward rates are used to value the cash flows; he believes this is a better approach to valuing bonds compared to using spot rates. How would you respond to the second salesperson's comment about his firm's approach?