The Price-to-Book League Table

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Market Movers

by Ryan Avent

Main

Off-Target Reporting Extra Credit, Friday Edition

Mar 13 2008 6:52PM EDT

It's not just Bear Stearns which is trading below book value. Here are some closing prices from Yahoo Finance:

Bank	Price/Book
Countrywide	0.19
Bear Stearns	0.73
Wachovia	0.74
Citigroup	0.93
JP Morgan Chase	1.06
Lehman Brothers	1.12
Bank of America	1.15
Morgan Stanley	1.44
Merrill Lynch	1.53
Goldman Sachs	1.60

Can someone explain to me why it makes sense for Merrill Lynch to be trading on twice the price-to-book ratio of Bear Stearns?

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