We live in a world of extreme subjectiveness.<p>Cash flows are massaged and obfuscated.  Dividends aren&#x27;t paid, we are asked to look, instead, at earnings yield, but not too closely.  Non-GAAP earnings are treated as first class citizens.  Companies borrow money against themselves to buy back their own stock, in a self-referential spiral.  Meanwhile, governments shamelessly intervene in the markets, to keep the (increasingly subjective) prices high and the (objective) realized cash flow rate (dividends) low.<p>What is the value of any cash flow, with a 0% interest rate?  With a negative one?  What is truth?<p>These are the crazy days.