SINGAPORE (Oct 15): When I started investing in the 1990s, I quickly became intrigued by companies with assets that were overlooked by the market. In some cases, the asset in question was simply a pile of cash or liquid securities. Other times, it was a strategically located parcel of land that could be sold or developed. The one thing all these assets had in common was that they were not generating significant earnings, which is why the market capitalisation of the companies that owned them did not fully reflect their value. The way I saw it, buying shares in such companies was akin to buying their underlying assets at a bargain price.

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