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Time to Discard Price/Book Ratio When Evaluating the I-Banks

the takeaway here that is important is that Merrill is expensive using both measures and looks good as a short to me. I wouldn't buy any financial stocks given what happened to Carlyle and Thornburg

Investment Banks Look Good in '08

Markos, MBI has a 2.28 P/E, maybe you should buy that too....my point is, if you're investing in investment banks, you need to discuss the book value of the firm, which you left out of your analysis. How can you be sure the book value of any investment bank will hold up?