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To: The Duke of URL© who wrote (173055)	2/12/2003 3:13:37 PM
From: GVTucker	Respond to of 186894

Duke, RE: the term "book value" when applied to a whole company is pretty meaningless. It isn't meaningless. It is a tool, one of many that can be used. It can be abused, sure, and investors who look for a ratio of market price to book value will miss a great world of opportunities and also will invest in a great deal of hopeless opportunities. Yes, there are times when book value is utterly useless. As you accurately state, most often depreciation has no bearing whatsoever upon the real useful life of an asset. Book value does have its applications. And in the case I'm discussing here, book value is a very useful, meaningful place to look, particularly when you examine changes in book value.