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Ben Stein Watch: March 9, 2008   Why The Low Capital Gains Tax? (Redux)
Mar 17 2008 6:48PM EDT

The Price-to-Book Lag Table

Last Thursday, I printed a price-to-book league table; I thought it would be interesting to see how it has changed, two full trading days later. But as I click around the internet from WSJ.com to Reuters to Yahoo, they all tell me that Bear Stearns is trading on a price-to-book ratio of 0.3 or higher, which is clearly false given that the shares are below $5 and the book value is above $80.

It seems that price-to-book statistics aren't dynamically updated with price information, even two hours after the market has closed. Weird. And so my league table from last week must be suspect too, now - I didn't double-check the numbers. Sorry. I just assumed in the era of the internet that all these things are automatic; do they really have a person somewhere who manually updates these things every day?

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