NTA: Do hard assets represent real value?

There are two schools of thought about whether assets matter to stock market investors. One, they do. Or two, they don’t.Steve Johnson, chief investment officer of Intelligent Investor Funds, is in the ‘assets matter’ camp. Last year he said:‘The powerful forces of capitalism mean good things tend to happen to companies with lots of assets. They get taken over. They start using the assets efficiently. Or the assets get sold to someone who can earn a return on them.’Key PointsHard assets don't always make for great investmentsBuying below NTA makes sense in some industriesUnderstand the business to calculate an ‘adjusted’...

There are two schools of thought about whether assets matter to stock market investors. One, they do. Or two, they don’t.

Steve Johnson, chief investment officer of Intelligent Investor Funds, is in the ‘assets matter’ camp. Last year he said:

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