Critics of financial statement analysis argue that it is of limited value because it is based on historical amounts, which are not necessarily indicative of how well a company is likely to perform in the future. For example, ratio or trend analysis of the strong results posted by BlackBerry during their growth period would have given little indication of the trouble the company would face in 2011 and thereafter.

Required:
Do you agree with critics of financial statement analysis who claim that it is of limited value? Why or why not?