But as Morgan Stanley points out, given off-book liabilities such as retirement, healthcare and education, the average consumer is practically in negative equity.

但正如摩根·士丹利指出的那样，假如考虑到退休、医疗和教育等账外债务，中国普通消费者实际上是负资产。

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Buffett's preferred measure of Berkshire's performance is the growth in its book value, which is a calculation of the company's assets minus its liabilities.

巴菲特倾向于用净资产的增长率来衡量伯克希尔公司的经营业绩，净资产指用公司的资产减去公司的负债。

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Book value, a measure of assets minus liabilities, rose to $59.94 a share at the main business, from $54.63 on March 31.

第二季度，主要业务帐面价值（Book value，帐面价值指的是股票实际的资产价值，也就是公司的总资产净值除以发行股票数量后所得出的值）由3月31日的54.63美元，上涨至59.94美元。

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Wells Fargo ( WFC) and US Bancorp ( USB), however, trade far above their tangible book value, and their non-deposit liabilities make up just 21.7% and 23.2% of their total liabilities, respectively.

FORBES: Connect

As such, their book value, or the difference between assets and liabilities, more accurately reflects market conditions that of other companies.

FORBES: Magazine Article

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.

FORBES: Connect