Intangibles are bound to be high when they are acquiring new...

Intangibles are bound to be high when they are acquiring new businesses. I never like to see intangibles > shareholder equity, but it does depends on what phase the business is in, and GXL has been in an acquisition/growth phase so that's not unusual. Keep in mind intangibles were at 126% in 2015; 122% in 2016 and have now reduced to 115%, so whilst they are high, they are also reducing.

My point is that it is easy to pick one or two figures out of an annual report and say how bad it is, but I think there is a bigger picture here and to me I can see the investment in growth and future earnings. Not trying to be argumentative, but that's how I view things. Each to their own.