Not exact matches
The purchase price of each Share will be (i) not
less than the net
asset value per Share (the «NAV Per Share») of the Company's
common stock (as determined in good faith by the board of directors of the Company or a committee thereof, in its sole discretion) immediately prior to the Expiration Date (as defined in the Offer to Purchase)(the date of repurchase) and (ii) not more than 2.5 % greater than the NAV Per Share as of such date, plus any unpaid dividends accrued through the expiration date of the Tender Offer.
Your account will comprise primarily exchange - traded funds (ETFs), but may contain other investment vehicles such as mutual funds.1 Diversification will be sought among
common income sources like stocks and bonds, and
lesser - known
assets such as bank loans and real estate investment trusts (REITs).
The initial public offering price is substantially higher than the pro forma net tangible book value per share of our
common stock immediately following this offering based on the total value of our tangible
assets less our total liabilities.
Regional or country specialisation is
less common (
less than 47 % of global EM
assets).
Less common are
asset management services, and owning insurance companies, but some of the bigger firms do those.
It always seemed, and still seems, ridiculously simple to say that if one can acquire a diversified group of
common stocks at a price
less than the applicable net current
assets alone — after deducting all prior claims, and counting as zero the fixed and other
assets — the results should be quite satisfactory.
The Large Cap Fund normally invests at least 80 % of its net
assets in equity securities, consisting of domestic
common and preferred stocks of large capitalization («large - cap») companies — a company, at time of purchase by the Fund, with a market capitalization greater than or equal to the
lesser of $ 10 billion or the median market capitalization of companies in the S&P 500 Index.
«The Fund invests 60 % to 70 % of its
assets in dividend - paying and, to a
lesser extent, non-dividend-paying
common stocks of established, medium - size and large companies.
A large quantity of current
assets, especially if they consist of inventories, costs in excess of billings, or receivables from
less than creditworthy customers, probably can not help the
common stock of a company which can not meet its obligations to its creditors.
Net - Current -
Asset Value We feel on more solid ground in discussing these cases in which the market price or the computed value based on earnings and dividends is
less than the net current
assets applicable to the
common stock.
Common characteristics associated with stocks selling at
less than 66 % of net current
asset value are low price / earnings ratios, low price / sales ratios and low prices in relation to «normal» earnings; i.e., what the company would earn if it earned the average return on equity for a given industry or the average neti ncome margin on sales for such industry.
My first, more limited, technique confines itself to the purchase of
common stocks at
less than their working - capital value, or net - current
asset value, giving no weight to the plant and other fixed
assets, and deducting all liabilities in full from the current
assets.
The net current
assets investment selection criterion calls for the purchase of stocks which are priced at 66 % or
less of a company's underlying current
assets (cash, receivables and inventory) net of all liabilities and claims senior to a company's
common stock (current liabilities, long - term debt, preferred stock, unfunded pension liabilities).
I'd say the
common theme among our investors is that they realize the importance of investing in real estate and also allocating to an
asset class that is
less correlated to the stock market.