Worst performance of value since 1926
We continue to have a strong conviction in a strategy of buying companies at 80-90% discount to NAV, with an expectation of a catalyst for value realisation.
While over the long-term this has proven to be a very effective strategy, it has performed poorly over the past year.
What could be the cause? We believe the global underperformance of the value factor is the main culprit.
We have previously illustrated this using benchmarks from MSCI and Russell Investments. However, to show just how extreme the current moves are, (more…)
Congratulations to the new chairman of NBI
Metrica Partners notes the resignation of the chairman of NBI, announced today, and welcomes his successor: https://nbi-shareholders.com/2020/09/22/congratulations-to-the-new-chairman/
Second letter to NBI Industrial Finance
Metrica today sent a second letter to the chairman of NBI: https://nbi-shareholders.com/2020/09/21/second-letter-to-nbi-board/
LINE must postpone the squeeze-out EGM
Mr. LEE Hae-Jin
Chairman of the Board
LINE Corporation
JR Shinjuku Miraina Tower 23F
4-1-6 Shinjuku
Shinjuku-ku
Tokyo 160-0022
Japan
Dear Mr. Lee, (more…)
Singapore fund manager says Line tender offer price is too low
Bloomberg featured our views on the squeeze-out of LINE Corp shareholders (with no shareholder vote) by SoftBank Group and NAVER Corp.: