I think the argument here is about the distinction between book value -- ie owner equity in the accounting sense -- and market value. They are both "true" valu

I think the argument here is about the distinction between book value -- ie owner equity in the accounting sense -- and market value. They are both "true" values in different senses. If anything market value is "supposed" to be an integral of the total lifetime book value. Book value in turn is the integral of transactions up to the current time.