Biotech Values

[zipjet]

I guess he doesn't have to mark to market.

That may be a reasonable proposition - but not the accounting rule. But it certainly does not reflect the content of the article.

The wrote down three of the assets. WFC was not written down because it had a gain about 10x the write down called for. (The article does not say it but Kraft may be similar.) It would be odd indeed if you had to take a write down on 30% of holdings to the tune of $300M while you had a $3.5B gain in the other 70%.

ij