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Ben, when you do an roa calculation for an industrial company with a lot of goodwill, say a Dover, wouldn't you EXCLUDE the goodwill? Wouldn't you want to know what the business can earn fron the operating assets of the company so as to get a true test of the quality of the business?

I realize this is a different question and that measuring the gain in IV requires one to include goodwill ( and perhaps make adjustments upward over time).
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