administrative fees , which increased $ 5.8 million to $ 353.9 million , are generally offset by related operating expenses that are incurred to provide services to the funds and their investors .our largest expense , compensation and related costs , increased $ 18.4 million or 2.3% ( 2.3 % ) from 2007 .this increase includes $ 37.2 million in salaries resulting from an 8.4% ( 8.4 % ) increase in our average staff count and an increase of our associates 2019 base salaries at the beginning of the year .at december 31 , 2008 , we employed 5385 associates , up 6.0% ( 6.0 % ) from the end of 2007 , primarily to add capabilities and support increased volume-related activities and other growth over the past few years .over the course of 2008 , we slowed the growth of our associate base from earlier plans and the prior year .we also reduced our annual bonuses $ 27.6 million versus the 2007 year in response to unfavorable financial market conditions that negatively impacted our operating results .the balance of the increase is attributable to higher employee benefits and employment-related expenses , including an increase of $ 5.7 million in stock-based compensation .after higher spending during the first quarter of 2008 versus 2007 , investor sentiment in the uncertain and volatile market environment caused us to reduce advertising and promotion spending , which for the year was down $ 3.8 million from 2007 .occupancy and facility costs together with depreciation expense increased $ 18 million , or 12% ( 12 % ) compared to 2007 .we expanded and renovated our facilities in 2008 to accommodate the growth in our associates to meet business demands .other operating expenses were up $ 3.3 million from 2007 .we increased our spending $ 9.8 million , primarily for professional fees and information and other third-party services .reductions in travel and charitable contributions partially offset these increases .our non-operating investment activity resulted in a net loss of $ 52.3 million in 2008 as compared to a net gain of $ 80.4 million in 2007 .this change of $ 132.7 million is primarily attributable to losses recognized in 2008 on our investments in sponsored mutual funds , which resulted from declines in financial market values during the year. .
[['', '2007', '2008', 'change'], ['capital gain distributions received', '$ 22.1', '$ 5.6', '$ -16.5 ( 16.5 )'], ['other than temporary impairments recognized', '-.3 ( .3 )', '-91.3 ( 91.3 )', '-91.0 ( 91.0 )'], ['net gains ( losses ) realized onfund dispositions', '5.5', '-4.5 ( 4.5 )', '-10.0 ( 10.0 )'], ['net gain ( loss ) recognized on fund holdings', '$ 27.3', '$ -90.2 ( 90.2 )', '$ -117.5 ( 117.5 )']]
we recognized other than temporary impairments of our investments in sponsored mutual funds because of declines in fair value below cost for an extended period .the significant declines in fair value below cost that occurred in 2008 were generally attributable to adverse market conditions .in addition , income from money market and bond fund holdings was $ 19.3 million lower than in 2007 due to the significantly lower interest rate environment of 2008 .lower interest rates also led to substantial capital appreciation on our $ 40 million holding of u.s .treasury notes that we sold in december 2008 at a $ 2.6 million gain .the 2008 provision for income taxes as a percentage of pretax income is 38.4% ( 38.4 % ) , up from 37.7% ( 37.7 % ) in 2007 , primarily to reflect changes in state income tax rates and regulations and certain adjustments made prospectively based on our annual income tax return filings for 2007 .c a p i t a l r e s o u r c e s a n d l i q u i d i t y .during 2009 , stockholders 2019 equity increased from $ 2.5 billion to $ 2.9 billion .we repurchased nearly 2.3 million common shares for $ 67 million in 2009 .tangible book value is $ 2.2 billion at december 31 , 2009 , and our cash and cash equivalents and our mutual fund investment holdings total $ 1.4 billion .given the availability of these financial resources , we do not maintain an available external source of liquidity .on january 20 , 2010 , we purchased a 26% ( 26 % ) equity interest in uti asset management company and an affiliate for $ 142.4 million .we funded the acquisition from our cash holdings .in addition to the pending uti acquisition , we had outstanding commitments to fund other investments totaling $ 35.4 million at december 31 , 2009 .we presently anticipate funding 2010 property and equipment expenditures of about $ 150 million from our cash balances and operating cash inflows .22 t .rowe price group annual report 2009 .

Question: what percentage of tangible book value is made up of cash and cash equivalents and mutual fund investment holdings at december 31 , 2009?
Answer: 64%
Explanation: for an investment firm it is expected that the vast majority of tangible book value is liquid .