One more time, this does not mean that you should not listen to your instructor's remarks because you can bank on 50% of the other students in the room following slavishly any recommendations he or she makes, even inferentially, in the following round. And you can make your moves accordingly. Our instructor suggested raising S/Q a point "perhaps", lowering the price a dollar "maybe" in Round 1. Doing little else. Teams made slight variations here and there. Of the 6 other teams in the room , only two (Team A and Team F in the examples below) made some "radical move" and raised the model number somewhat, alongside changes in S/Q, and those teams did well in the round. But Round 1 is, above all, a crap shoot, as you and your opponents feel the game, and one another, out. And, believe it or not - it is a round some choose to lose deliberately, to lower stock prices for purchase the following round). Round 1 was the only round my team (Team B below) lost (unintentionally). Our prices - and thus our profit margins - were comparatively low and we came in fourth in EPS/ROE. Consequently our stock price tanked (allowing us to buy it back at bargain prices the following round, although there are more profitable approaches), even though we took the lion's prices in the market. We took fourth, and not last, place, despite keeping our model numbers at a ridiculously low level. We didn't know any better at that point.