book value is irrelevant in these circumstances.
Too many people misquote buffet.
BV is useful where earnings are relatively consistent. Then the stock can be treated like a bond, with the return relationship P/BV vs ROE.
However, in MCS case, forget book value and look at NTA per share and start moving towards B.G analysis.
Its starting to stack up.
I'm in (as part of a diversified portfolio)
Atlas Iron Ore Contract., page-4
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