book value is irrelevant in these circumstances. Too many people...

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)