Yes, book value. You said “The __book value__ of large businesses often contains so many instruments or contracts marked to market, that the __book value__ is l

Yes, book value. You said “The __book value__ of large businesses often contains so many instruments or contracts marked to market, that the __book value__ is largely dependent on market value in disguise.” I thought TSMC was supposed to be an example of that, but its assets are cash and old-fashioned capital equipment mostly. Even goodwill is minimal.