Subject: Re: A few random notes on Q2
How does one pull the Real Book out of the quarterly report.

"Real" book is what you get when you adjust book value with CPI.

The reference CPI can be for any date, but probably it would be for the latest quarter. So all book values from the past would be scaled to put them in Q2 2025 dollars, prior to smoothing.

The scale factors would be (CPI_now / CPI_then). So a dollar from 2023 (for example) is likely worth more than $1 in today's money.

Assuming CPI_now > CPI_then.