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Strategies & Market Trends : Value Investing

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To: Alejandro who wrote (3714)	4/1/1998 7:40:00 PM
From: James Clarke	Read Replies (2) of 78519

Book value is obsolete. Yeah, and 23 times earnings is normal. If your back-testing goes back more than five years, I think you will find (I know my firm did) that low price/book is not a screen you want to ignore. With a big caveat. You've got to look at the balance sheet and the historical writeoff history and make some intelligent conclusions about what that book value is. Book value does not equal value. But it is a very productive first step. Just my opinion, but some of my best investments have been stocks trading below book value.

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