One of my favourite investment strategies - and one that has reaped substantial returns over the years - is to target companies trading substantially below book value where there is a realistic catalyst in place to spark a re-rating to narrow that anomalous share price discount. I have used this balance sheet approach to investing to good effect for more than a decade in my bargain share portfolios by adopting some of the techniques outlined by the father of value investing, Benjamin Graham, a US investor and writer, in his seminal work The Intelligent Investor.
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