So if you're going into a hyper - growth period for a long period of time... buying companies with high growth and paying for that growth
versus paying for assets would obviously outperform if the next few years the economy was booming.
In that case, new shareholders buying common stocks at net
asset value would receive a bargain
versus existing shareholders since the price new shareholders would
pay, would reflect a 100 % deduction
for these deferred tax liabilities which might never, in fact, become payable.