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

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13. Asset Situations And Value Investing

Investors who concentrate upon asset situations are not so interested in immediate earnings. They reason that if a company holds the right kind of assets, earnings will flow from them eventually. If the existing management fails to deliver, new management or a predator will arrive on the scene to put the assets to work.

Determining the real asset value of a company is not an easy task, especially nowadays. At one time, you could rely upon substantial assets like major properties being understated in the balance sheet. In a very recessionary climate the reverse is often the case. In June 1992, Speyhawk has just announced a write-down of its assets of a massive £205m. The shares were 140p at their 1991 ...

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