The merger valued Credit Suisse at around SFr3bn, a 60% discount on its stockmarket valuation and a fraction of its SFr42bn tangible book value.

此次合并对瑞士信贷的估值约为 30 亿瑞士法郎，比其股票市场估值低 60%， 仅占其 420 亿瑞士法郎有形账面价值的一小部分。

And on his right are investors and the board who are like, our stock trades at one times tangible book value, which is very low.

在他的右边是投资者和董事会，他们说，我们的股票交易价格是有形账面价值的一倍，这是非常低的。