The huge writedowns on trading-book assets that defined the first phase of the crisis were horribly unpredictable.
Independence means you own the book of client assets that you have invested considerable time and energy in growing.
But the Financial Times reported that financial stocks are trading above the book value (assets, including cash, minus liabilities) of the companies for the first time since July.
Then there is the price-to-book ratio, which measures a company's stockmarket value against the book value of its assets.
But the oil-service firms will get only the book value of their assets, paid in government bonds and with deductions for any labour or environmental liabilities the government adduces.
The publishing company will include newspapers such as The Wall Street Journal, the HarperCollins book publisher, Australian TV assets and its fledgling for-profit education business, Amplify.
Somebody must have raised some money at some time in the past, as the 7 million in net book value of property on the assets side is matched mainly by net worth and an unsecured note of 1.5 million.
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As such, their book value, or the difference between assets and liabilities, more accurately reflects market conditions that of other companies.
Miles Mason, a Memphis divorce lawyer and CPA of long experience, has written a book about divorce litigation involving complex financial assets.
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The company acquired the assets of Allied Capital below book value in April 2010, maintained its dividend of 35 cents per share for the past seven quarters and returned shareholders almost 25% per year on average since 2008 (with dividends reinvested).
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Wells Fargo, which does not have as much exposure to international or trading businesses, is the only one of the four biggest U.S. banks by assets to trade at more than book value, 1.18 times.
In addition it will no longer be possible to book at once the profit expected from holding risky assets.
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It is also stymied by the fact that book values fail to take full account of intangible assets things you cannot kick, like brands, patents or partnerships.
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Competitor Archer Daniels Midland ( ADM), which is about 50% larger in assets, trades at 1.34 times book.
Mr Osborne will also say the sale's valuation of Northern Rock's "price-to-book value ratio" - that is, its assets minus its liabilities - is higher than peers Barclays, Lloyds TSB or the Royal Bank of Scotland.
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Both banks still have lots of legacy assets, many of them tucked in the banking book.
Book value falls short for high-tech firms, whose assets tend to be intangibles like research and development.
This book, along with Bruce Berman's From Ideas to Assets and Julie Davis and Suzanne Harrison's Edison in the Boardroom, has captured the business community's attention by detailing the way companies have turned patents into cash.
And the rise in the book value of their equity holdings adds to the proportion of risky assets held by life companies, adding also to the mismatch of duration.
The shares have climbed more than 35% since, yet still trade at a discount of 23% to book value, the difference, or net worth, between its assets and its liabilities.
His formula involves adding two main variables: the dealership's assets minus overall debt (also called "net tangible book value"), plus what Hall calls the "blue sky" value, equal to the dealer's pretax income times some multiple between one and six, depending on the health of the operation.
If the opportunity arose for Berkshire to be able to buy back shares below its book value, some cash would be used up, thereby reducing assets, but each remaining shareholder would represent a slightly greater ownership percentage of the company and the intrinsic value of the remaining shares would climb.
The Price to Book ratio is a formula that represents the most recent share price of a company compared to its book value per share (the residual dollar value for common shareholders after assets are liquidated and all debtors are paid).
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That is, to say that the endings are identical because they use similar assets is like saying that two endings of a Choose Your Own Adventure book, in one of which you die and in the other of which you live, are identical because they are both printed in ink on paper.
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In his book, Unconventional Success: A Fundamental Approach to Personal Investment, Swensen recommends with all assets that investors use passive index mutual funds.
It will experience higher revenues due to the Fed program and, more importantly, it will see the value of its troubled housing assets rise to the point where they can be sold at profits relative to their book values.
As Citigroup faces another massive quarterly write-down of credit derivative assets, questions remain about other banks' exposures, and when the crisis goes from a trading book issue into an industrywide credit quality problem.
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