Volume 4, R43, Page 456, third point: “As a measure of net asset value per share, book value per share has been viewed as appropriate for valuing companies composed chiefly of liquid assets, such as finance, investment, insurance, and banking institutions.” I don’t know if its just me, or if this is the result of data mining, but I though this was absolutely hysterical. However, as the next bullet point demonstrated the P/B ratio may be useful for valuing financials after all, albeit for a very different reason: “Book value has also been used in the valuation of companies that are not expected to continue as a going concern.” The sheer irony of these two consecutive bullet points cracked me up.