Why PBV < 1 may not be cheap

[donmihaihai]

But be careful. A lower PBV in a difficult economic environment could also mean that the book value of some companies have yet to be written off to reflect the market value

Written off to reflect market value is not what accounting is all about. 

You are a stock picker, I am one also. Our job is to pick the right stock. Isn't it?

Base on what I read about what you wrote, lot of malaysia companies are trading at higher margin of safety compared to 10 years ago

So let me borrow BG Mr Market. Mr Market is feeling lousy and offering lousy prices. Mr Market is not to instruct you but serve you.

Let me borrow WB. be greedy when other are fearful.

From myself. Any stock that I picked must be able to sail through both good and bad times. And it is easier to pick after a period of bad times because the strengths of the good companies will shown from their operations and reflected in the numbers.