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It is just so damn easy to keep looking at book value. Don't feel bad about it.It still works adequately for now, and it's probably much more sophisticated than the valuation methods (if any) used by 90%+ of the counterparties on any trade you consider!In the last two years book per share is up 7.5%/year and my fanciest valuation metric is up 7.3%/year.Seen through that prism, the biggest flaw in P/B is that my valuation method seems to think that the bump in book per share from TCJA was almost all a "fake" bookkeeping result rather than a good estimate of the true rise in value.Jim
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