But the impact can be all too real, as write-downs reduce overall book value and increase leverage ratios, a particular concern in these debt-averse times.

尽管如此，影响还是实实在在的：减值将减少账面资产总值并增加杠杆率，这在谈债务色变的时期会引起特别关注。

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A value investor typically selects stocks with lower than average price-to-book or price-to-earning ratios.

价值投资者一般选择价格对账面值比率或市盈率比市场平均低的股票。

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Stack looks at historical measures of valuation: price-to-book ratios, price-to-dividend ratios and price-to-earnings ratios.

FORBES: Magazine Article

The price targets are getting adjusted lower, and market caps are shrinking, but so are price to earnings and price to book ratios.

FORBES: Big Correction Adds To Value Picks In Big Emerging Markets

It holds Apple and Sun, but also some dot-coms and smaller techs, all having lots of cash and low price-to-earnings and price-to-book ratios.

FORBES: Tech Stocks at a Crossroads