I think what has happened is that Ray's chart has the "BV" and "Multiplier" columns reversed. Let's take DOW for example, their price is $20.19 and their book value per share is actually 14.21 so it is the "Price/Book Multiplier" that is 1.42 times.
There are a few companies that I need to add to the chart that Ray had included. There is also one company, Celanese, (CE) that was left out of the equation because it has a price/book multiple of 81.05. Obviously there is something very abnormal going on there.
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