### Comment:
I didn't say P/E - Price to book pretty big deal with banks. 
  
 Edit: the reason being is that banks are full of relatively marketable securities - if price to book is below 1 then bank is essentially trading below liquidation value

### REPLY:
Book value declines for Morgan Stanley when the market declines. They hold a shit ton of marketable securities. You’re just not updated on their book value as often as market price, but it declines with the market.  
  
 Morgan Stanley wouldn’t have passed the FED stress test if the dividends weren’t included.

### END.