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  • astral_tsar astral_tsar Apr 25, 2011 5:52 PM Flag

    Heads I lose a little - Tails I win big


    Maybe Queen Anne's point can be seen from this perspective: How much money could be extracted for some other use, without impairing the business?

    I value this particular company, inclusive of cash, machines, bldgs, etc., at more than book. But we can break that down into two piles: (a) stuff they could take and use for some other purpose while still making money at full steam, vs (b) stuff they need to keep in order to make more profits.

    Except for some of the real estate, I think everything you mentioned is in the "need it to operate" category.