a. In late 2020, the market value of the shares of Citigroup was less than book value

Question:

a. In late 2020, the market value of the shares of Citigroup was less than book value per share. How would you interpret this pattern?
b. At the same time, Apple’s market value per share was about 20 times its book value. Is this consistent with your analysis in part (a)?

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