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Strategies & Market Trends : Value Investing

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To: D. Swiss who wrote (10074)	2/25/2000 5:28:00 PM
From: James Clarke	Read Replies (3) of 78652

<<Is it possible that this number is dramatically overstated?>> Book value is made up of loans, loans held for sale, and securization assets. Offset by very high leverage. So the short answer to your question is "uh, yeah". Looks like Crimmi Mae just before it went bankrupt. Here I would be looking for one thing - bankruptcy risk. That has little to do with book value when you have this much leverage and everything to do with liquidity. i.e. do assets match liabilities in terms of duration and maturities? And what is going on off-balance sheet?

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