Assets at a Discount

  • Focused on book value/replacement value of assets
  • Traditional and non-traditional assets
  • Style is patient, goal is to buy at trough of cycle

Case Study: Goldman Sachs

  • Bought at 70% of book value, 15-year average is 240%
  • IPO’s, debt offerings, and mergers & acquisitions will return
  • Many competitors have disappeared
  • Leadership market position
Goldman Sachs