Free Cash Flow

A lot use a p ratio, right? It's it'sa one measure of cheapness in a suite that works. What i find amazing is that, like you say, it's in the middle somewhere. The annualized excess return is very close its basis points difference over a long period. Now, there can be big swings from time to time, but i think it's pretty amazing that maybe it's just that you want low expectations and it doesn't really matter how you measure it,. Even though i think intuitively, free cash flow makes a lot more sense.