Hmm,I do not know the exact answer to that question, but a reasonable assumption would be that most investors are being taught income metrics at school, and a lot of value investors have read countless books who have touted the effectiveness of such metrics.In a sense, once you go past a certain point in time, concepts like the effectiveness of income type metrics become the standard for investors to use, almost reflexively and without much afterthought. Similar to how efficient market theory had and still has many adherents, despite being hogwash.It's like that saying"say it loud enough and often,and people will believe it to be the truth".
That's my $0.02.Would love to hear your take on it.