He is right, sigh, in his meandering rant (as a CPA) that you could argue accounting has wandered a bit. The SEC clamping down on "non-GAAP" KPIs (even though

He is right, sigh, in his meandering rant (as a CPA) that you could argue accounting has wandered a bit. The SEC clamping down on "non-GAAP" KPIs (even though a Nobel was won for the concept) represents that tension. Further there's a professor at HBS and I believe he argues certain network effect heavy tech companies they have negative depreciation (book value incrases with scale and time, versus say anything else which almost universally declines or at best stays flat). Negative depreciation implies the current tech P/Es are more sensigle, which in and of itself is an interesting phenomenon that arises from the professors work. So the author is dabbling near some interesting currents, but unfortunately missed the mark here.