...If so could you suggest a Vanguard fund that might benefit due to its under valuing for a three-five year look ahead? Richard Sklar, San Francisco AP: Traditionally, buying banks at or below tangible book value has been a value-creative investment...equity (RoEs). I feel regulators will keep a much closer eye on this in the future and the disconnect between RoA and RoE is likely to narrow again. That said, with capital leaving the banking sector in droves at the moment, RoAs could actually recover...remain a relative unknown. Analysts and investors are only now really getting the information to being estimating Basel II pro-cyclicality impacts on bank assets and this was introduced at the start of the year. As a largely insurance-based...By