The PCAOB, the regulator for the U.S. accounting industry, has taken note of this anomaly.

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On a final note, Jeron points out that the difference between economic and accounting ownership plays a big role in valuation as well.

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And note that this is the situation among companies that have already adopted proper accounting methods.

ECONOMIST: Worse to come

Skeptics note that among the flaws inherent in such stock picking methods are shaky accounting data and the need to guess at things like required returns on capital and decay rates.

FORBES: Somewhat Cheap

Note that that statement is made without even the slightest hint that there are the above accounting issues.

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