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Strategies & Market Trends : Value Investing
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To: Spekulatius who wrote (57725)8/8/2016 7:58:41 PM
From: Graham Osborn  Read Replies (1) of 78740
 
I'll have to look closer at this article. On the face of it, tangible book value per share has a better exhibit than tbook, which supports your point, although it still does not bear up to historic trends. My pre-article view is that I disagree that tangible book is not a good measure for industrials. Share repurchases and other financing transactions have been performed since time immemorial. If the tangible value of a company (which is the quickest proxy for the harder-to-calculate liquidation value) has been somehow rendered irrelevant by modern theory, then I'm probably wasting my time rereading Security Analysis :) Of course, of book value almost anything can be said since almost any book value can be justified these days through purchase accounting.
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