[verbify]

Companies always trade at a premium to book, so how would that work?

[missedthecue]

Last year Chegg was trading below net cash (meaning their market cap was smaller than cash in the bank minus debt). Might still be, I haven't checked in a while. There were maybe a hundred on the Tokyo stock exchange trading below net cash.

[lmm]

Some companies trade at a discount to book value (very normal for banks, for example, especially those from e.g. Pakistan).