We love hard assets but nowadays NTA might as well stand for No Truth Anywhere. For some investment propositions at least, that makes it downright dangerous.
The intellectual descendants of Benjamin Graham might consider what we’re about to say heretical but here it is anyway: In 2008 stated NTA is no longer a reliable guide to value. What was once a reliable barometer of financial health is no longer. In fact, nowadays it can be downright misleading. How so?
