Firms listed on the Tokyo Stock Exchange's first section had an average price-to-book-value ratio
under one, which is usually an indication they are oversold.
In 1980, it was trading at a price-to-book-value ratio
of about 1-to-1, or right at the book value of the tangible assets.
And to ferret out companies with a rock-solid base, Price looks for stocks with a price-to-book-value ratio
of two or less.
This is a significantly lower price-to-book-value ratio
than those of the Company's peers, whose price-to-book-value ratios
range from over 90% to 230%.