A Net-Net With a Catalyst

The stock is trading at 0.5x TBV with an 8x P/FCF ratio and a negative EV.

This particular stock was in my personal portfolio.

I cashed out on 11th May 2026, at around 548 YEN per share.

This represents a 6% gain from the publication price of 517 YEN per share.

I decided to cash out to free up some cash for other opportunities that I’ve been stalking for a few weeks.

Nothing changed with this idea, other than it becoming even more compelling, thanks to the business improving.

However, it simply wasn’t as good as the other ideas I’m interested in.

I’ve left the original article as it was published below, in case you find it interesting.

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Original Post Below (10th November 2025)

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My favourite investor of all time is Walter Schloss.

The guy personified the deep-value approach and demonstrates how any normally intelligent, risk-averse person can succeed in this business.

His game was super simple.

He’d buy stocks trading significantly below liquidation value, and always hold dozens of them, for max downside protection.

He’d then cash out when they rerated back towards …