+ The rate of change of assets? The variant of Borg's formula no longer uses the dividend rate indicator. This is because dividends are part of the company's profits. If the company behind the index fund has unstable profits, it will be difficult for the index fund to pay dividends, so In this case, the income from the dividend rate cannot be considered. There is a prerequisite for using the variant of Borg's formula. Although the company's profits are unstable, it is required that the company will not lose money when operations are difficult, so that the company's net asset value can be Only when it is guaranteed can the price-to-book ratio have reference value