I look at a % above and below net tangible asset value, and I compare it against historical values - I have been following it since about 1999. It's just a gauge of how much "premium" on average is being paid for the "pipeline" when you subtract out the liquid assets.
We got to major oversold levels in fall 2002 - spring 2003 and fall 2008 - spring 2009. We got a much larger and faster bounce from the lows in 2009 then in 2003. This is just a general gauge I like to use and it's just to compare "apples to apples" between years within a sector. The companies we were tracking in 2003 are much different then now - but they are comparable, mostly small/mid caps < $5b with the majority in the $200 - $500m market cap area
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