Yes, if people didn't think that crappy tools were OK, they would have better tools, and they'd have a better idea of what they could do. For instance, I did a lot of fixed income spreadsheets at one point. Instructive for learning how the business works, but ultimately if you stay with the spreadsheets, you are not full exploiting opportunities. If I were to come back to that I'd automate the opportunity finding as well, going back through time to validate. That's something you just can't do with an excel sheet.

Models that take up entire spreadsheets are not models. There is never enough data to validate the sheer number of degrees of freedom that such models contain. There would be things like sub-models of entire divisions of firms. Who even has data that could validate all the potential things that could happen? These spreadsheets are pure ludic fallacy; advisors pretending they know how adding or removing some employees will affect some merger.