A member asks: Here is what I don't understand; Graham says NCAV should be calculated as Current Assets less Total Liabilities divided by Shares Outstanding. However, looking at the majority of balance sheets, total liabilities is almost always going to be greater than current assets. This results in a negative number. If you can clear this up for me it would be much appreciated. Thank you.

Give it up .

This is not 1929.

Nobody really does this today.

Go to 3rd Ave Value Fund - run by Marty Whitman for this.

His buys at Gurufocus.com . Value genius.