Should All Banks Be Worth Book Value?

The closer that any bank approaches that where it's all about the spread that you're talking about, then the better thare is. It's sort of like if you had a clothes in fund and you had ten million dollars in or whatever, and you had a fixed level of expenses. Well, if you have a five % expense ratio or something, m unless you suddenly attract a lot of assets, you can't fix that problem. You're always going un to perform, and your never, you should always trade a discount to net acet value for that reason.