Peter Cundill: Discount To Liquidation Value

Peter Cundill: Discount To Liquidation Value via Jason Boole, Boole Microcap Fund

There's Always Something to Do: The Peter Cundill Investment Approach

This weekend I read a fascinating book, There's Always Something to Do: The Peter Cundill Investment Approach, by Christopher Risso-Gill.

Peter Cundill was one of the best value investors in the world.  He followed a contrarian value (deep value) strategy based entirely on buying companies below their liquidation values.  “We do liquidation analysis and liquidation analysis only.”  This approach was inspired by several approaches proposed by Benjamin Graham, the father of value investing.

Here is a brief summary of the book.

Getting To First Base

One of Peter Cundill's first successful investments was in Bethlehem Copper.  The company’s...