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I tried reading this bit, but I kept getting stuck by my incredulity that they're saying what they're saying.
The relevance of intangibles, and the notion that you have to use other/better metrics, are both
predicated on the false assumption that price to book value is the only measure of a firm's value.
Huh?

It's hard to figure out seemingly bright people writing a sentence that would call things like price to earnings ratios or price to cash flow ratios "alternative" metrics for value.
Again, huh?

I'd call this a sandman argument: they're still saving up enough money to get the straw for a strawman argument.

Jim
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