In my first year investing, I read The Intelligent Investor, then promptly found out that no stocks were trading below their value. Not even close; more often

In my first year investing, I read The Intelligent Investor, then promptly found out that no stocks were trading below their value. Not even close; more often at multiples. The only time shares trade below book these days are either when book is seriously questionable, or when cash burn is expected to deplete the value.