Subject: Re: Annual report
except in the special case that the value growth rate in future is *coincidentally* the same as the past.

What is the right P/B for a "bond-like stock that grows earnings steadily at 6-9% (*) per year" as I once heard a wise man in this board say?

(*) In real dollars, one assumes but one does not remember now, dince that post was probably 10 years ago. However this wise man / wise guy rightfully disdains calculations in nominal dollars.