There's another angle to consider here as well. How much do EPS and tax profits mean to investors? Very little so long as underlying cash flow is strong. The n

There's another angle to consider here as well. How much do EPS and tax profits mean to investors? Very little so long as underlying cash flow is strong. The new game for corporations has been to minimize their taxable profits while maximizing free cash flow and returning that cash somehow to shareholders. John Malone's cable companies have reported losses or minimal profits for decades, while at the same time beating the S&P500. Part of that was due to favorable tax breaks on cable companies which purchased and sold cable system assets between one another. This was originally designed to support cable in rural communities, but was quickly co-opted. Competitors would frequently sell assets to each other every couple of years when the tax benefits ran out to re-roll them. One big shell game. The code is broken and until we fix it the opportunities to game the system are going to multiply. Something about a finger in the dike...