Innovation On Sale?

innovationbased strategies are at near record low valuations. Uh when I say record low, this is the history uh this is the history of ARCs life. But innovation based strategies broadly are selling at a very low premium uh to the S&P 500 as measured by uh enterprise value to adjusted EBITA.We worked with S&P 500 to adjust for stockbased compensation and R&D both the S&P and the various innovation strategies and you can see very very modest valuation premium the average over the life or at least ARK's life on ...