Thanks for the link. I'll admit I'm not an expert on the business side of this, but is this really much of a response? He seems to just call it strange accounting and then he moves on.

It doesn't even feel like particularly strange accounting to me. Aren't there plenty of companies that spend a lot in one year and realize the gains in the next year? If I build a house this year and sell it next year, the house was still profitable, even if next year I'm building 3 more houses to sell in the year after.