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price to book on miners

A slightly flawed but still very decent little article on whether using price/book to value mining companies is the right metric, over at Mineweb today and on this link. For me, yes it's the right place to start. Then again, a balance sheet bore boy couldn't possibly say anything else.

UPDATE: A query comes flying into your humble scribe's mailbox on the use of "slightly flawed". Here's what prompted that comment, from the Mineweb piece:
"...the price-to-book ratio is used to compare a stock’s market value to its book value, and is calculated by dividing the current closing price of the stock by the latest quarter’s book value per share. In essence, a P/B ratio of 1 would mean that a share is fairly valued."
If you can define fair under this criterium, you're way smarter than I.

UPDATE 2, early evening. This post was published early Tuesday morning, some 12 hours ago. It's been nagging and gnawing at me all day, something wasn't right, but until about 10 minutes ago I couldn't put my finger on it. Then it suddenly came: Walt Whitman.
When I heard the learn'd astronomer,  
When the proofs, the figures, were ranged in columns before me,  
When I was shown the charts and diagrams, to add, divide, 
and measure them, 
When I sitting heard the astronomer where he lectured 
with much applause in the lecture-room, 
How soon unaccountable I became tired and sick,  
Till rising and gliding out I wander'd off by myself,  
In the mystical moist night-air, and from time to time,  
Look'd up in perfect silence at the stars.

And now, relax.