Subject: Re: $840 Billion Market Cap
Just imagine trading at 2X book for once ... it has been a long time

Hehe. Years ago (10? 15??) I remember reading discussions about price-to-book and thinking that 1.75 seemed a roughly fair value. And the long-run trend in that multiple should probably be upwards. And I haven't seen anything to change that opinion particularly. So I find it amusing to read all the discussions about the relative merits of 1.3x 1.4x or 1.5x book. Cheap or cheaper or really, really cheap? It's all good, and suggests holding a core position and some extra. To me, anyway. The rest is missing the forest for the trees*.

SA

* Granted, many of us here are probably "analyse the branches, never mind the trees" people :-)