(11-07-2013, 06:16 PM)smallcaps Wrote: [ -> ] (11-07-2013, 06:05 PM)opmi Wrote: [ -> ]Eastern can be a net-net. if Bryton building was sold.
Yea I think graham would be shocked abt management buyouts at net net prices
Won't la. 有人就有'臭款'.
btw Marty Whitman consider real estate as current assets as it is easily liquidated.
which is quite true currently.
I guess using current is juz a convenience for estimating full liqudated value. Since properties values are quite accurate here then should use 100% of its valuation loh
Also must see the property market liquidity. If market slow, then must give more discount.
I guess also depends on whether forced or voluntary liquidation. Net net may be referring to forced?
Hmm... maybe more like voluntary after thinking abt it
Net net valuation usually based on normal course of business.
Read the Third Ave Funds shareholders letters. They discussed net net types regularly.