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Strategies & Market Trends : Value Investing
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To: James Clarke who wrote (6504)3/31/1999 6:54:00 PM
From: Freedom Fighter   of 78634
 
James,

>>The market currently trades at a higher ratio to book value than it ever did. And everybody just comes up with reason after reason why book value is irrelevant.<<

I don't think it's irrelevant at all. I especially agree with you about financials like Merrill Lynch etc... I do think that for some companies that possess a lot of intangible R&D (like software companies), the book value understates the asset values. But in general I think P/BV is flashing the same warning signs as almost every other standard of value.

Wayne
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