Which of the following statements is FALSE?

	For firms with substantial tangible assets, the ratio of price to book value of equity per share is sometimes used.
	Using multiples will not help us determine if an entire industry is overvalued.
	The fact that a firm has an exceptional management team, has developed an efficient manufacturing process, or has just secured a patent on a new technology is ignored when we apply a valuation multiple.
	Valuation multiples have the advantage that they allow us to incorporate specific information about the firm's cost of capital or future growth