It also shows a similar story for Tobin's q, the preferred measure of Andrew Smithers, who runs an eponymous London research firm.

ECONOMIST: A survey of global equity markets: Valuation waltz | The

As for Tobin's q, it omits intangible capital, which has grown in significance as both brands and intellectual property have increased in value.

ECONOMIST: A survey of global equity markets

And there is Tobin's q, a ratio of the stockmarket value to the replacement cost of its tangible assets an attempt to measure what it would cost to recreate a company from scratch.

ECONOMIST: A survey of global equity markets: Valuation waltz | The