| An investment strategy seeking to identify companies whose net assets per share are worth significantly more than the current share price - essentially a type of value investing. Asset plays are difficult because assets are notoriously hard to value. Plant and machinery may have a substantial value if a business is a going concern, but if a factory is closed down and its plant has to be sold at auction, it may be worth very little. The valuation of brands and other intangible assets is also difficult to pin down, partly because some of the judgments are subjective and partly because of the uncertainty involved in forecasting future cashflows.
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