While publishers ended up earning less per book because of the revenue share to e-reader companies, they regained control over their property.
One example of a company that actually did make large repurchases of shares substantially below book value in 2011 is American Capital ( NASDAQ: ACAS), which announced it bought back millions of shares of its own stock, at prices considerably below its most recent reported book value per share, thereby elevating the per-share book value of the remaining shares.
With this method, we gain total control of the product, and we make double, triple or even quadruple the amount of money per each book sold.
Year-over-year book value per share increased 8%, and tangible book value increased 12%.
Over the last three years, per-share book value has grown at a 14% annual rate.
The fact that the stock price has lagged the increase in per-share book value is what savvy investors should take note of.
Last fall Berkshire announced that if the per-share book value fell below 110% of the stock price (1.1x the stock price) the company would step in and repurchase shares.
The top holding of both of those ETFs is Wells Fargo ( NYSE: WFC) which happens to be a Berkshire holding, and also happens to be among the financial stocks flirting with crossing below their per-share book value.
The tremendous growth in book value per share at Fairfax comes from decidedly un-Buffett-like transactions.
At any rate, I read this book once per year as the seasons change from Summer to Fall, and this year is no exception.
When looking at Price to Tangible Book Value multiples, you have to ask yourself, what are the risks that Tangible Book Value per Share is overstated.
However, tangible book value per share is a good measure of liquidation value, or the amount that shareholders can reasonably expect to receive should the company go under.
FORBES: If Hewlett-Packard Looks Bad, AutoZone Looks A Lot Worse
Whenever a company trading at a premium to book value issues new shares, whether from a secondary offering or in the course of an acquisition, the book value per share goes up.
In 2012, AHL grew its book value per share grew by 6% and delivered an operating ROE of 8.5%, which was very impressive considering the impact of Superstorm Sandy and low interest rate environment.
John Paulson told investors today he still likes his long trade in Bank of America but has now lowered his outlook on how far robust the bank can book earning per shares in 2012.
Fairfax's book value per share has risen at a 40% annual rate since Watsa, who started out in the late 1970s as a money manager at a Toronto life insurer, took over in 1985.
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).
FORBES: Bargain Hunting: Ten Stocks With Low Price to Book Ratios Near 52-Week Lows
Ms. KORNBLUT: Well, I should first correct the record in saying I'm not writing a book about Clinton per se, but about women in 2008.
If the publishers are cutting back on marketing, which is the biggest complaint authors have, and Amazon stays at eighty per cent of the e-book market, why do you need the publisher?
They added Jamie's most recent book already had nutritional information per serving.
The Beige Book, released eight times per year, showed five districts recorded slight to modest increases in economic activity, including Boston and San Francisco.
Now in their third year, with 150, 000 unique visitors per month and a coffee-table book to their credit, the pair make money through producing advertorials, campaigns, sponsorships and casts from their band of 5, 000 tastemakers.
The average number of book runners has risen to five per deal, compared with two before the recent boom.
Thanks to a Berkshire follower I have been informed that Berkshire is unlikely to pay a dividend since it would reduce book value both in the aggregate and per share.
FORBES: Berkshire A Intrinsic Value Estimate: $150,000-$200,000 A Share
In Tokyo the stock price closed the year at 4005 yen, with a price-to-book ratio of 1.31x and forward PER of 17.70x.
FORBES: The Toyota Class Action Settlement and Economic Justice in America's "Mixed" Economy
Even though they can print one book at a time, it can be expensive per unit, more expensive than hard copy printers.
Earlier this year, Pew research found that about one in five U.S. adults have read an e-book in the past year, and that e-book users tend to read over 30% more books per year than people who only read printed material.
CNN: E-book lending: Your public library's best kept secret?
The Espresso Book Machine will turn a PDF file into a 300-page book in four minutes flat, at a cost of one penny per page including a full-color cover.
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).
FORBES: Should Retail Investors Continue to Chase BDCs Higher?
If the same book is available in paper and paperless form, Amazon says, forty per cent of its customers order the electronic version.
应用推荐