Exact(25)
His stake alone had a paper value of $940m.
At the time of the flotation, Morris's stake had a paper value of about $875m.
Critics who believe that accounting standards should be changed have said the growing use of options has inflated the paper value of companies.
It rose to $32, giving the company a paper value of $3.4 billion before the air went out of the soufflé.
"They've made so much money that a little crash on the paper value of their stocks doesn't mean anything," he said.
The value of its holdings rose about 5 percent in the quarter, and the average paper value of those assets was marked at 1.5 times their original investments.
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She participated in the elaboration of the SRA of the FTP (co-leader of paper value chain) and she was member of the Scientific Council and of the WG of Education.
Richard Peach, a vice president at the Federal Reserve Bank in New York who studies home prices and their relation to income, echoed that view, saying, "This is an important paper". The value of the Smiths' research may be its practicality.
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