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The Zulu Principle: Making extraordinary profits from ordinary shares by Jim Slater

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12. Shells

I once compared a very large company with an elephant by making the comment that ‘Elephants don’t gallop’. The main reasons are obvious – to double the size of a very large company capitalised at say £10bn takes years of hard work. A small and obscure company finds doubling much easier, and a shell company, with a market capitalisation of a few million, has an even easier task. I have searched for an analogy for shells to contrast with my elephant ambling along most of the time and just occasionally charging. The best suggestion I can offer so far is a flea, which can jump over two hundred times its own height – equivalent to a man jumping over St. Paul’s Cathedral. Let us have a look at our flea in action and see how shells work ...

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