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URL:  http://boards.fool.com/ralph-thanks-for-the-recommendation-youre-right-21730753.aspx

Subject:  Re: Selecting stocks the Ben Graham way Date:  12/9/2004  7:05 PM
Author:  StarryNightShade Number:  34810 of 46847

Ralph,

Thanks for the recommendation.

You're right book value doesn't include intellectual property; and it's difficult to show the relationship between amount of $ invested to get the "bright idea" and the value of the "bright idea". If only it were simply a case of pouring more money into R&D. Of course, it's much easier to value intellectual property of proven value than that which is still only promising. "If only", the drug companies say.

It's an interesting topic, but I don't think there's a solution that'll satisfy most investors - never mind becoming accounting practice.

SNS
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