Michael Murray: Don’t be taken in by net asset value spin
The market trades companies at a ‘discount’ with good reason – find out why
You will have read about it many times over – hyped investment pieces lauding the “value” in a company’s shares because they are currently trading at a “discount” to their net asset value per share.
Sometimes the net asset value story holds up. Indeed, I remember the first investment piece I ever wrote about a share. It was in this newspaper more than 13 years ago, when the net...
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