Anyone who has followed me for a long time knows that my favorite type of investment is something where the company's financials obscure its true value. For example, I noted that Gramercy (GKK) was trading way below liquidation value, but that liquidation value was hidden by the consolidation of some non-recourse debt. Long story short, the company eventually disposed of those non-recourse assets and the stock shot up as a result.
Whenever I find one of those situations and it works out successfully (i.e. the stock rises and I start to sell), I find myself thinking "The easy money has been made here." With all that in mind, I present Imperial Holdings (IFT). The stock has run up...
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