For subscribers

New way to value stock?

Sign up now: Get ST's newsletters delivered to your inbox

Google Preferred Source badge
The higher stocks go, the louder the forecasts for their demise. Prices are hopelessly stretched, warn the naysayers - the gains aren't justified by earnings.
But to a growing number of investors, the problem is not bloated valuations. It is that longstanding accounting standards mis-classify billions of dollars of cash-cow assets as if they're drags on businesses.
See more on