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Strategies & Market Trends : Value Investing

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To: Paul Senior who wrote (58934)	1/16/2017 7:36:57 PM
From: Graham Osborn	of 78676

Your description of MCO's operations made me smile, perhaps in memory of the batty analyst at S&P in The Big Short. Anyway, you are right that a company like this would be expected to have low levels of fixed assets. As I mentioned, I'm not particularly interested in the fixed-asset component of tangible book anyway. What I am interested in is the liquid-asset component - cash, securities, easily-liquidated inventories, receivables, and the like. The companies I like have very strong current-asset and working-capital positions, and that is the part of tangible book I care about.

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