There are those who will tell you that the equity value of a big bank is an imponderable mystery. Which is true. And there are those who will tell you that Bank of America’s sale of preferred shares plus warrants to Buffett will “keep BofA from a more-dilutive capital raise.” Which is probably true as a matter of, like, EPS and share issuance and stuff. And there are those who point out that Buffett did not get a 2008-level deal with a double-digit coupon and otherwise face-ripping terms. Which is also true.

Still, he’s Warren Buffett. He got a deal. And imponderable mysteries (and meaningless EPS numbers) aside, you could if you wanted to calculate the value per common share that Buffett’s investment implies for BAC. This is neither rocket science nor particularly scientific at all and I suggest it only because, in my former life, I often encountered people who thought it was a sensible thing to look at and ponder in their hearts.

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