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Technology Stocks : Dell Technologies Inc.

DELL 138.94

0.0%

Dec 5 9:30 AM EST

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To: Jim Patterson who wrote (32611)	3/6/1998 11:42:00 AM
From: Lee	Read Replies (1) of 176387

Jim,...Re:<<Long, long ago ect.. Book value was a key investment criteria.>> Jim, Book value is defined in my Barron's Finance and Investment Handbook as 1. The value at which an asset is carried on a balance sheet. Assets being, for example, a piece of manufacturing equipment. 2. Net asset value of a company's securities, i.e total assets minus intangible assets minus current and long term liabilities. It also explains that "Book value may therefore vary significantly from other objectively determined values, most notably market value." Now if we agree that book value was important in the industrial age when large expenditure for capital goods could be depreciated for tax purposes, and therefore, affect earnings positively. What can be this measure for the information age when a company's value is increasingly due to it's intellectual holdings? And how can this measure account for any premium the market place assigns to the stock price for reliable earnings growth? I guess I don't understand your point and since I'm not an economist or financial analyst, I can only understand things in the context of ROE. Thanks for a historical perspective though. Lee

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