I suspect that my thinking is an eclectic mix, not pure net-net because I couldn’t do it anyway so you have to have a new something to hang your hat on. But the framework stays the same.
Peter CundillThe share price must be less than book value. Preferably it will be less than net working capital less long term debt.
Peter CundillThe price earning multiple must be less than ten or the inverse of the long term corporate bond rate, whichever is the less.
Peter Cundill