How do you know a business is successful? Ask the sales director, and they’ll show you revenue. Ask the accountant, and they’ll show you profit. Ask the founder, and they’ll show you a framed photo of himself with a government minister. The auditors ask a colder question. If we were to pause all operations today, what would the current valuation of this company be? The lesson isn’t that good numbers lie. It’s that you have to know which numbers to read. Which brings us to the Ireland rugby team, a mid-sized sporting enterprise. Their season closed on Saturday at Eden…

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