It is entitled “Logical Implications of GASB's Methodology for Valuing Pension Liabilities,” and in it, Novy-Marx argues that GASB does not really provide a valuation method. He notes that a valuation method should recognize that “more is more,” in the sense that adding a dollar to any given set of assets and liabilities increases the set’s value. Furthermore, he says that a valuation method should also assign a unique value to a given set of assets and liabilities.