22p
To narrow the search down, shares in my target must not only be trading on a deep discount to net asset value (NAV), but also offer an investment angle that investors have overlooked, leading them to inadvertently miscalculate the company's intrinsic value. Put simply, we are aiming to get our hands on an asset-backed firm where the risk-reward ratio is weighted heavily in our favour, but one that should provide significant share price upside as, and when, the rest of the market discovers the valuation anomaly.