Intangible Investment and Cap X Are Essentially Equal to One Another in 2001

The book emphasizes early on the first edition and second edition that it's very important to focus on cash flows versus accounting earnings. Earnings have become less relevant than they were before, so I think that this continued focus, or perhaps a renewed focus on cash flow, becomes very relevant today. We've seen a doubling of the relative relevance of intangibles versus tangibles. And maybe the third one is we have a chapter called Beyond Just Kind of Cashflow. But with the rise of uncertainty, especially in the digitalization of some parts of the economy, I think that options themselves are more important than ever.

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