Mirvac's shaky foundations

Mirvac has been trading at around its NTA for a while, but is it all that it seems?

There's always a temptation for investors to look for shortcuts. Sifting through pages of management jargon and accounting standards can be quite painful at times. Who wouldn't want more time for fun?

One easy way to cut corners is to base buy and sell decisions on whether simple ratios are above or below an arbitrary number. So easy, in fact, that many investment books have been sold about how variations on this approach can earn you millions.

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