Choice assets on the cheap
Who wouldn't hand over 50p in exchange for £1? When the market values a company's shares at a discount to their net asset value (NAV), it's no wonder that value investors' antennae start twitching.
Yet, it's a curious thing that some companies with apparently attractive assets seem to trade interminably at a discount to NAV. Months or even years can go by without the market showing any willingness to rate the companies more highly.
