This article examines the debate over the utility of the Securities Exchange Commission's (SEC or Commission) mandatory disclosure of management information by examining proposals to expand that system to require disclosure of management forecasts and valuation judgments. Whether the present system of mandatory disclosure, or an expanded version, is in the interest of investors turns on a series of related questions. First, does the current mandatory disclosure system create useful information, otherwise unavailable, or other benefits such as reduced information collection costs for market professionals or investors generally? Second, do the benefits of governmental intervention outweigh the costs of the regulatory system created by mandatory disclosure? Third, would required periodic or transaction-oriented disclosure of management forecasts and valuation judgments change the calculation of benefits and burdens of mandatory disclosure?