-- The quoted stock price each day indicates how much the market will pay for a piece of a company, in cash. --Isn't this fact almost another 'goodwill' over and above everything else on the balance sheet equity (including goodwill proper).This stated, the overvaluing a stock due to let's say - unnecessary exuberance in a particular sector - results in an ensuing reduction in the stock price after investors get the reality check.Wouldn't a reality check in a sector create big doubts in big chunks of goodwill that may be the result of companies purchased during the exuberant phase of a sector development? Take WCOM for instance. 46B out of 55B equity is goodwill. No wonder their price/book is less than one.Does anyone track the total goodwill outstanding in a group of companies or within a sector as a measure of how overvalued or speculative a particular industry may be?Thanks,Tate
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