Weekly Net-Nets (18/12/21)

Firms trading >1/3 below their liquidation value.

This is a list of companies that trade at no more than 2/3 of their liquidation value - so called ‘cigar butts’.

Benjamin Graham, who mentored Warren Buffett, argued that such firms are ‘worth more dead than alive’ and could make for solid investments. The ‘margin of safety’ is extremely wide.

To learn more, read his work: ‘The Intelligent Investor’ and ‘Security Analysis’ can be ordered through my affiliate links, for which I receive some pocket change.

Further resources to understand net-nets include:

• “Deep Value: Graham’s Net-Nets” (Lucid Finance)

• “A Review of Ben Graham’s Famous Value Investing Strategy: “Net-Nets” (Alpha Architect)

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Japan

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Europe

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North America, LATAM, & Caribbean

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