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Strategies & Market Trends : Value Investing
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To: bruwin who wrote (58120)10/5/2016 3:48:52 PM
From: Graham Osborn  Read Replies (1) of 78731
 
No I haven't, I've read Warren's collected essays that deal with financial statement analysis - I have some qualms with Mary Buffett as you know - but I will consider it for my next read after I finish Gorilla Game.

If you look at companies selling for less than their net current assets, they're usually not beauty queens. Most of them have serious (actual or perceived) problems with capitalization or business viability that at least raise the specter of liquidation, and even threaten to drain the assets before liquidation can occur due to bullheaded management. Michael Burry once said he preferred clear indications of ongoing viability/ growth opportunities for the business, and you/ I/ Spekulatious/ Buffett/ Munger/ others apparently reached that conclusion as well. As you know Berkshire Hathaway itself dragged on Buffett's performance for years and was apparently the catalyst for a more wholehearted embracing of Munger's "great businesses" principle. But cigar-butt investing does involve such businesses.
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