Thanks, @Klogg, you've distilled it well.
The one thing I would add is that he spend some time explaining the rationale behind the advocacy of ROME - "Return on Management Equity", which sounded plausible in its application as an internal management tool used for the setting of financial return hurdles.
i.e., no sense setting return budgets around book value when book value is considered to be too low; hence getting divisional managers to target returns on assessed values.
Make sense.
Thanks, @Klogg, you've distilled it well. The one thing I would...
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