The Importance of Book Value in Acquisitions

Book value doesn't do a very good job at all of capturing things like what we call intangible assets. Think about mass heads for newspapers. Think about the value of brands. There's a real serious value creating assets, but they're very rarely recorded on the balance sheet because accounts don't really have a good way of doing that. It is still very useful in my mind for both insurance companies and banks because the assets are the assets of the assets. Yes, CBAs with a little bit more than Westpac maybe if it's slightly better business,. But broadly, the value of assets and the value of its assets.